America Resources Exploration has acquired two oil and gas leases (called the Snyder leases) on approximately 950 acres located in Callahan County, Texas through its 94% subsidiary the Seabourn Oil Company.

After the acquisition, the company engaged Mr. Randy Chillion, an independent petroleum engineer (previously employed by Amoco/BP for 34 years) to estimate oil and gas reserves for this property. The summarized report is as follows:

Snyder 211 - Shallow Reservoirs

Three reservoirs were evaluated: Strawn, Cross Plains and Cisco. A High Case and a Low Case were evaluated for each reservoir. The difference in the two cases is a change in porosity value. The reserve values are shown immediately below are for 1 wellbore:

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