About Vanguard: History

The Founders of Vanguard Energy; Neil Ritson, Dave Scott and Gordon Stein, came together in January 2008 following their departure from Regal Petroleum plc after a change of strategy within that company. With the benefit of having previously worked together, the Founders of Vanguard are confident that they have a positive management dynamic and all the relevant experience necessary to rapidly launch a successful energy sector company.  The simultaneous availability of the Founders and joint wish to work together to develop a new energy company created a platform for Vanguard Energy.  The turnaround of Regal between June 2006 and November 2007, where the Vanguard Founders were the Executive management team, is an example of their successful application of the requisite skills.

The Founders have established a strategy for Vanguard Energy and a set of principles for the acquisition of an initial set of assets.

By mid February 2008 contractual arrangements were in place with the necessary advisors and the governing principles of the Company had been adopted in areas such as HSE and Business Ethics.  A fuller management system is under development.

Following a road-show presentation to major private equity funds during April and May 2008 a term sheet was signed with a major US-based private equity fund to provide funding for the initial transaction being negotiated by the Vanguard Energy team.