Bounty Farms-out Interest in Vulcan Sub-Basin

Bounty Oil & Gas has farmed out an interest in permit AC/P 25 in the Vulcan sub-Basin, approximately 250 kilometers off the coast of Western Australia. Under the terms of the agreement, Bounty will assign a 95% interest in the permit to Hardman Resources Limited in return for a carried interest through the acquisition of 400 km of 2D seismic and payment of $50,000 cash.

AC/P 25 is situated on the eastern-side of the Vulcan sub-Basin. The permit is approximately 23 kilometers south east of the Challis/Cassini Oil field and 5 km east of the Talbot Oil Field.

Interests in AC/P 25 are Bounty Oil & Gas 5%; Hardman Resources 95%.