The international oil and gas company, Energy Equity Resources Limited (EER), continues to grow and company assets have more than doubled in the past 12 months.  Its operational base is in a new office block at 35 Portman Square, near London’s Marble Arch.

The company has strengthened its management team and among the early board appointments was Dr. Phil Vingoe, a well-known industry figure, who was Chief Geophysicist, General Manager Global Exploration and Technology Director, at BP’s Exploration division.  In 1995 he left to launch Australian independent, Novus Petroleum.  He became MD of Sasol Petroleum International in 2000, the upstream arm of South Africa’s oil, gas and chemicals group, Sasol Ltd.  Dr. Vingoe’s MSc and PhD in Geophysics were obtained from Birmingham University and he studied at Harvard Business School.

His Royal Majesty, Nnaemeka Alfred Achebe, Obi of Onitsha, is the Traditional Ruler of Onitsha in Nigeria and joined EER’s board as a non-executive director in February 2007.  Obi Achebe’s career of over 30 years in the energy industry was spent chiefly with the Royal Dutch Shell companies in Nigeria, the UK, the Netherlands and elsewhere in West Africa in a broad range of roles and disciplines.  He is currently Chairman of Diamond Bank Plc and OMAK-Eidesvik Maritime Limited, Nigeria, and a director of Unilever Nigeria Plc and several other Nigerian companies.  He is also Chairman of the Committee on Environmental and Natural Resources Management Reforms in that country.  He studied Chemistry at Stanford University, California, took an MBA at Columbia University, New York and was a pioneer of the Nigerian Institute for Policy and Strategic Studies, Kuru, Nigeria.  In 2004, he was conferred with the Nigerian national honour of Commander of the Order of the Federal Republic (CFR).

Mårten Lunde, President and CEO of Fred. Olsen Production has also recently joined EER as a non-executive director.  He currently also provides administrative services to Norwegian stock-listed companies, Ganger Rolf ASA and Bonheur ASA, whose interests include energy, offshore services, shipping, transportation and leisure industries.  Earlier, Lunde was Finance Director at Petroleum Geo Services (PGS) and then worked as an independent consultant.  He is a graduate of the Norwegian School of Business and Economics.

Olav Eimstad, Chairman and CEO, commented that the past 12 months have been “hectic but successful, producing growth on every front.  Our portfolio of assets in Africa, the region we are focused on, looks stronger every quarter”.

He added that his board takes its social responsibilities seriously and has consequently developed what may be a ground-breaking involvement with local communities wherever the company operates.  “It is therefore an important aspect of corporate policy”, Eimstad stressed.  “Indeed, we believe our vision of community-oriented corporate philosophy to be among the best -- perhaps even unique, in our industry.”

“Responsible stewardship of the land and those whose livelihoods depend on it, goes hand-in-hand with our outlook”, he went on.  “Our aim is to go that extra mile, so that we achieve results beyond expectations.” 

“We try to apply this outlook in all our areas of operation”, Eimstad explained.  The company brings people from different backgrounds and skills to find flexible and innovatory solutions -- not only in our green credentials, but also in technical areas such as exploration and in our cultural and professional relationships in each country.  “These values are central to how we do business”, he added.

EER has set up a trust fund to support and guide a range of innovative local and regional community projects.   Early priorities being considered include housing, roads and educational scholarships, although needs are expected to vary from one locality to another.  Management and choice of projects is always shared with people on the ground.  One of EER’s first projects may be in Nigeria’s controversial Niger Delta.

TULSA, Okla.--(BUSINESS WIRE)--Dec. 18, 2006--Syntroleum Corporation (Nasdaq:SYNM) announced today that its subsidiary, Syntroleum International Corporation, has signed a letter agreement with Energy Equity Resources Limited ("EER") for the sale of Syntroleum's exploration and production holdings. Syntroleum could realize up to $25 million from this sale, subject to certain conditions.

The transaction will be effected through the sale of 100 percent of the stock of Syntroleum International Holdings, Ltd. and Syntroleum International Holdings Company. Through a subsidiary, Syntroleum International Holdings, Ltd. and Syntroleum International Holdings Company own Syntroleum's 25 percent cost bearing interest in Oil Mining Lease ("OML") 113, which includes the Aje field, and its 20 percent interest in the Ajapa field in OML 90. Both fields are located off the coast of Nigeria.

EER has paid Syntroleum a non-refundable $2 million deposit, and will also pay an additional $10 million to Syntroleum by April 1, 2007, or at the time EER completes its raising of additional capital pursuant to any form of private placement or public offering, whichever occurs first. Payments of an additional $13 million could be earned from future farm-outs of the Aje field and initial production from the Aje and Ajapa fields. Closing of this transaction will occur on or before January 31, 2007.

"The monetization of our upstream exploration and development interests through this transaction is beneficial to Syntroleum on several fronts," said Jack Holmes, president and CEO of Syntroleum. "The elimination of both our capital cost obligations and the commitment of our management resources to upstream activities, coupled with the proceeds realized from the sale will allow us to more closely focus on the commercialization and funding of our portfolio of technologies on a global basis."

Previously, EER and Syntroleum's subsidiary, Syntroleum Nigeria, entered into agreements whereby EER obtained a 7.5 percent interest in OML 113, and a 20 percent interest in the Ajapa field.

About Syntroleum (Nasdaq:SYNM)

Syntroleum Corporation owns a proprietary process for converting natural gas or synthesis gas derived from coal and other carbon-based feedstock into synthetic liquid hydrocarbons. The company plans to use its technology to develop and participate in natural gas and coal monetization projects in a number of global locations.

Syntroleum Corporation announces that its subsidiary, Syntroleum Nigeria Limited (“Syntroleum Nigeria”), has agreed to transfer to Energy Equity Resources Oil & Gas Limited (“EER”), a subsidiary of Energy Equity Resources Limited, a cumulative seven and one-half percent (7.5%) cost bearing interest in Oil Mining Lease 113, offshore Nigeria (“OML 113”), which includes the Aje field. In consideration for the transfer, EER will bear Syntroleum Nigeria’s current ten percent (10%) cost obligation in drilling, testing, completing, producing, plugging and abandoning the next appraisal well on OML 113. The participants in OML 113 have until October 5, 2006 to commit to drill the next appraisal well on OML 113 pursuant to the Participation Agreement between Yinka Folawiyo Petroleum Company Limited (“YFP”) and various other participants, including Syntroleum Nigeria, dated January 12, 2005 (the “Aje Participation Agreement”). After the transfer to EER, under the amendment to the Aje Participation Agreement, dated August 10, 2006, Syntroleum will bear 25 percent (25%) of the costs of activities after the next appraisal well regarding OML 113.

The transfer to EER of the participation interest in OML 113 is subject to various preferential rights to purchase, the approval of YFP and the other participants, and the approval of the Nigerian government.

LONDON, ENGLAND--(CCNMatthews - June 29, 2006) - Energy Equity Resources (EER), the Anglo-Norwegian energy company, has built a steady portfolio of oil and energy assets since its formation in 2003, with a current focus on the Middle East and Africa. While the company's core interests are in exploration and production worldwide, these regions have offered exceptional opportunities to date.

Significant developments have been seen in these energy markets and EER now stands poised to obtain the best returns on these assets. The company has been most active to date in Nigeria, São Tomé and Príncipe (see footnote), Equatorial Guinea and Angola; however, other assets are also under development, including Gabon, Mauritania, Libya, Sudan and Egypt.

EER has built strategic alliances and relationships with governments and commercial partners in these countries that maximize benefits -- to the host countries and to the commercial partners. Key factors include a proven management team, ability to act quickly and to navigate effectively through host countries' bureaucracies, plus a real commitment to indigenous development in its areas of operation. At the same time, EER aims to add competitive advantage by using some of the most innovative exploration technologies currently available, allowing it to effectively identify and qualify deep-water prospects.

"There has been impressive progress to report over the last year", commented Olav Eimstad, EER's Norwegian Chairman, "and we're proud that the alliances we are building are soundly-based and will benefit all the parties involved. There will be further developments for us to announce before long," he added, "which will increase the company's influence and add to our portfolio of assets.

"We feel EER's competitive advantage can make a real difference to our partners -- whether governments or commercial operators. Our strengths are appreciated, we believe, which is why we have seen steady consolidation and growth".

The most recent joint venture to be announced is with London-based mining group Mwana Africa Plc, which will see a number of African assets developed jointly. Two of these have already had a Memorandum of Understanding signed following detailed negotiations.

Osamede Okhomina, EER's Nigerian Senior Vice-President for Business Development, is delighted at the recent alliance with Mwana, an AIM-quoted company, with operations in Ghana, the Democratic Republic of Congo and Zimbabwe. "This is an important alliance for us", he explained, "which we believe will add significant regional influence to our operations. Our joint venture with Mwana, which is one of equal partners, will complement both companies and allow solid growth in the African market, whose energy sector has seen a growing number of important opportunities recently. We have high hopes that all parties involved can benefit from this joint venture".