Detailed Agenda: 2nd Annual Russian Oil & Gas Summit: Investment and Opportunity

2nd Annual Russian Oil & Gas Summit: Investment and Opportunity Date: March 29 - 30, 2004 Venue: JW Marriott Hotel on Westheimer by the Galleria - Houston, TX

Monday, March 29, 2004

8:00 - 9:00 Continental Breakfast and Conference Registration


9:00 - 9:15 Chairman’s Welcome and Opening Remarks


9:15 - 10:00 Russian Oil & Gas Market Overview
What is the legislative and taxation framework in which the oil industry functions in Russia? How does the Russian Government view the role of foreign investments in that industry? What are the forms of participation for international organizations? Karl Arleth President and CEO TETON PETROLEUM

10:00 - 10:40 The Politics of Russian Energy: 2004
What international firms need to know to successfully navigate the Russian landscape, including: Putin’s new vision for the energy sector—what companies and investors involved in Russia today need to know. Other elements at play: other factors in the energy sector that affect the development, evolution and growth of various business models The changing U.S.-Russian energy relationship: an update on developments and projects, and the outlook for the future Petr Vasilyevich Sadovnik Deputy Minister of Natural Resources THE RUSSIAN FEDERATION

10:40 - 11:10 Networking Break


11:10 - 12:00 The Latest Boom On Sakhalin
Sakhalin is the showcase for foreign investors in Russia; what's going on there, and what does the future hold? Hear an in-depth study about how Sakhalin Energy forged alliances with small-cap partners in the U.S. Sakhalin Energy is operating the largest commercially oil producing offshore project in Russia They operate under one of very few PSAs granted to foreign companies With the new $9 billion in financing, they are constructing new pipelines and the very first LNG plant on the territory of Russia Companies from all over the world have been bidding for piece of the action on Sakhalin Julian Barnes External Affairs Director SAHKALIN ENERGY

12:00 - 1:30 Networking Luncheon


1:30 - 2:10 Gas Sweetening, Sulfur Recovery and Tail Gas Treatment Update
TKK COMPANY is a leading technology and engineering company, incorporated in Texas. Company developed and patented new processes and technology for refinery, gas and petrochemical industries. TKK COMPANY is in a global marketing business in alliance with International Engineering & Construction companies of Houston, Chicago and London delivers gas processing plants, amine, sulfur recovery and tail gas treatment units on turn-key bases for refinery, petrochemical and other industries. Enhanced Natural Gas Sweetening, Gas Processing Higher Sulfur Recovery Efficient Tail Gas Treatment Alliance of TKK COMPANY and E & C & Chemical Corporations in USA and UK. Why not with Russia? Dr. TOFIK K. KHANMAMEDOV President & CEO TKK TECHNOLOGY COMPANY / DBA TKK COMPANY

2:10 - 3:10 Update of OPIC's financing programs and activities related to Oil & Gas investment projects in Russia and Eurasia
New and existing products that support energy sector projects in Russia and elsewhere Recent trends and lessons learned for future financing of Oil and Gas projects in Russia. James E. Gale Regional Director Investment Development Overseas Private Investment Corp.

3:10 - 3:40 Networking Break


3:40 - 4:20 U.S. – Russian Partnerships & Alliances
The presentation will focus on successful small-cap ventures in Russia, illustrated by the efforts of Harvest Natural Resources. Focusing particularly on the environment in Russia over the last year, Hill will discuss the country’s recent oil & gas history, what its potential could be, and the future of small cap oil companies in Russia. Peter J. Hill President & CEO HARVEST NATURAL RESOURCES, INC.

4:20 - 5:00 The Current Investment Climate and the Production Sharing Agreement Perspectives in the Caspian Region and on the Russian Territories
There are currently three ongoing PSA projects in Russia, which are: Sakhalin-1 [oil field with the total necessary investments volume of 12.5 billion USD; Exon (USA) and Rosneft (Russia) as the main parties], Sakhalin-2 [oil and gas field; 10 billion USD; Shell (Great Britain – the Netherlands), corr.] and Haryaga [oil field; 2 billion USD; Totalfinaelf (France), corr.]. The PSA practice is widespread throughout the world. Most of all, it is engaged to safeguard the investor against instabilities of taxation and other legal changes in the country where the project resides. Western investors are potentially interested in a great variety of Russian natural resources. The existing agreements are yearly adding 40 million USD into the Russian budget. Meanwhile, experts say, that within next 10 years PSA programs could bring Russia up to 20 billion USD. Vladimir V. Zhirinovskiy Deputy Chairman OF THE STATE DUMA OF THE FEDERAL ASSEMBLY OF THE RUSSIAN FEDERATION

5:00 - 7:00 Networking Cocktail Reception


Tuesday, March 30, 2004

8:00 - 9:00 Continental Breakfast


9:00 - 9:15 Chairpersons Recap Of Day One & Overview of Day 2
Karl Arleth President & CEO Teton Petroleum

9:15 - 10:00 Using OPIC to Mitigate Risk and Obtain Financing for Investments in Russia
Risk mitigation and financing options – the standard and the new How OPIC’s experience can benefit oil and gas investors in Russia Rashmi Nehra Senior Investment Insurance Officer OVERSEAS PRIVATE INVESTMENT CORPORATION

10:00 - 10:45 The Outlook for Russian Investment
Last fall, Moody's Investors Service raised Russian debt to its first ever investment grade status, an upgrade that was greeted with surprise and the expectation that it would attract a number of large institutional investors, while making it easier for Russian businesses to raise money abroad. This presentation, from Moody's lead analyst for the Russian Federation, will discuss the current view of Russia's creditworthiness, the future outlook, key variables and possible scenarios ahead. In addition, the presentation will discuss the overall evolution of the Russian economy, and its potential for diversification away from its current dependence on its oil markets. Jonathan Schiffer Lead Analyst for the Russian Federation SOVEREIGN RISK/MOODY’S

10:45 - 11:15 Networking Break


11:15 - 12:00 An overview of the Baku-Tbilisi-Ceyhan Pipeline
This session provides an overview of a BP-led Consortium developing the Baku-Tbilisi-Ceyhan (BTC) crude oil pipeline from the Caspian Sea to the Mediterranean. George F. Goolsby Senior Partner Baker Botts L.L.P.

12:00 - 1:30 Networking Luncheon


1:30 - 2:15 Oil and Gas Producing Provinces in Russia: Their Current Production and Future Potential
The vast wealth of Timano-Pechora region Main untapped reserves of East Siberia The potential of the Russian Arctic Shelf Michail Belonin Director THE PETROLEUM RESEARCH INSTITUTE (ST. PETERSBURG, RUSSIA) DOCTOR OF SCIENCES, FULL MEMBER OF THE ACADEMY OF SCIENCES OF THE RF

2:15 - 3:00 The Plight Of The Smaller Oil Enterprises in Russia
While the vertically integrated companies n Russia continue to thrive, small enterprises there have suffered difficulties due to their continued inability to gain capital and support. This presentation will describe the unique opportunities for smaller U.S. independents to step in and form joint ventures with these smaller Russian oil enterprises. Elaine Kleiner, Ph.D. Founder ELITE SOURCES, INC.

3:00 - 3:10 Closing Remarks & Lessons Learned

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Monday, March 29, 2004

Tuesday, March 30, 2004