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Central European Petroleum Ltd., registered in Alberta, Canada in 2006, and its wholly-owned affiliate, CEP Central European Petroleum GmbH, registered in Germany in 2008 (together "CEP"), were set up to pursue petroleum exploration opportunities in the European Union, initially focusing on Germany. The management of CEP are well-respected industry professionals with extensive international experience in oil & gas exploration, production, field operations and finance. Since incorporation, CEP has acquired over 3.4 million acres of onshore and offshore exploration licenses in the German states of Mecklenburg-Vorpommern and Brandenburg.

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