Elephant Oil ^{Filed Terms, Nasdaq: ELEP}

We are an independent oil and gas exploration stage company, led by an experienced management and technical team, which is focused on under-explored regions in Africa. Our current asset portfolio includes an exploration license onshore in the Republic of Benin (“Benin”), as well as an exploration license onshore in the Republic of Namibia (“Namibia”). As of the date of this prospectus, we have not drilled any wells. Additionally, the Company continues to review other potential assets for expansion. In October 2013, Elephant Oil signed a Production Sharing Agreement with Benin (the “Production Sharing Agreement”) providing a 100% licensed interest under the Production Sharing Agreement in onshore Block B, which is over 1.1 million acres, or 1,772 square miles or 4,590 square kilometers and is accessible by local roadways in a low density tropical forest environment. The Benin Hydrocarbons Corporation (“SOBEH”), now known as SNH-Benin, the national oil company of Benin, has an option to acquire a 10% interest upon commercial discovery. The exploration period is 9 years and, unless extended, would have terminated in October 2022. However, we are in advanced negotiations with the Ministry of Water and Mines of Benin for a New Production Sharing Agreement.