The Company has three reportable business segments:

1) Oil and Gas

The Company explores for, develops and produces crude oil and natural gas in the U.S. and in China. The Company seeks projects to which it can apply innovative technology and enhanced recovery techniques in developing them. In the U.S., the Company’s exploration, development and production activities are primarily conducted in California and Texas. In China, the Company’s development and production activities are conducted at the Dagang oil field located in Hebei Province and its exploration activities are conducted on the Zitong block located in Sichuan Province.

2) HTLtm

The Company seeks to increase its oil reserves through the deployment of our HTLtm Technology. The technology is intended to be used to upgrade heavy oil at facilities located in the field to produce lighter, more valuable crude. In addition, an HTLtm facility can yield surplus energy for producing steam and electricity used in heavy-oil production. The thermal energy from the RTPTM Process provides heavy-oil producers with an alternative to natural gas that now is widely used to generate steam.

3) GTL

The Company holds a master license from Syntroleum to use its proprietary GTL Technology to convert natural gas into synthetic fuels. The master license allows the Company to use Syntroleum’s proprietary process in GTL projects throughout the world to convert natural gas into ultra clean transportation fuels and other synthetic petroleum products.