1. corporate presentation
2012

2. Forward Looking Statements
In the interest of providing potential investors with information regarding Shona Energy Company, Inc. (“Shona"), including management's assessment of the future plans and operations of Shona,
certain statements contained in this corporate presentation constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities
legislation. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should",
"believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. In addition, statements relating to "reserves" are deemed to be forward-looking statements
as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and can be profitably produced in the
future. Forward looking statements or information in this presentation include, but are not limited to, statements or information with respect to: the expected closing date and use of proceeds from the
financing; potential reserves and future production with respect to current assets business strategy and objectives; development plans; exploration and drilling plans; reserve quantities and the
discounted present value of future net cash flows from such reserves; future production levels; wells drilled (gross and net); capital expenditures; cash flow; debt levels; operating and other costs;
royalty rates and taxes.
With respect to forward-looking statements contained in this corporate presentation, Shona has made assumptions regarding, among other things: future capital expenditure levels; future oil and
natural gas prices; future oil and natural gas production levels; future exchange rates and interest rates; ability to obtain equipment in a timely manner to carry out development activities; ability to
market oil and natural gas successfully to current and new customers; the impact of increasing competition; the ability to obtain financing on acceptable terms; and ability to add production and
reserves through development and exploitation activities. Although Shona believes that the expectations reflected in the forward looking statements contained in this corporate presentation, and the
assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place
undue reliance on forward-looking statements included in this corporate presentation, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking
statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the
predictions, forecasts, projections and other forward-looking statements will not occur, which may cause Shona's actual performance and financial results in future periods to differ materially from any
estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the ability of
management to execute its business plan; general economic and business conditions; the risk of instability affecting the jurisdictions in which Shona operates; the risks of the oil and natural gas
industry, such as operational risks in exploring for, developing and producing crude oil and natural gas and market demand; the possibility that government policies or laws may change or
governmental approvals may be delayed or withheld; risks and uncertainties involving geology of oil and natural gas deposits; the uncertainty of reserves estimates and reserves life; the ability of
Shona to add production and reserves through acquisition, development and exploration activities; Shona's ability to enter into or renew leases; potential delays or changes in plans with respect to
exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to production (including decline rates), costs and expenses; fluctuations in oil and
natural gas prices, foreign currency exchange rates and interest rates; risks inherent in Shona's marketing operations, including credit risk; uncertainty in amounts and timing of royalty payments;
health, safety and environmental risks; risks associated with existing and potential future law suits and regulatory actions against Shona; uncertainties as to the availability and cost of financing; and
financial risks affecting the value of Shona’s investments. Readers are cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties.
Any financial outlook or future oriented financial information in this corporate presentation, as defined by applicable securities legislation, has been approved by management of Shona. Such financial
outlook or future oriented financial information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned
that reliance on such information may not be appropriate for other purposes.
The forward-looking statements contained in this corporate presentation speak only as of the date of this corporate presentation. Except as expressly required by applicable securities laws, Shona
does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements
contained in this corporate presentation are expressly qualified by this cautionary statement.
The information contained in this corporate presentation does not purport to be all-inclusive or to contain all information that a prospective investor may require. Prospective investors are encouraged
to conduct their own analysis and reviews of Shona, and of the information contained in this corporate presentation. Without limitation, prospective investors should consider the advice of their
financial, legal, accounting, tax and other advisors and such other factors they consider appropriate in investigating and analyzing Shona.
Barrels of Oil Equivalent
•Barrels of oil equivalent (boe) is calculated using the conversion factor of 6 Mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil. Boes may be misleading, particularly if used in
isolation. A boe conversion ratio of 6 Mcf:1 bbl (barrel) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the
wellhead.
Analogous Information
•Certain noted drilling and completion data provided in this document may constitute "analogous information", such as mapping information obtained in geographical proximity to prospective
exploratory lands to be held by Shona. Such information has been obtained from government sources, regulatory agencies or other industry participants. Management of Shona believes the
information is relevant as it helps to define the reservoir characteristics in which Shona may hold an interest. Shona is unable to confirm that the analogous information was prepared by a qualified
reserves evaluator or auditor or in accordance with the COGE Handbook and therefore, the reader is cautioned that the data relied upon by Shona may be in error and/or may not be analogous to
such lands to be held by Shona.

3. Investment Highlights
Production with stable cash flow
Delivering a total of 14.0 million cubic feet per day (mmcfpd) of firm gas sales, with the potential to increase to
24.0 mmcfpd under current contracts
Diverse portfolio of oil and gas assets
Oil exploration program with 3 blocks in Colombia and 1 block in Peru
Existing gas production in northwest Colombia’s Magdalena Basin
Fully funded development program with favourable economics
Relatively low development costs, attractive terms
Assets on trend or in proximity to existing production
Multiple oil targets with growth potential on all blocks

4. Corporate Strategy
Increase value of existing blocks
Increase cash flow with additional gas sales contracts from Esperanza Block
Complete evaluation of unexplored area of Esperanza Block
Confirm potential of heavy oil potential in Caguan Basin in 1st Qtr 2013
Further evaluate the potential of Boa Prospect on Block 102 with long term testing
Identify and evaluate additional opportunities utilizing current cash flow
Seek assets on trend or in proximity to existing production, with low development
costs and attractive fiscal terms
Consider higher-risk exploration opportunities that would allow later “sell downs”
Evaluate merger and acquisition opportunities
Combination of Equals
Liquidity Event

5. Value Proposition
Exploration targets with significant upside
underpinned by existing gas production contracts
Experienced management team
providing increased exposure to additional
opportunities over time

6. Overview of Assets
Esperanza
Block
VENEZUELA
SHONA GROSS NET Serrania COLOMBIA
PROPERTY OPERATOR W.I. ACRES ACRES Block
Los Picachos
Esperanza Block Shona Block
(Colombia) (Geoproduction) 100% 60,002 60,002
Macaya
ECUADOR
Serrania Block Block
(Colombia) Hupecol 37.5% 110,769 41,538
PERU
Los Picachos Block
(Colombia) Hupecol 37.5% 52,771 19,789
Block 102 BRAZIL
Macaya Block
(Colombia) Hupecol 37.5% 195,254 73,220
Block 102
(Peru) Pluspetrol 36.5% 313,023 114,253
TOTAL 731,819 308,803
BOLIVIA

7. Esperanza Location & Infrastructure
Promigas
Pacific Rubiales
(La Creciente field
60 MMCFPD)
OGX
(Recently awarded block
w/ $24 MM work
program); Surrounding
Esperanza
Esperanza Block
(Nelson discovery)
7 Cerro Matoso

8. Esperanza Block
Esperanza
Block
45 sq km
Program
(2007)
100% owned and operated by Canaflecha
Field
Geoproduction (wholly-owned 120 sq km
Arianna Field Program
subsidiary of Shona) (2010)
Katana Field
Significant gas discovery at Nelson:
164 billion cubic feet* (BCF) (gross)
Stewart
High value gas delivery contracts Prospect
negotiated with production
increasing over the next three years 103 sq km Additional
Program leads
(2009)
Additional 30,000 acres being
explored with 3D seismic
Palmer
Prospects
Leads
Prospects
Nelson Field to commence Production areas
production in December 2011
Retained area
3D seismic programs
*Gross reserves as per Collarini Associates NI 51-101 compliant reserves report effective January 1, 2011

9. Colombia – Gas Transportation System
Cerro Matoso Contract(1):
Total of 19 MMCFPD for ten year term effective
January 1, 2012 as follows:
11.0 MMCFPD firm for 2012 and 2013
12.5 MMCFPD firm from January 2014 for the
remainder of the 10 year term
Cerro Matoso Options:
During period of July 1, 2013 to Sept. 30, 2013 to
elect to purchase up to and additional 3.5 MMCFPD
firm effective January 1, 2014.
During period of Sept. 1, 2011 to June 30, 2013,
Cerro Matoso has the option to take up to an
additional 27 MMCFPD
Cerro Matoso has two months to commit to
purchase the additional volumes, if they fail to do
so, Shona is free to market the additional volumes
to third parties
E2 Contract:
Sell 3 MMCFPD firm, 2 MMCFPD interruptible for
total 5 MMCFPD
7 year term
1The balance of the 19 MMCFPD is classified as interruptible for each of these periods.

10. Esperanza Block: Monetization
ASSET SUPPLY CAPABILITY ECONOMIC IMPACT
Current Development
$16MM annual after-tax
with existing firm contracts
cash flow for 10 yrs
14 MMCFPD
Increase in current contracts $6MM incremental annual
5 MMCFPD after-tax
cash flow for 8 yrs
Colombia Further Nelson Field
Esperanza Development $23MM incremental
Block (with $10MM CAPEX) annual after-tax cash flow
21 MMCFPD
Potential $30MM incremental
+ 100 BCF Possible Reserves annual after-tax cash flow
Defined prospects
30,000 Acres to be Evaluated TBD

11. Prolific Andean Foreland Basin
Shona’s oil prospects are located within VENEZUELA
the Andean Foreland Basin – a region of
significant oil discovery
Serrania, COLOMBIA
Efficient oil generation and migration Los Picachos,
& Macaya Llanos Basin
systems Blocks
Excellent quality reservoirs Putumayo
Basin
Low relief structures trap oil
Oriente Basin
Over 3 billion barrels of recoverable oil
ECUADOR
have been found in these basins
Block 102
All these basins continue to be actively
explored Maranon
Basin
PERU
BRAZIL
Existing Oilfields

12. Southern Colombian Heavy Oil Belt
Llanos
Basin
Macaya
Block
Serrania Rubiales Field
Block 167,343 bopd
Heavy Oil
Belt
Los Picachos
Block
Caguan Basin
Orito Field
> 230 MMBLS Capella Field
produced; 2.5 billion bbl
1,919 bopd OOIP
Exploration Blocks
Production Area
Serrania Block
Heavy Oil Belt
Natural Reserves
Putumayo Basin

13. Serrania, Los Picachos & Macaya
Los Picachos Serrania
Shona – Shona – Capella Field
Hupecol - HAE Hupecol - HAE
Working interests: Ombu
Shona 37.5% Sinochem -
Canacol
Hupecol (operator) 50%
Houston American Portofino
Monterrico
Energy 12.5%
358,794 gross acres, 134,547 net Cedrela Macaya
Canacol Shona-Hupecol-
acres HAE
CAG 6
Licenses: 6 years of exploration, 24 Metapetroleum - Durillo
years of production Talisman Los Emerald
Serrania licensed in 2008 Picachos
Macaya and Los Picachos Ceiba
Emerald
licensed in 2011
Royalties: Tamarin
Canacol
0 to 5,000 BOPD 8%
5,001 to 125,000 BOPD 8-20% CAG 5
Heavy Oil Belt Metapetroleum - Macaya
Talisman

14. Serrania Targets
In management’s opinion, acreage contains one of
largest undrilled 4-way closure structures in
northern South America – 150 MMBO recoverable
potential Serrania
Block
Two fault trap prospects on Los Picachos and
Macaya concessions
Serrania targets Mirador formation; production
potential should be similar to the Capella Field
(located 7 miles south with potential recoverable
° °
reserves of 200 MMBLS of 10°-12° oil
Exploration drilling expected to commence in Q1
2013

15. Block 102
Located in prolific Peruvian Maranon
Basin Carmen
30 MMBO
Working Interests:
Forestal
Shona 36.5% Boa 65 MMBO
Pluspetrol (operator) 51%
Andean Oil and Gas 12.5% Anaconda
Macusari
313,023 gross acres, 114,253 net acres Trend
Licensed in 2006: 7 year exploration
term and 30 year oil production term
Royalties:
Capahuari Huayuri Sur
0 to 5,000 BOPD 5% Trend 50 MMBO
Capahuari Norte
5,001 to 100,000 BOPD 5-20% 24 MMBO
Andoas Norte
Prospects: Capahuari Sur
Dorissa
175 MMBO
80 MMBO
Boa, Anaconda, Andoas Norte
Initiating long-term production testing
of the Boa prospect in Q2 2012

16. Block 102 Targets
Carmen
30 MMBO
Macusari
Capahuari and Macusari Trends Trend Boa
Anaconda
3 Prospects
Boa: 3D seismic with possibility Capahuari Huayuri Sur
50 MMBO
similar to Carmen. Currently Trend
evaluating Boa Oeste-1X Capahuari
Norte
24 MMBO
Anaconda: 2007 2D seismic data
closure; 50± MMBO potential
Capahuari Sur
Andoas Norte: 2007 2D seismic data 175 MMBO
closure; 20± MMBO potential light oil Dorissa
80 MMBO
target
Andoas Norte

17. Peru Block 102: Macusari Trend
SW
Macusari Trend
MQUEST Inter.— tem

18. Shona Assets: Monetization
ASSET SUPPLY CAPABILITY ECONOMIC IMPACT
Current Development $16MM annual after-tax
with existing firm contracts cash flow for 10 yrs
14 MMCFPD
Increase in current contracts $6MM incremental annual
5 MMCFPD after-tax
Colombia Further Nelson Field cash flow for 8 yrs
Esperanza Development
$23MM incremental
Block (with $10MM CAPEX)
annual after-tax cash flow
21 MMCFPD
+ 100 BCF Possible Reserves Potential $30MM incremental
Defined prospects annual after-tax cash flow
30,000 Acres to be Evaluated TBD
Boa, Anaconda, Andoas Norte
Peru Block 102 and other leads
TBD – Moderate Potential
Colombia: Serrania Anticline, Serrania
Serrania, Los fault Trap, Los Picachos fault TBD – Significant Potential
Picachos and Trap and other Leads
Macaya Blocks

19. 2012 Goals
Complete resource evaluation of the Esperanza block with 3D seismic of the remaining
30,000 acres. Field work in progress.
Accelerate monetization of the Esperanza concession through additional gas sales
Commence drilling at Serrania in Q1 2013
Long term production testing of the Boa prospect in Peru’s Block 102
Create additional exploration opportunities
Evaluate participation in potential sector consolidation activities

20. Capitalization & Financial Highlights
Common Shares 234,767,840
Voting 180,594,389
Non-voting 54,173,451
F/D Shares Outstanding 305,248,082
Cash at December 31, 2011 $21,143,000
Insider ownership 41% (46% F.D.)
Share price at December 31, 2011 $0.61
52 week range at December 31, 2011 $0.40 - $1.25
Market cap at December 31, 2011 $143.2 million

21. Management
James L. Payne, Chairman, Chief Executive Officer & Co-Founder, MBA, Geophysical Engineer
Ex-Chairman, President and CEO of Nuevo Energy Company, October 2001 to May 2004
Ex-Vice Chairman of Devon Energy Corporation, September 2000 to January 2001
Ex-Chairman, President and CEO of Santa Fe Energy and successors, 1989 to 1999
International and Domestic Exploration and Operating career of 23 years with Chevron
Currently a director of Nabors Industries, Inc.
John R. Womack, President & Co-Founder
Ex-Director of Land and Worldwide Negotiations at Nuevo Energy Company
Ex-President of Petrolera Santa Fe Energy, Santa Fe’s wholly-owned subsidiary operating in Argentina
Ex-Vice President of Land and Business Development at Santa Fe Energy
Larry D. Leavell, Chief Operating Officer
Ex-President of Devon Energy – Indonesia; Ex-Officer on the Indonesia Petroleum Association Board of Directors
Ex-Corporate Manager (HSE, Heavy Oil Upgrading, Marketing, International Production Manager) for Santa Fe Energy, over
30-year career
Michael S. Wilkes, Chief Financial Officer and Controller
Served as Controller of Shona Energy Company since 2008
Ex controllers of Nuevo Energy and Santa Fe Energy and successors

22. Management (continued)
Shetal Mentlewski, Vice-President of Administration and Legal, Corporate Secretary
Serves Director of Corporate Development / Environmental Affairs in addition to above mentioned roles
Ex-Engineer for Halliburton Kellogg Brown & Root and Marathon Oil Company
Received J.D. from South Texas College of Law and B.S. in Chemical Engineering from Texas A&M University
David K. Gian, Treasurer
Ex-Business Development and Sales Manager, Oil States Industries
Received MBA from Acton MBA in 2006 and B.S. in International Business from Baylor University
Ricardo Mendieta, Vice–President, Colombia
Ex- Operations Vice - President for Latin America of Halliburton (Technology and consulting Div)
Ex Vice – President for Latin America of ION Geophysical Corporation
Previously worked in different international positions with Ecopetrol, Baker, Shell - TNO and Occidental
Served as Shona Energy (Colombia) Limited’s Country Manager in Colombia since July 2007

23. Board of Directors
Ted M. Anthony, Director
Managing partner of Babineaux, Poche’, Anthony & Slavich, LLC, as well as General Counsel of Geoproduction
Former managing partner of Perret Doise, APLC, as well as a petroleum engineer for Marathon Oil Company, Inc.
On the Board of Directors of Louisiana Reserve Development Corporation
Gregory D. Elliott, Director
Former President of Geoproduction
President of Workstrings, LLC and Superior Inspection Services
Petroleum engineer with 15 years experience working with Chevron prior to founding Workstrings in 1997.
Edgar G. Hotard, Director
General Partner of HAO Capital and Chairman of the Monitor Group China and Senior Advisor to the Monitor Group
Former President & COO of Praxair Industries
On the Board of Directors of Global Industries and Albany International Corp.
James L. Payne, Chairman
See management
Gary R. Petersen, Director
On the Board of Directors of several EnCap portfolio companies and is a member of the board of Plains All American, Inc. and EV
Energy Partners
Member of the Independent Petroleum Association of America and the Houston Producers’ Forum
Jordan R. Smith, Director
Former President and CEO, Ramshorn Investments, Ltd., the exploration and production subsidiary of Nabors International, Ltd.
Former exploration executive for Chevron, Forest Oil Corporation, Wolf Oil and Energetics Inc.
Former Director of Clayton Williams Energy and Delta Petroleum Corp.

24. Questions?