1. Body Copy font is Verdana set at 32 in white A Focused Play on the Caney & Woodford Shales Oil & Gas Investment Symposium – Small Caps Palm Beach, Florida 8 February 2005

2. Body Copy font is Verdana set at 32 in white As a consequence of this success was one of Australia’s top performing stocks in 2004 OFF TO A FLYING START Newly formed to exploit conventional formations and unconventional Caney & Woodford Shales in Oklohoma IPO in Australia in July 2004 to take advantage of specific investor interest there First drilling program of 8 wells produced 100% success rate with surprisingly strong conventional discoveries Initial indications from testing Caney & Woodford Shales are highly encouraging – the next Barnett ?

3. Body Copy font is Verdana set at 32 in white A STRONG & FOCUSED PLAY A new 20-25 well drilling program about to commence – Tomahawk 100% working interest owner Options to participate as 100% working interest owner on 5,000 acres Options to participate 50/50 on further 15,000 acres Option to buy local gas gathering system Well supported by Australian investors

4. Body Copy font is Verdana set at 32 in white Snell-Heirs Project

5. Body Copy font is Verdana set at 32 in white Revenue already exceeds administration costs SUCCESS TO DATE Snell–Heirs project 2 producing wells acquired 8 wells drilled to date - all discoveries Next 6 wells coming into production over next 4 - 6 months First 4 wells producing already circa 1,700mcfg/day

6. Body Copy font is Verdana set at 32 in white SNELL-HEIRS PROJECT Conventional gas play with multiple shallow formations Unconventional gas play - Caney Shale & Woodford Shale Oil potential in shallow formations 100% working interest Shallow (4,000 feet) relatively inexpensive wells 5 separate options, each to participate in 1,000 acres – potential for up to 125 wells in coming years

7. Body Copy font is Verdana set at 32 in white AREA OF MUTUAL INTEREST

8. Body Copy font is Verdana set at 32 in white UN CONVENTIONAL WELL CONVENTIONAL FORMATIONS STATUS Feet Hydrocarbons Formations Feet Hydrocarbons Snell Heirs 6-13 84 7 205 105 23 42 28 7 3 3 4 200 198 220 211 Caney Frac’d, producing 50-60 mcfg/day.Frac water returning, 2-3 months before flow rates determined. Snell Heirs 7-13 Snell Heirs 8-13 Snell Heirs 2-19 Snell Heirs 3-19 Caney frac’d, producing 50-60 mcfg/day.Frac water returning, 2-3 months before flow rates determined. Woodford Shale to be perforated early February. Caney frac’d, currently returning frac water, 2-3 months before flow rates determined. To be dually completed in Woodford and Caney. Currently producing 400-500 mcfg/day from Woodford only. Caney Frac’d, producing 200 mcfg/day.Frac water returning, 2-3 months before flow rates determined.

9. Body Copy font is Verdana set at 32 in white UN CONVENTIONAL WELL CONVENTIONAL FORMATIONS STATUS Feet Hydrocarbons Formations Feet Hydrocarbons Snell Heirs 4-13 36 3 195 40 98 45 84 5 6 3 6 213 Caney, Woodford Frac’d, Frac water returning, 2-3 months before flow rates determined. Snell Heirs 1-20 Snell Heirs 4-19 Snell Heirs 5-19 Snell Heirs 9-13 Caney frac’d, producing 450-750 mcfg/day. Offset well to Snell Heirs 2-19 & producing 500 mcfg/day from Gilcrease. Savannah Sandstone perforated and acidized, Production potential will be fully evaluated in coming weeks. Offset well to Snell Heirs 3-19 & producing 300 mcfg/day from Red Fork.

10. Body Copy font is Verdana set at 32 in white EXPLORATION DRILLING BLOW OUT

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12. DRILLING ON SNELL-HEIRS PROJECT

13. Body Copy font is Verdana set at 32 in white THE BUSINESS CASE Caney & Woodford Shale similarities to successful Barnett Shale Based on stable gas prices not linked to oil price Snell-Heirs gas attracts a premium up to 25%, high BTU Rapid return on investment

14. Body Copy font is Verdana set at 32 in white ParameterBarnett Shale Geologic AgeMississippian Thickness200-300 feet Depth7,000-8,000 feet Reservoir rockOrganically-rich shale bituminous, calcareous Total Organic Carbon4.5% average Vitrinite ReflectanceRo% = 1.00 to 2.00 Gas Shows on mud logs Strong Average PorosityNeutron/Density 15% ResistivityModerate to High Gamma RayHot, highly Radioactive TreatmentVery large slick water and sand fracture treatments Gas in Place SCF/ton50-60 plus SCF/Ton Production HistoryWell Established Caney Shale Mississippian 130-150 feet 3300-3600 feet Organically-rich shale bituminous, calcareous 4.95% in Snell #4-13 Ro%=1.44 Snell #4-13 Strong to Very Strong Neutron/Density 15% Moderate to High Hot, highly Radioactive Testing and evaluating acid treatments and slick water & sand fracture treatments 50-250 SCF/Ton Very Early Stages

15. Body Copy font is Verdana set at 32 in white PRODUCTION AT SNELL-HEIRS PROJECT

16. Body Copy font is Verdana set at 32 in white ROBUST PROJECT ECONOMICS Successful well drilled, completed and bought into production for <$US.450m Offset wells accelerate production Completion to production in 120 days A 500mcfg/day well @ $US6/mcfg = circa $US.750m annual revenue Minimal capex with payback circa 7 months Minimal General & Administration costs < $US.400k p.a.

17. Body Copy font is Verdana set at 32 in white THE NEXT 12 MONTHS Continued production from 5 Snell-Heirs wells in production Progressively bring the other 5 completed wells into production Drill 20 to 25 wells during calendar 2005 Potential to drill horizontal wells Production flow rates will be established on portfolio of up to 30 wells within 12 months

18. Body Copy font is Verdana set at 32 in white Well Analysis Production – 500mcfg/day Gas Price - $US6 + 20% premium Gross Daily Revenue $US3,600 Operating costs ($US300) Taxes ($US500) Royalties ($US900) Net daily back $US1,900 Annual net return per well $US700,000 Cost of completed well $US450,000 Payback 235 days

19. Body Copy font is Verdana set at 32 in white CAPITAL STRUCTURE SharesOptions On Issue49.250 19.482 Escrowed to 2006 (15.841) (16.982) Tradable 33.409 2.500 Average weekly volume since listing of.750m shares $US50m market capitalization at current share price of $US1.05 Number of shareholders doubled to +820 since listing Top 20 shareholders control +50%

20. Body Copy font is Verdana set at 32 in white WHAT MAKES TOMAHAWK DIFFERENT? Multiple target formations = reduced exploration risk Experienced operator = reduced completion risk Access to extensive infrastructure = rapid path to revenue Tight capital structure = drilling results go straight to share price Acreage to allow drilling 2 wells a month for 5 years Enormous revenue potential, every successful well = $US.750m revenue p.a. = no shareholder dilution

21. Body Copy font is Verdana set at 32 in white INVESTING IN TOMAHAWK Listed on main board of Australian Stock Exchange (ASX) Accounting Standards and Corporate Governance requirements on ASX in line with major western exchanges Most major US brokerages have access to ASX Recent independent research from major Australian brokerage (with office in New York) available today Office in Australia is more than happy to assist with enquiries

22. Body Copy font is Verdana set at 32 in white FOR FURTHER DETAILS Investor Relations Operations Australian Office US Office Tony Brennan Rick Holcomb Chairman Executive Director E: tony@deltacapital.com.au E:chiefoilman@myway.com T: +61 8 9267 4210 T:318 673 8285 F:+61 8 92674210 F:318 673 8288

23. Body Copy font is Verdana set at 32 in white A Focused play on the Caney & Woodford Shales