Petroleum Unlimited projects are progressing on schedule and are expected to hit peak activity

levels in late summer / fall time frame. We are currently fully under way on three projects
(Bradley and Shannon in Texas and the Carter County project in Oklahoma). We are in the
leasing and final acquisition stage in an additional six projects that will be announced over the
next few months. As they are readied, each project will be announced with project descriptions
and geologic reports will be posted on a new section of our website. As each project progresses,
milestones achieved and results of operations will be posted in a current status section for each of
the projects.

BRADLEY PROJECT
We have our leasing people leasing
additional acreage around the
Bradley. June 2, 2008 our operator
O’Neal Oil applied to the Texas
Railroad Commission for a permit to
drill the Bradley lease. We are in line
with Muenster Drilling for a drilling rig.
Drilling is expected to commence before
July 15. 2008.

CARTER COUNTY PROJECT

Leasing is completed. The confirming
geologists’ report is finished and
Ardmore Production has been Selected
as the Operator. We plan to permit
the well and contract for a driller in July.

SHANNON PROJECT
The operator on this project is Pryor Petroleum. We have contracted for Breckenridge
Geophysical to do a close grid three-dimensional seismic study of our acreage. The permitting
has been completed and we are next in line for surveying and shooting. Subject to weather, this
should be completed within the next three weeks. The processed data will then be
interpreted. This interpretation will be used to finalize the best drilling locations.
In closing, some of our partners have requested some time • Drilling Permit – 15-
parameters for various oil field operations. Many of these time 30 days
frames can vary significantly, but here are some rules of • Drilling rig after
thumb. Remember the oil patch is subject to weather and ordered – 30-120 days,
emergencies that can force contractors to alter their plans. depending on area
depth and demand
• Drilling time – 10-15
days, depending on
amount of testing
• Completion rig after
ordered – 5-15 days
• Well completion and
preproduction testing –
2-4 days per zone
• Pump and
infrastructure
installation – 5 to 15
days, depending on
equipment used
• Electrification of site
by local utility – 10-60
days
• Production and sales
of oil – immediately,
as required
• Assignments – 1-5
days
• Division Orders – 45-
90 days

Of course, we do everything in our power to accelerate these timeframes and it is in everyone’s’

interest to move as quickly and safely as prudent business operations permit. It should be noted
that some of these items may overlap.

Future Status letters will be sent out monthly. New developments and projects will be posted in
the new Projects Section on the website. Thank you for your interest in the details of our
continued progress.

Sincerely,
Petroleum Unlimited
Managing Member,
Reserve Oil & Gas, LLC

By:
Roger A. Kimmel, Jr.
President