QUARTERLY REPORT FOR THE PERIOD ENDING MARCH 31, 2000.

HIGHLIGHTS FOR THE QUARTER

1. Increase of Victoria Petroleum NL interest in highly prospective San Joaquin Basin Joint Venture area, California to 100% with agreement to acquire Kestrel Energy Inc. 50% interest.

2. Commencement of drilling on February 7, 2000 of the up to 2.1 trillion cubic feet and 346 million barrels oil Pipeline Prospect with the drilling of EKHO-1 by adjacent lease holder Tri-Valley Corporation and partners.

3. December 1999 gas discovery in the second well in the Green River Basin, Greens Canyon-2, (UPRC #29-2) with probable gas reserve potential for the Greens Canyon Gas Project development of up to 152 billion cubic feet of gas and laying of production pipeline.

4. Confirmation of New Caledonia Basin as prospective hydrocarbon producing area with the completion of drilling operations at Cadart-1 in January 2000 with the encountering of live oil shows in the well and the recovery of gas to surface on testing over the interval 1,619-1,930 metres.

5. Delineation of up to 39 million barrel Rehbok Prospect in WA-261-P, offshore Carnarvon Basin and continuing evaluation of the Sage-1 oil discovery in offshore Carnarvon Basin WA-254-P with possible oil reserve potential of up to 27 million barrels, subject to further development drilling.

6. Net oil and gas production estimate for the March 2000 quarter of 14,500 barrels oil equivalent equal to 160 barrels of oil equivalent per day for 19.4% owned Kestrel Energy, Inc, a US NASDAQ public company.

7. Planned participation in a drilling program of up to fourteen wells in the next nine months as per the attached planned 2000 Drilling Schedule.

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