Raven Energy Limited provided an operations update for the Tulainyo 2-7 gas appraisal well in the Sacramento Gas Basin, California (Tulainyo Gas Project). The company's 60% owned subsidiary, Gas Fields LLC (Gas Fields) is earning up to 33.33% (20% net to Raven) in the Tulainyo Gas Project via a joint venture with the operator, California Resources Production Corporation and Cirque Resources LP. A staged testing program of interpreted gas reservoirs in the Tulainyo 2-7 well is nearing completion with operations to be suspended pending further analysis. A range of potential gas reservoirs were identified in the well based on gas shows, drill and sample data and wireline logs from both the Tulainyo 2-7 and the nearby Tulainyo-1 well. Testing of the interpreted gas bearing reservoirs in the Tulainyo 2-7 well has not produced a commercial gas flow and it is not yet clear if this can be attributed to reservoir damage as a result of the high mud weights, used during drilling operations, or to inferior reservoir quality. These operations at Tulainyo 2-7 were deliberately designed to evaluate the flow potential of shallow reservoirs observed in the original Tulainyo-1 discovery well and tied to outcrop. Tulainyo is a 91 km², multi-TCF potential anticlinal structure with closure mapped on proprietary seismic to subsurface depths greater than 3,000 m (+10,000'). To date, the drilling activity has evaluated less than half of the potential stacked reservoir targets with up to 2,000 meter of undrilled vertical closure mapped below the deepest zones encountered in the Tulainyo wells as drilled to date. Correlations to the outcrop in the adjacent range to the west indicate that the thickest reservoir sections are yet to be penetrated and would be present in this deeper, undrilled stratigraphic interval.