October 2005 Corporate October 2005 Corporate PresentationPresentation

Investing our shareholders capital in profitable oil and gas projectsInvesting our shareholders capital in profitable oil and gas projects

EXPEDITION ENERGY INC.

Disclaimer

This information contains forward-looking statements (forecasts) under applicable securities laws. Forward-looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to, the outlook for commodity markets and capital markets, the performance of producing wells and reservoirs, and the regulatory and legal environment. Many of these factors can be difficult to predict. As a result, the forward-looking statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements.

EXPEDITION ENERGY INC.

Executive Overview

A junior Alberta oil & gas company positioned to take advantage of current high energy prices

Optimizing core assets to fund new exploration and development in selected geographic areas

Currently optimizing lands and prospects in Southern, Central Alberta and West-Central Sask.

Production rate approx. 400 BOE per day

Additional production expected with successful completions

Undertaking to drill 9 wells to year end 2005

Currently trading under NAV $0.73/sh

Publicly listed TSX Venture Exchange symbol XPD

EXPEDITION ENERGY INC.

Board of Directors Scott St. John – President & CEOScott St. John – President & CEO Expedition Energy Inc., Manna Operations Ltd. Formerly President of Mesquite Exploration Ltd., Keatten Resources Ltd. Current or past director of Mesquite Exploration Ltd., Keatten Res. Ltd., Nova Paradigm Solutions Inc., Manna

Operations Ltd.

Bill Guinan – Corporate SecretaryBill Guinan – Corporate Secretary Partner, Borden Ladner Gervais LLP Current or past director of several successful oil & gas companies,

including Celtic Exploration Ltd, Geocan Energy Inc. and Genesis Exploration Ltd.

Peter Gross, P. Eng.Peter Gross, P. Eng. 40 years of oil & gas experience Formerly Chief Operating Officer of Viking Energy Royalty Trust Director Technicoil Corporation, Trinidad Energy Services Income Trust

Cameron MillikinCameron Millikin Director and Chairman of Bay Mount Capital Resources Inc.,

Director of Big Rock Brewery Income Trust

Steve Burtt CA.Steve Burtt CA. 24 years of industry experience

Former CFO at Caribou Res., Macon Res., Battle Creek Developments, Strike Energy

Current Director at Saxony Petroleums

EXPEDITION ENERGY INC.

Key Personnel

Scott St. John – President & CEOScott St. John – President & CEO

26 years of oil & gas operations & corporate experience Mesquite Exploration, 40 BOE per day to 1,835 BOE per day, 3 years Sold in 2002 for $48.5 million

Alan R. Bamsey, P. Eng. – Vice President OperationsAlan R. Bamsey, P. Eng. – Vice President Operations 28 years of oil and gas operations experience at various levels

Most recently with Lexxor Energy Inc. as VP Eng. and Ops. Lexxor grew from 900 boepd to 2500 boepd in a 2 ½ year period prior to merging with Sine Energy in Sept/03

Founders Energy (Provident), Chevron Canada Resources

Neil G. Burrows, CMA – Chief Financial OfficerNeil G. Burrows, CMA – Chief Financial Officer

19 years of experience with junior oil & gas companies, both public and private

Addison Energy Inc., Pogo Canada Ltd., Granger Energy Corp., Remington

Energy Ltd

EXPEDITION ENERGY INC.

Key Personnel Tom J. Donaghy, M.Sc., P. Geol. – Vice-President of Tom J. Donaghy, M.Sc., P. Geol. – Vice-President of

Exploration & DevelopmentExploration & Development 28 years experience in the Western Canadian Basin

Viking Energy Trust, Wiser Oil Comp., Canor Energy Ltd., and Unocal

Managed reporting, preparation of budgets, exploration direction and multidisciplinary staff to execute up to $74 mm capital programs

Tes Yemane, PhD, P. Geol. – Senior GeologistTes Yemane, PhD, P. Geol. – Senior Geologist 13 years experience nationally and internationally

7 years Murphy Oil

Pan Canadian, Pacific Cassiar Ltd.

Yemen, Ethiopia and Wyoming USA

Karen Dowling – Land ConsultantKaren Dowling – Land Consultant

20 years experience with private and public oil & gas companies,

Chauvco Res., Mesquite Exploration, Nu-Sky Energy, Devlan Exploration,

Denim Energy

EXPEDITION ENERGY INC.

Business Strategy

Developing core areas based on resource potential, drilling depth and competitive advantage

Gas oriented (now 75% gas weighted)

Land purchases in new and existing core areas

Receptive to industry partnerships, including joint ventures and farm-ins

Seek accretive property acquisitions or swaps to optimize assets in core areas

EXPEDITION ENERGY INC.

Core Area Strategies

Targeting specific reservoirs and geological trends known to be economic

Existing infrastructure present to aid in quick cash flow

Systematically pursuing farm-in or crown land opportunities

Growth potential to 1,000 BOEPD per area

EXPEDITION ENERGY INC.

2004 Results

Capital Expenditures $4,714,615

8 of 9 Wells Cased and Completed 89%

P+Pr Reserves 679,000 boe. NPV@10% $8,970,000

Res. Adds of 598,000 Boe Proved + Prob. $9.02/Boe

Proved $11.25/Boe

Adding 255 BOEPD $18,488/Boe

8700 Acres Undev. Land $1,300,000

Seismic & Facilities $820,250

Net Asset Value $11,090,250

EXPEDITION ENERGY INC.

2005 Results

Capital Expenditures $3,999,741

3 Wells Drilled and cased (1.13 net) $2,004,690

Facilities $1,663,969

Seismic $40,651

Land $290,431

Reserve Adds 490,000 boe

10,000 Acres Undev. Land and Seismic $2,000,000

Current production approximately 400 boepd

GLJ Sept. 1/05 Report NPV 10% P+Pr. $16, 378,000

EXPEDITION ENERGY INC.

Current Production

Current

Heavy Oil (bbls/d) 49

Light Oil & Ngls (bbls/d) 54

Gas (mcf/d) 1780

Total (boepd 6:1) 400

Q4 Drilling Underway

EXPEDITION ENERGY INC.

Highvale, Alberta

50% W.I. 50 km west of Edmonton

Production currently126 mcf per day or21 BOEPD net

1 prospect for Mannville, Belly River, Edm. Sands

Successful re-completion of Edmonton Sand zone

EXPEDITION ENERGY INC.

West-Central Saskatchewan

Heavy Oil Area

50% working interest

Current Prod. 49 bpd net

1 horizontal well drilled

1 horizontal, 2 vertical locations programmed

Risk production adds of 80 boepd net

Reviewing new opportunities based on seismic, well results and land deals

EXPEDITION ENERGY INC.

Medicine Hat

8 1/4 section farm-in,41 section AMI

2 wells drilled, 55% WI in 15 1/4 sections, earned and purchased, 1 Bow Island gas well 80 mcfpd or 13 boepd net

2 exploration prospects on earned and AMI Lands.

1 well drilled in Q3, D&A

2 additional sections purchased based on seismic anomalies

Property currently under review with partners

EXPEDITION ENERGY INC.

Nevis, AB

Coal bed Methane, Horseshoe Canyon, Edmonton and Belly River sand, Mannville Coal potential, 100% WI

Drill 4 wells fall 2004, on production at a restricted rate of 800 mcfpd, 80% capacity in Oct/05.

4 additional wells to be drilled in Q4

Projected Nevis 2005 exit production 1,600 mcfpd, (265 boepd)

EXPEDITION ENERGY INC.

Threehills, Alberta

Successful farm-in and land purchases to accumulate 5 sections (Avg.WI. 92%) multiple horizons

2nd well drilled in late 2004, now tied in and on stream at 140 mcfpd net

Current area production 32 BOEPD net

1 well planned Q4 2005, will test CBM, Belly River and Mannville formations

EXPEDITION ENERGY INC.

West-Central, AB

Ferrier

Purchased 50% WI two sections

Area targets; Belly River, Cardium, Viking, Mannville, Rock Creek and the Elkton/Shunda. 1-2 mmcfpd gross plus 25-50 bpd Ngls is typical from these wells. One well drilled, completed and tied-in.

Encountered extension of a large Mississippian gas field.

Second well planned in Q4

Operated property, existing area infrastructure and capacity

Lands posted for future land sales based on 3D seismic

Deanne

Participated to Non-op 20% WI. Completion and testing underway

EXPEDITION ENERGY INC.

Share Capital and Cash Position

XPD Current 20,925,598

Directors & Management 10.6%

Fully Diluted 22,644,098

Options avg. exercise price $0.45 $773,000

Bank debt ($2,300,000)

Equity financing in progress $5.0M 9,090,909

EXPEDITION ENERGY INC.

CapEx Forecast 2005

2005

Land/Seismic $2,300,000

Drilling/Comp. $6,700,000

Facilities $2,000,000

Acquisitions Nil

Total $11,000,000

EXPEDITION ENERGY INC.

CapEx Forecast Assumptions

Remainder of 2005

WTI Oil ($US) $55.00

Heavy Oil $36.00

Natural Gas $7.70

Cdn Dollar (US) $0.82

Int. Rate – P+3/4% 5.0

EXPEDITION ENERGY INC.

CapEx Forecast

2005

Op. cost/boe $9.75

Royalty rate (net of ARTC) 19%

Admin. Cost/boe $9.00

forecast Dec. 2005 $5.20

EXPEDITION ENERGY INC.

CapEx Forecast

2005

Operations cash flow $2,000,000

Cash flow per share $0.10

4th. Q Annualized CF $4,455,000

4th. Q Annualized CF/Share $0.16

EXPEDITION ENERGY INC.

2005 Year End Drilling Program

Drilling:

3 development heavy oil wells

7 development gas wells

1 exploratory well

70% average working interest

Potential risked production adds 370 boepd

Drilling, comp. equip & tie-in $5,200,000

Land & Seismic $2,000,000

EXPEDITION ENERGY INC.

Investment Highlights

Investment opportunity in a junior oil & gas company

Proven management team with success in building shareholder value

Growth through re-deployment of cash flow and capital into new high potential areas

Acquired lands and generated prospects in Southern, Central Alberta and West-Central Saskatchewan

Trading under current NAV $0.73 per share

Forecasted Q4 annualized 2005 Cash flow $0.16 per share

Publicly Listed TSX Venture Exchange symbol XPD

October 2005 Corporate October 2005 Corporate PresentationPresentation

Investing our shareholders capital in profitable oil and gas projectsInvesting our shareholders capital in profitable oil and gas projects