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        Geoglobal Resources Inc. Form S-8
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
        Filed
        with the Securities and Exchange Commission on July 27, 2006</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
        No. 333-__________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Securities
        and Exchange Commission</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>FORM
        S-8</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>REGISTRATION
        STATEMENT UNDER THE SECURITIES ACT OF 1933</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>GeoGlobal
        Resources Inc.</strong></font><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
        Name of Registrant as specified in its Charter)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
            <tr bgcolor="white">
              <td width="33%" style="border-bottom: black thin solid;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;<strong>Delaware</strong></font></div>
              </td>
              <td width="20%" style="border-bottom: black thin solid;">&#160;</td>
              <td width="33%" style="border-bottom: black thin solid;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;<strong>
                  33-0464753</strong></font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td width="33%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">(State
                  or other jurisdiction of
                  incorporation or organization)</font></div>
              </td>
              <td width="20%">&#160;</td>
              <td width="33%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">(IRS
                  Employer Identification
                  Number)</font></div>
              </td>
            </tr>
  
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>310,
        605 - 1 Street, SW, Calgary, Alberta, Canada T2P 3S9</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>(403)
        777-9250</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address,
        including zip code, and telephone number, including area code, of Registrant's
        principal executive offices)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
            <tr bgcolor="white">
              <td width="100%" style="border-bottom: black thin solid;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;<strong>1998
                  Stock Incentive Plan</strong></font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td width="100%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">(Full
                  Title of
                  Plan)</font></div>
              </td>
            </tr>
  
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>Allan
        Kent, Executive Vice President and CFO</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>GeoGlobal
        Resources, Inc.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>310,
        605 - 1 Street, SW, Calgary, Alberta T2P 3S9</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>(403)
        777-9250</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Name,
        address, including zip code, and telephone number, including area code, of
        agent
        for service)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">With
        a
        Copy to:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>William
        S. Clarke, Esquire</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>William
        S. Clarke, P.A.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>457
        North Harrison Street, Suite 103, Princeton, New Jersey
        08540</strong></font></div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Calculation
        of Registration Fee</strong></font></div>
      <div align="left">
        <table border="1" cellpadding="0" cellspacing="0" width="100%">
  
            <tr>
              <td valign="top" width="24%" style="border-bottom: silver thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Title
                  of </strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Securities
                  to be</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Registered</strong></font></div>
              </td>
              <td valign="top" width="13%" style="border-bottom: silver thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Amount
                  to be</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Registered</strong></font></div>
              </td>
              <td valign="top" width="16%" style="border-bottom: silver thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Proposed
                  Maximum</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Offering
                  Price</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Per
                  Unit</strong></font></div>
              </td>
              <td valign="top" width="16%" style="border-bottom: silver thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Proposed
                  Maximum</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Aggregate</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Offering
                  Price</strong></font></div>
              </td>
              <td valign="top" width="13%" style="border-bottom: silver thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Amount
                  of</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Registration
                  Fee</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="24%" style="border-bottom: silver thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
                  Stock, $.001 par value</font></div>
              </td>
              <td valign="top" width="13%" style="border-bottom: silver thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,000,000</font></div>
              </td>
              <td valign="top" width="16%" style="border-bottom: silver thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$4.03</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(1)</sup></font></div>
              </td>
              <td valign="top" width="16%" style="border-bottom: silver thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$16,120,000</font></div>
              </td>
              <td valign="top" width="13%" style="border-bottom: silver thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1725</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="24%">&#160;</td>
              <td valign="top" width="13%">&#160;</td>
              <td valign="top" width="16%">&#160;</td>
              <td valign="top" width="16%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">Total</font></div>
              </td>
              <td valign="top" width="13%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">$1725</font>&#160;</div>
              </td>
            </tr>
  
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Estimated
        solely for the purpose of calculating the Registration Fee in accordance with
        Rules 457(c) and 457(h) under the Securities Act of 1933, as amended, based
        upon
        the average of the high and low prices of the registrant&#8217;s common stock quoted
        on the American Stock Exchange on July 25, 2006.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        registration statement is also a post-effective amendment to the Registrant&#8217;s
        Registration Statements on Form S-8 (File Nos. 333-74245, 333-39450, 333-67720
        and 333-130135) filed with the Securities and Exchange Commission on March
        11,
        1999, June 16, 2000, August 16, 2001 and December 1, 2005,
        respectively.</font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">1</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="1">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXPLANATORY
          NOTE</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
          Registration Statement on Form S-8 relates to the registration of 4,000,000
          shares of common stock issuable on exercise of options to be granted under
          the
          1998 Stock Incentive Plan (the &#8220;Plan&#8221;) to selected employees, non-employee
          members of the Board of Directors, and consultants or other independent advisors
          who provide services to GeoGlobal Resources Inc., a Delaware corporation
          (the
  &#8220;Company&#8221;). </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
          June
          14, 2006, the shareholders of the Company approved the adoption of an amendment
          to the Plan increasing the number of shares reserved for the grant of options
          from 8,000,000 to 12,000,000. This registration statement is filed pursuant
          to
          paragraph E of the General Instructions to Form S-8 to register additional
          securities of the same class as other securities for which a registration
          statement has been filed on Form S-8 relating to the Plan.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
          Registration Statement is also a post-effective amendment to the Company&#8217;s
          Registration Statements on Form S-8 (File Nos. 333-74245, 333-39450, 333-67720
          and 333-130135) filed with the Securities and Exchange Commission on March
          11,
          1999, June 16, 2000, August 16, 2001 and December 1, 2005, respectively,
          and is
          being filed solely for purposes of including within the Registration Statements,
          a re-offer prospectus, as defined in General Instrument C.1 of Form S-8,
          3,237,000 shares of Common Stock issuable on exercise of options granted
          under
          the Company&#8217;s 1998 Stock Incentive Plan to certain Officers or Directors who are
          or may be deemed to be affiliates of the Company (the &#8220;Selling Stockholders&#8221;)
          for resale by the Selling Stockholders. The re-offer prospectus which is
          filed
          as a part of this Registration Statement has been prepared in accordance
          with
          the requirements of Form S-3, and pursuant to General Instruction C of Form
          S-8,
          may be used for re-offers or re-sales of the shares of Common Stock that
          may be
          made on a continuous or delayed basis in the future as provided by Rule 415
          that
          have been or may be acquired by the Selling Stockholders on the exercise
          of
          options granted pursuant to the Plan.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          contents of the Company&#8217;s registration statements on Form S-8 (File Nos.
          333-74245, 333-39450, 333-67720 and 333-130135) filed with the Securities
          and
          Exchange Commission on March 11, 1999, June 16, 2000, August 16, 2001 and
          December 1, 2005, respectively, are incorporated by reference.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">2</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Re-Offer
            Prospectus</strong></font></div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>GEOGLOBAL
          RESOURCES INC.</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>3,237,000
          Shares of Common Stock</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
          of our officers and Directors, who are named in this prospectus, may offer
          and
          sell from time to time, for their own accounts up to 3,237,000 shares of
          our
          Common Stock that they may acquire from time to time on exercise of options
          granted under our 1998 Stock Incentive Plan. We will not receive any of the
          proceeds from such sales. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>See
          &#8220;Risk Factors&#8221; on page 8 for information you should consider before buying
          shares of our common stock.</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Selling Stockholders propose to sell any shares issued to them on exercise
          of
          options granted to them from time to time in transactions occurring either
          on or
          off the American Stock Exchange, Inc. (the &#8220;AMEX&#8221;) at prevailing market prices
          or at negotiated prices. Sales may be made through brokers or to dealers,
          who
          are expected to receive customary commissions or discounts.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Selling Stockholders and participating brokers and dealers may be deemed
          to be
  &#8220;underwriters&#8221; within the meaning of the Securities Act of 1933, as amended, in
          which event any profit on the sale of shares by those Selling Stockholders
          and
          any commissions or discounts received by those brokers or dealers may be
          deemed
          to be underwriting compensation under the Securities Act.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
          Common Stock is traded on the AMEX under the symbol &#8220;GGR.&#8221; On July 25, 2006, the
          closing price of our Common Stock on the AMEX was $3.95 per share.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Neither
          the Securities and Exchange Commission nor any state securities commission
          has
          approved or disapproved of these securities or determined if this prospectus
          is
          truthful or complete. Any representation to the contrary is a criminal
          offense.</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prospectus
          dated</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">July</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
          [__]</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
          2006</font></div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">3</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">
  
              <tr>
                <td align="right" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong>TABLE
                    OF CONTENTS</strong></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr>
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Prospectus
                    Summary</font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Risk
                    Factors</font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">7</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Risks
                    Relating to Our Oil and Gas Activities</font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Because
                    We Are In the Early Stage of Developing Our Activities, There Are
                    Considerable</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Risks
                    That We Will Be Unsuccessful</em></font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">8</font></div>
                </td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Our
                    Interests In the Production Sharing Contracts Involve Highly Speculative
                    Exploration</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Opportunities
                    That Involve Material Risks That We Will Be
                    Unsuccessful</em></font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">9</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="right" valign="top" width="84%">
                  <div align="right">&#160;</div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Possible
                    Inability of Contracting Parties to Fulfill Phase One of the Minimum
                    Work</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="right" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Program
                    for the KG</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong><em>&#160;</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Block</em></font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">9</font></div>
                </td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Because
                    Our Activities Have Only Recently Commenced And We Have No
                    Operating</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>History
                    And Reserves of Oil and Gas, We Anticipate Future Losses; There
                    Is No
                    Assurance</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Assurance
                    of Our Profitability</em></font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">10</font></div>
                </td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>We
                    Expect to Have Substantial Requirements For Additional Capital
                    That May
                    Be</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Unavailable
                    To Us Which Could Limit Our Ability To Participate In Our Existing
                    Ventures</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Or
                    Pursue Other Opportunities. Our Available Capital is
                    Limited</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;</font></div>
                </td>
                <td align="left" valign="top" width="8%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">10</font></div>
                </td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>India&#8217;s
                    Regulatory Regime May Increase Our Risks And Expenses Of Doing
                    Business</em></font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">11</font></div>
                </td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Our
                    Control by Directors and Executive Officers May Result In Those
                    Persons
                    Having</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Interests
                    Divergent From Our Other Securityholders</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">12</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Our
                    Reliance On A Limited Number Of Key Management Personnel Imposes
                    Risks On
                    Us</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>That
                    We Will Have Insufficient Management Personnel Available If The
                    Services
                    Of Any</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="right" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Of
                    Them Are Unavailable</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;</font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">12</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Our
                    Success Is Largely Dependent On The Success Of The Operators Of
                    The
                    Ventures In</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Which
                    We Participate And Their Failure Or Inability To Properly Or Successfully
                    Operate</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>The
                    Oil And Gas Exploration, Development And Production Activities
                    On An
                    Exploration</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="right" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Block,
                    Could Materially Adversely Affect Us</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;</font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">12</font></div>
                </td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Certain
                    Terms Of The Production Sharing Contracts May Create Additional
                    Expenses
                    And</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="right" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Risks
                    That Could Adversely Affect Our Revenues And
                    Profitability</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;</font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">13</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="right" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Oil
                    And Gas Prices Fluctuate Widely And Low Oil And Gas Prices Could
                    Adversely
                    Affect</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Our
                    Financial Results</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">14</font></div>
                </td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Our
                    Ability To Locate And Participate In Additional Exploration Opportunities
                    And To</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Manage
                    Growth May Be Limited By Reason Of Our Limited History Of Operations
                    And</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="right" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>The
                    Limited Size Of Our Staff</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;</font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">15</font></div>
                </td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="right" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Our
                    Future Performance Depends Upon Our Ability And The Ability Of
                    The
                    Ventures</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>In
                    Which We Participate To Find Or Acquire Oil And Gas Reserves That
                    Are</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="right" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Economically
                    Recoverable</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;</font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">15</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
  
          </table>
        </div>
        <div>&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">4</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
          <div>&#160;</div>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">
  
              <tr>
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Estimating
                    Reserves And Future Net Revenues Involves Uncertainties And Oil
                    And
                    Gas</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Price
                    Declines May Lead To Impairment Of Oil And Gas Assets</em></font></div>
                </td>
                <td align="left" valign="top" width="8%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">16</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="right" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Risks
                    Relating To The Market For Our Common Stock </font></div>
                </td>
                <td align="left" valign="top" width="8%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Volatility
                    Of Stock Price</em></font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">16</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="left" valign="top" width="84%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Cautionary
                    Statement for Purposes of The &#8220;Safe Harbor&#8221; Provisions of The Private
                    Securities</font></div>
                </td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Litigation
                    Reform Act of 1995</font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">17</font></div>
                </td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Use
                    Of Proceeds</font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">18</font></div>
                </td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Selling
                    Securityholders</font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">18</font></div>
                </td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Plan
                    of Distribution</font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">19</font></div>
                </td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Legal
                    Matters</font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">20</font></div>
                </td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Experts</font></div>
                </td>
                <td align="right" valign="top" width="8%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">20</font></div>
                </td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td align="right" valign="top" width="84%">&#160;</td>
                <td align="left" valign="top" width="8%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="84%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Where
                    You Can Find More Information</font></div>
                </td>
                <td align="left" valign="top" width="8%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">21</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>You
          should rely only on the information included in or incorporated by reference
          into this prospectus. We have not authorized anyone to provide you with
          information that is different. This prospectus may only be used where it
          is
          legal to sell these shares. The information contained in this prospectus
          is
          accurate only as of the date of this prospectus, regardless of the time of
          delivery of this prospectus or of any sale of our common
          stock.</strong></font></div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">5</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PROSPECTUS
          SUMMARY </strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          following summary is qualified in its entirety by the more detailed information,
          financial statements and other data appearing elsewhere in this prospectus.
          At
          various places in this prospectus, we may make reference to the &#8220;company&#8221; or
  &#8220;us&#8221; or &#8220;we.&#8221; When we use those terms, unless the context otherwise requires, we
          mean GeoGlobal Resources Inc. and its wholly-owned subsidiaries.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>GeoGlobal
          Resources Inc.</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GeoGlobal
          Resources Inc. is engaged, through subsidiaries and joint ventures in which
          we
          are a participant, in the exploration for and development of oil and natural
          gas
          reserves. At present, these activities are being undertaken in locations
          where
          we and our joint venture participants have been granted exploration rights
          pursuant to agreements we have entered into with the Government of India
          ("GOI"). As of July 25, 2006, we have entered into agreements with respect
          to
          six of these exploration blocks as follows:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                    first of our agreements, entered into in February 2003, grants
                    exploration
                    rights in an area offshore eastern India. We refer to this as the
  &#8220;KG
                    Block&#8221; and we have a net 5% carried interest under this agreement.
                    </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                    have entered into two agreements which grant exploration rights
                    in areas
                    onshore in the Cambay Basin in the State of Gujarat in western
                    India.
                    These agreements were entered into with the GOI in February 2004
                    and we
                    have a 10% participating interest under each of these agreements.
                    We refer
                    to these as the &#8220;Mehsana Block&#8221; and the &#8220;Sanand/Miroli Block.&#8221;
                    </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
                    April 2005, we entered into an agreement with Gujarat State Petroleum
                    Corporation Limited ("GSPC"), providing for our purchase and the
                    sale by
                    GSPC, subject to GOI consent, of a 20% participating interest in
                    the
                    agreement granting exploration rights onshore in the Cambay Basin
                    in the
                    State of Gujarat. We refer to this as the &#8220;Tarapur Block&#8221;.
                    </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                    September 23, 2005, we signed agreements with respect to two additional
                    locations. One area in which we hold a 10% participating interest
                    is
                    located onshore in the Cambay Basin located in the State of Gujarat
                    south-east of our three existing Cambay blocks. We refer to this
                    as the
                    "Ankleshwar Block". The second area is onshore in the Deccan Syneclise
                    Basin located in the northern portion of the State of Maharashtra
                    in
                    west-central India in which we hold a 100% participating interest.
                    We
                    refer to this as the "DS Block".</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
          of
          our exploration activities should be considered highly
          speculative.</font></div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">6</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>The
          Offering</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div align="center">
          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
              <tr bgcolor="#eeeeee">
                <td width="50%">&#160;<strong><em><font size="2">Offering of Common Stock
                  by
                  the Selling Stockholders</font></em></strong></td>
                <td width="50%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<strong><em><font size="2">3,237,000</font></em></strong></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td width="50%">&#160;</td>
                <td width="50%">&#160;</td>
              </tr>
              <tr bgcolor="#eeeeee">
                <td width="50%">&#160;<font size="2">Shares to be outstanding after the
                  offering of common stock</font></td>
                <td width="50%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">67,716,755<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(1)</sup></font></font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td width="50%">&#160;<font size="2">held by the Selling Stockholders
                  assuming all the </font></td>
                <td width="50%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td width="50%">&#160;<font size="2">Options held by such persons are
                  exercised</font></td>
                <td width="50%">&#160;</td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">______________________________</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based
          on
          the number of shares of common stock issued and outstanding on July 25, 2006.
          Excludes 2,009,000 shares of Common Stock issuable on exercise of options
          granted under the Plan to persons other than the Selling Stockholders. Also
          excludes an aggregate of 2,418,916 shares of Common Stock issuable pursuant
          to
          the terms of the Plan on the full exercise of options that may be granted
          under
          the Plan and warrants issued in September 2005 as compensation to a broker
          dealer in connection with the private sale of our securities</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 234pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Use
                    of Proceeds</em></strong></font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                    will not realize any of the proceeds from the sale of the shares
                    offered
                    by the Selling Stockholders. See &#8220;Use of Proceeds.&#8221; In the event all the
                    outstanding options held by the Selling Stockholders are exercised,
                    we
                    will receive aggregate proceeds of $7,958,060 which will be added
                    to our
                    general corporate funds and used for working capital. There can
                    be no
                    assurance those options will be exercised or the proceeds
                    received.</font></div>
                </td>
              </tr>
  
          </table>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 234pt;">&#160;</td>
                <td>&#160;</td>
              </tr>
  
          </table>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 234pt;"><strong><em><font size="2">Market Symbol
                  (American
                  Stock Exchange)</font></em></strong>&#160;</td>
                <td><strong><font size="2">GGR</font></strong>&#160;</td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -234pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 234pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Risk
                    Factors</em></strong></font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Before
                    investing in our common stock, you should carefully read and consider
                    the
                    information set forth in &#8220;Risk Factors&#8221; beginning on page 8 of this
                    prospectus.</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Our
          Offices</em></strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
          executive offices are located at 605 - 1</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>st</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          Street,
          SW, Suite 310, Calgary, Alberta, Canada T2P 3S9. Our telephone number is
          403-777-9250.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -153pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">7</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>RISK
          FACTORS</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">An
          investment in shares of our common stock involves a high degree of risk.
          You
          should consider the following factors, in addition to the other information
          contained in this Prospectus, in evaluating our business and current and
          proposed activities before you purchase any shares of our common stock. You
          should also see the "Cautionary Statement for Purposes of the Safe Harbor
          Provisions of the Private Securities Litigation Reform Act of 1995" regarding
          risks and uncertainties relating to us and to forward-looking statements
          in this
          Report.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Risks
          Relating to Our Oil and Gas Activities</em></strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Because
          We Are In the Early Stage Of Developing Our Activities, There Are Considerable
          Risks That We Will Be Unsuccessful</u></em></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
          are in
          the early stage of developing our operations. Our only activities in the
          oil and
          natural gas exploration and production industry have primarily involved entering
          into five Production Sharing Contracts with the GOI. In addition, we have
          entered into an agreement to acquire a participating interest in a sixth
          Production Sharing Contract ("PSC"), subject to GOI consent. We have realized
          no
          revenues from our oil and natural gas exploration and development activities
          and
          do not claim any proved reserves of oil or natural gas. As of July 25, 2006
          a
          venture in which we have a net 5% interest, has drilled and abandoned two
          wells,
          has drilled, tested and completed two wells and has commenced drilling
          operations on a fifth well. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
          of
          July 25, 2006, we do not claim any proved reserves of hydrocarbons as a result
          of those drilling, testing and evaluation activities. Our current plans are
          to
          conduct the exploration and development activities on the areas offshore
          and
          onshore India in accordance with the terms of the PSC's we are a party to.
          There
          can be no assurance that the exploratory drilling to be conducted on the
          exploration blocks in which we hold or have agreed to acquire an interest
          will
          result in any discovery of hydrocarbons or that any hydrocarbons that are
          discovered will be in commercially recoverable quantities. In addition, the
          realization of any revenues from commercially recoverable hydrocarbons is
          dependent upon the ability to deliver, store and market any hydrocarbons
          that
          are discovered. The presence of hydrocarbon reserves on contiguous properties
          is
          no assurance or necessary indication that hydrocarbons will be found in
          commercially marketable quantities on the exploration blocks in which we
          hold an
          interest. Our exploration opportunities are highly speculative and should
          any of
          these opportunities not result in the discovery of commercial quantities
          of oil
          and gas reserves, our investment in the venture could be lost.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
          business plans also include seeking to enter into additional joint ventures
          or
          other arrangements to acquire interests in additional government created
          and
          granted hydrocarbon exploration opportunities, primarily located onshore
          or in
          the offshore waters of India. Opportunities to acquire interests in exploration
          opportunities will be dependent upon our ability to identify, negotiate and
          enter into joint venture or other similar arrangements with respect to specific
          exploration opportunities and upon our ability to raise sufficient capital
          to
          fund our participation in those joint ventures or other exploration activities.
          Our success will be dependent upon the success of the exploration activities
          of
          the ventures in which we acquire an interest.</font></div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">8</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Our
          Interest In The Production Sharing Contracts Involve Highly Speculative
          Exploration Opportunities That Involve Material Risks That We Will Be
          Unsuccessful</u></em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;</u></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
          interests in the exploration blocks should be considered to be highly
          speculative exploration opportunities that involve material risks. None of
          the
          exploration blocks in which we have an interest have any proven reserves
          and are
          not producing any quantities of oil or natural gas. Exploratory drilling
          activities are subject to many risks, including the risk that no commercially
          productive reservoirs will be encountered. There can be no assurance that
          wells
          drilled on any of the exploration blocks in which we have an interest or
          by any
          venture in which we may acquire an interest in the future will be productive
          or
          that we will receive any return or recover all or any portion of our investment.
          Drilling for oil and gas may involve unsuccessful or unprofitable efforts,
          not
          only from dry wells, but from wells that are productive but do not produce
          sufficient net revenues to return a profit after drilling, operating and
          other
          costs. The cost of drilling, completing and operating wells is often uncertain.
          Drilling operations may be curtailed, delayed or canceled as a result of
          numerous factors, many of which are beyond the operator&#8217;s control, including
          economic conditions, mechanical problems, extreme downhole pressures and
          temperatures, title problems, weather conditions, compliance with governmental
          requirements and shortages or delays of equipment and services. Drilling
          activities on the exploration blocks in which we hold an interest may not
          be
          successful and, if unsuccessful, such failure may have a material adverse
          effect
          on our future results of operations and financial condition.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Possible
          Inability of Contracting Parties to Fulfill Phase One of the Minimum Work
          Program for the KG Block</u></em></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
          PSC
          relating to the KG Block provides that by the end of the first phase of the
          exploration period the contracting parties shall have drilled at least fourteen
          wells. The first phase of the exploration period expired on September 11,
          2005.
          Through July 25, 2006, four wells have been drilled on the exploration block,
          leaving ten wells to be drilled. On August 5, 2005, a written notice requesting
          the six month extension was submitted and on August 29, 2005, the management
          committee consented to the extension of six months to March 11, 2006 and
          deducted the six month extension from the Phase II exploration period. On
          February 24, 2006, the management committee for the KG Block recommended
          a
          further extension to the first phase of twelve months to March 11, 2007 which
          will also be deducted from the second phase of the exploration program. As
          at
          July 25, 2006, approval of this extension from the GOI is still outstanding.
          </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          PSC
          provides that, if at the end of an exploration phase a work program for that
          phase is not completed, the time for completion of the exploration program
          for
          that phase is to be extended for a period necessary to enable completion
          but not
          exceeding six months, provided the parties (i) submit a request by written
          notice to the GOI at least thirty days prior to the expiration of the relevant
          phase, (ii) can show technical or other good reasons for the non-completion
          of
          the work program, and (iii) the management committee gives its consent to
          the
          extension. Any such extension that is granted is to be deducted from the
          next
          succeeding exploration phase. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
          the
          event the twelve month extension is granted and the ten additional wells
          are not
          drilled by March 11, 2007, or the further extension is not granted, the Company
          may be liable for consequences of non-fulfillment of the minimum work commitment
          in a given time frame under the PSC. The PSC has provisions for termination
          on
          account of various reasons specified therein, including material breach of
          the
          contract. Termination rights can be exercised after giving ninety days written
          notice, unless such failure of compliance or contravention is remedied within
          the ninety-day period or such extended period as may be granted by the GOI.
          The
          failure to timely complete the minimum work commitment may be deemed by the
          GOI
          to be a failure to comply with the provisions of the PSC in a material
          particular. We have been advised by GSPC that it is unaware of any such
          precedence. In the event the PSC is terminated by the GOI, or in the event
          the
          work program is not fulfilled by the end of the relevant exploration phase,
          each
          party to the PSC is to pay to the GOI its participating interest share of
          an
          amount which is equal to the amount that would be required to complete the
          minimum work program for that phase. We are of the view that GSPC, under
          the
          terms of our Carried Interest Agreement, would be liable for our participating
          interest share of the amount required to complete the minimum work program
          for
          the phase. However, termination of the PSC by the GOI would result in the
          loss
          of our interest in the KG Block other than areas determined to encompass
          commercial discoveries. No areas on the KG Block have been determined to
          encompass commercial discoveries as of July 25, 2006.</font></div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">9</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Because
          Our Activities Have Only Recently Commenced And We Have No Operating History
          And
          Reserves Of Oil And Gas, We Anticipate Future Losses; There Is No Assurance
          Of
          Our Profitability</u></em></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
          oil
          and natural gas operations have been only recently established and we have
          no
          operating history, oil and gas reserves or assets upon which an evaluation
          of
          our business, our current business plans and our prospects can be based.
          Our
          prospects must be considered in light of the risks, expenses and problems
          frequently encountered by all companies in their early stages of development
          and, in particular, those engaged in exploratory oil and gas activities.
          Such
          risks include, without limitation:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                    will experience failures to discover oil and gas in commercial
                    quantities;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
                    are uncertainties as to the costs to be incurred in our exploratory
                    drilling activities, cost overruns are possible and we may encounter
                    mechanical difficulties and failures in completing
                    wells;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
                    are uncertain costs inherent in drilling into unknown formations,
                    such as
                    over-pressured zones, high temperatures and tools lost in the hole;
                    and
                    </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                    may make changes in our drilling plans and locations as a result
                    of prior
                    exploratory drilling.</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
          the exploration phase prior to the start date of initial commercial production,
          we have a carried interest in the exploration activities on the KG Block.
          Our
          interests in our other five exploration blocks are participating interests
          which
          require us to pay our proportionate share of exploration, drilling and
          development expenses on these blocks substantially as those expenses are
          incurred. Unexpected or additional costs can affect the commercial viability
          of
          producing oil and gas from a well and will affect the time when and amounts
          that
          we can expect to receive from any production from a well. Because our carried
          costs of exploration and drilling on the KG Block are to be repaid in full
          to
          the operator, GSPC, before we are entitled to any share of production,
          additional exploration and development expenses will reduce and delay any
          share
          of production and revenues we will receive. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
          can
          be no assurance that the ventures in which we are a participant will be
          successful in addressing these risks, and any failure to do so could have
          a
          material adverse effect on our prospects for the future. Our operations were
          recently established, and as such, we have no substantial operating history
          to
          serve as the basis to predict our ability to further the development of our
          business plan. Likewise, the outcome of our exploratory drilling activities,
          as
          well as our quarterly and annual operating results cannot be predicted.
          Consequently, we believe that period to period comparisons of our exploration,
          development, drilling and operating results will not necessarily be meaningful
          and should not be relied upon as an indication of our stage of development
          or
          future prospects. Through July 25, 2006, we abandoned two wells drilled on
          the
          KG Block and it is likely that in some future quarter our stage of development
          or operating or drilling results may fall below our expectations or the
          expectations of securities analysts and investors and that some of our drilling
          results will be unsuccessful and the wells abandoned. In such event, the
          trading
          price of our common stock may be materially and adversely affected.
  </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>We
          Expect to Have Substantial Requirements For Additional Capital That May Be
          Unavailable To Us Which Could Limit Our Ability To Participate In Our Existing
          and Additional Ventures Or Pursue Other Opportunities. Our Available Capital
          is
          Limited</u></em></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
          order
          to participate under the terms of our PSC's as well as in further joint venture
          arrangements leading to the possible grant of exploratory drilling
          opportunities, we will be required to contribute or have available to us
          material amounts of capital. Under the terms of our carried interest agreement
          relating to the KG Block, after the start date of initial commercial production
          on the KG Block, and under the terms of the five additional PSC's we are
          parties
          to, as well as the agreement relating to the acquisition of the 20%
          participating interest in the Tarapur Block, we are required to bear our
          proportionate share of costs during the exploration phases of those agreements.
          There can be no assurance that our currently available capital will be
          sufficient for these purposes or that any additional capital that is required
          will be available to us in the amounts and at the times required. Such capital
          also may be required to secure bonds in connection with the grant of exploration
          rights, to conduct or participate in exploration activities or be engaged
          in
          drilling and completion activities. We intend to seek the additional capital
          to
          meet our requirements from equity and debt offerings of our securities. Our
          ability to access additional capital will depend in part on the success of
          the
          ventures in which we are a participant in locating reserves of oil and gas
          and
          developing producing wells on the exploration blocks, the results of our
          management in locating, negotiating and entering into joint venture or other
          arrangements on terms considered acceptable, as well as the status of the
          capital markets at the time such capital is sought. There can be no assurance
          that capital will be available to us from any source or that, if available,
          it
          will be at prices or on terms acceptable to us. Should we be unable to access
          the capital markets or should sufficient capital not be available, our
          activities could be delayed or reduced and, accordingly, any future exploration
          opportunities, revenues and operating activities may be adversely affected
          and
          could also result in our breach of the terms of a PSC which could result
          in the
          loss of our rights under the contract.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">10</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
          of
          June 30, 2006, we had cash and cash equivalents of approximately $35.0 million.
          We currently expect that our available cash will be sufficient to fund through
          December 2007 at the present level of operations our required capital
          expenditures on the five exploration blocks in which we are currently a
          participant and our participation in the Tarapur Block in which we agreed
          to
          acquire a 20% participating interest. Although exploration activity budgets
          are
          subject to ongoing review and revision, our present estimate of our commitments
          of capital pursuant to the terms of our PSC's relating to these exploration
          blocks, totals approximately $</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000080; FONT-FAMILY: Times New Roman">11.6</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          million
          during the period April 1, 2006 to March 31, 2007. Any further PSC's we may
          seek
          to enter into or any expanded scope of our operations or other transactions
          that
          we may enter into may require us to fund our participation or capital
          expenditures with amounts of capital not currently available to us. We may
          be
          unsuccessful in raising the capital necessary to meet these capital
          requirements. There can be no assurance that we will be able to raise the
          capital.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
          to our agreement executed on April 7, 2005 to acquire a 20% participating
          interest from GSPC in the Tarapur Block, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000080; FONT-FAMILY: Times New Roman">t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">o
          date,
          our share of costs incurred amounts to approximately US$2.9 million which
          has
          been expended on the drilling of six wells and a recently completed 500 sq
          km
          3-D seismic acquisition. In addition, it is expected that under the terms
          of our
          agreement with GSPC the total capital we will be required to contribute to
          exploration activities on Tarapur during the period ending March 31, 2007,
          based
          on our 20% participating interest, will be approximately an additional
          $</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000080; FONT-FAMILY: Times New Roman">4.6</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          million</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
          agreement with GSPC on the Tarapur Block is subject to obtaining the GOI
          consent. In the event such consent is not obtained, the assignment would
          be
          terminated. In the event the GOI does not reject in writing the application
          for
          consent to the assignment within 180 days, it is deemed approved, however,
          the
          commencement of this 180 day period does not commence until the GOI deems
          the
          application submitted to be complete. The GOI has not as of July 25, 2006
          deemed
          the application to be complete.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
          May
          30, 2006, we entered into a Memorandum of Understanding (&#8220;MOU&#8221;) with GSPC
          relating to the Tarapur Block. Under the terms of our previous agreement
          with
          GSPC, we are to fund a 20% PI share of all past exploration costs incurred
          on
          the Tarapur Block and keep in force a financial and performance guarantee
          in an
          amount sufficient to secure our performance under the Tarapur PSC. Under
          the
          terms of our previous agreement with GSPC, in the event such GOI consent
          is not
          obtained, the assignment would be terminated. Pursuant to the MOU, in the
          event
          that the GOI does not approve of the Tarapur assignment, GSPC is obligated
          to
          repay to us all amounts paid by us to GSPC with respect to the Tarapur Block
          and
          the assignment would be automatically terminated. GSPC is to repay such amounts
          to us within 30 days of a written notice from us.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>India&#8217;s
          Regulatory Regime May Increase Our Risks And Expenses In Doing
          Business</u></em></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
          phases of the oil and gas exploration, development and production activities
          in
          which we are participating are regulated in varying degrees by the Indian
          government, either directly or through one or more governmental entities.
          The
          areas of government regulation include matters relating to restrictions on
          production, price controls, export controls, income taxes, expropriation
          of
          property, environmental protection and rig safety. In addition, the award
          of a
          PSC is subject to GOI consent and matters relating to the implementation
          and
          conduct of operations under the PSC is subject, under certain circumstances,
          to
          GOI consent. As a consequence, all future drilling and production programs
          and
          operations we undertake or are undertaken by the ventures in which we
          participate in India must be approved by the Indian government. Shifts in
          political conditions in India could adversely affect our business in India
          and
          the ability to obtain requisite government approvals in a timely fashion
          or at
          all. We, and our joint venture participants, must maintain satisfactory working
          relationships with the Indian government. This regulatory environment may
          increase the risks associated with our intended exploration and productivity
          activities and increase our costs of doing business.</font></div><br>
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            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">11</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Our
          Control By Directors And Executive Officers May Result In Those Persons Having
          Interests Divergent From Our Other Stockholders</u></em></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
          of
          July 25, 2006, our Directors and executive officers and their respective
          affiliates, in the aggregate, beneficially hold 32,216,167 shares or
          approximately 50.0% of our outstanding Common Stock. As a result, these
          stockholders possess significant influence over us, giving them the ability,
          among other things, to elect a majority of our Board of Directors and approve
          significant corporate transactions. These persons will retain significant
          control over our present and future activities and our other stockholders
          and
          investors may be unable to meaningfully influence the course of our actions.
          These persons may have interests regarding the future activities and
          transactions in which we engage which may diverge from the interests of our
          other stockholders. Such share ownership and control may also have the effect
          of
          delaying or preventing a change in control of us, impeding a merger,
          consolidation, takeover or other business combination involving us, or
          discourage a potential acquiror from making a tender offer or otherwise
          attempting to obtain control of us which could have a material adverse effect
          on
          the market price of our Common Stock. Although management has no intention
          of
          engaging in such activities, there is also a risk that the existing management
          will be viewed as pursuing an agenda which is beneficial to themselves at
          the
          expense of other stockholders. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Our
          Reliance On A Limited Number Of Key Management Personnel Imposes Risks On
          Us
          That We Will Have Insufficient Management Personnel Available If The Services
          Of
          Any Of Them Are Unavailable</u></em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;</u></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
          are
          dependent upon the services of our President and Chief Executive Officer,
          Jean
          Paul Roy, and Executive Vice President and Chief Financial Officer, Allan
          J.
          Kent. The loss of either of their services could have a material adverse
          effect
          upon us. We currently do not have employment agreements with either of such
          persons or key man life insurance. The services of both Mr. Roy and Mr. Kent
          are
          provided pursuant to the terms of agreements with corporations wholly-owned
          by
          each of them. At present, Mr. Kent&#8217;s services are provided through an oral
          agreement with the corporation he owns. Accordingly, these agreements do
          not
          contain any provisions whereby Mr. Roy and Mr. Kent have direct contractual
          obligations to us to provide services or refrain from other
          activities.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
          present, our future is substantially dependent upon the geological and
          geophysical capabilities of Mr. Roy to locate oil and gas exploration
          opportunities for us and the ventures in which we are a participant. His
          inability to do the foregoing could materially adversely affect our future
          activities. We entered into a three-year Technical Services Agreement with
          Roy
          Group (Barbados) Inc. dated August 29, 2003, a company owed 100% by Mr. Roy,
          to
          perform such geological and geophysical duties and exercise such powers related
          thereto as we may from time to time assign to it. The expiration term of
          this
          contract has subsequently been extended to December 31, 2007. We have no
          agreement directly with Mr. Roy regarding his services to us. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Our
          Success Is Largely Dependent On The Success Of The Operators Of The Ventures
          In
          Which We Participate And Their Failure Or Inability To Properly Or Successfully
          Operate The Oil And Gas Exploration, Development And Production Activities
          On An
          Exploration Block, Could Materially Adversely Affect Us</u></em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;</u></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
          present, our only oil and gas interests are our rights under the terms of
          the
          five PSC's with the GOI that we have entered into and the Deed of Assignment
          and
          Assumption agreement with GSPC, effective only upon obtaining GOI consent,
          relating to an interest in the Tarapur Block. We are not and will not be
          the
          operator of any of the exploration, drilling and production activities conducted
          on our exploration blocks, with the exception of the DS block in which we
          are
          the operator. Accordingly, the realization of successes in the exploration
          of
          the blocks is substantially dependent upon the success of the operators in
          exploring for and developing reserves of oil and gas and their ability to
          market
          those reserves at prices that will yield a return to us.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">12</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
          the
          terms of our carried interest agreement for the KG Block, we have a carried
          interest in the exploration activities conducted by the parties on the KG
          Block
          prior to the start date of initial commercial production. However, under
          the
          terms of that agreement, all of our proportionate share of capital costs
          for
          exploration and development activities must be repaid without interest over
          the
          projected production life or ten years, whichever is less. Our proportionate
          share of these costs and expenses expected to be incurred over the 6.5 year
          term
          of the PSC for which our interest is carried was originally estimated to
          be
          approximately $22.0 million. Additional drilling costs including the drilling
          to
          depths in excess of 5,000 meters, where higher downhole temperatures and
          pressures are encountered, versus shallower depths as originally anticipated,
          as
          well as the testing and completion costs of these wells, has resulted in
          additional costs exceeding original budgeted expenditures. As a consequence
          of
          these additional drilling costs incurred, as of July 25, 2006, the annual
          budget
          for the period April 1, 2006 to March 31, 2007 submitted to the Management
          Committee under the PSC for the KG Block estimates that GSPC will expend
          approximately $26.2 million attributed to us under the CIA over the period
          April
          1, 2006 to March 31, 2007. Further additional expenditures may be required
          for
          cost overruns and completions of commercially successful wells. We are unable
          to
          estimate the amount of additional expenditures GSPC will make as operator
          attributable to us prior to the start date of initial commercial production
          under the carried interest agreement or when, if ever, any commercial production
          will commence. Of these expenditures, 50% are for the account of Roy Group
          (Mauritius) Inc. under the terms of the Participating Interest Agreement
          between
          us and Roy Group (Mauritius) Inc. We are not entitled to any share of production
          from the KG Block until such time as the expenditures attributed to us,
          including those expenditures made for the account of Roy Group (Mauritius)
          Inc.,
          under the carried interest agreement, have been recovered by GSPC from future
          production revenue. Therefore, we are unable to estimate when we may commence
          to
          receive distributions from any production of hydrocarbon reserves found on
          the
          KG Block. As provided in the carried interest agreement, in addition to repaying
          our proportionate share of capital costs incurred for which we were carried,
          we
          will be required to bear our proportionate share of the expenditures
          attributable to us after the start date of initial commercial production
          on the
          KG Block.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Certain
          Terms Of The Production Sharing Contracts May Create Additional Expenses
          And
          Risks That Could Adversely Affect Our Revenues And
          Profitability</u></em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;</u></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          PSC's
          contain certain terms that may affect the revenues of the joint venture
          participants to the agreements and create additional risks for us. These
          terms
          include, possibly among others, the following:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                    venture participants are required to complete certain minimum work
                    programs during the three phases of the terms of the PSC's. In
                    the event
                    the venture participants fail to fulfill any of these minimum work
                    programs, the parties to the venture must pay to the GOI their
                    proportionate share of the amount that would be required to complete
                    the
                    minimum work program. Accordingly, we could be called upon to pay
                    our
                    proportionate share of the estimated costs of any incomplete work
                    programs; </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Until
                    such time as the GOI attains self sufficiency in the production
                    of crude
                    oil and condensate and is able to meet its national demand, the
                    parties to
                    the venture are required to sell in the Indian domestic market
                    their
                    entitlement under the PSC's to crude oil and condensate produced
                    from the
                    exploration blocks. In addition, the Indian domestic market has
                    the first
                    call on natural gas produced from the exploration blocks and the
                    discovery
                    and production of natural gas must be made in the context of the
                    government&#8217;s policy of utilization of natural gas and take into account
                    the objectives of the government to develop its resources in the
                    most
                    efficient manner and promote conservation measures. Accordingly,
                    this
                    provision could interfere with our ability to realize the maximum
                    price
                    for our share of production of
                    hydrocarbons;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                    parties to each agreement that are not Indian companies, which
                    includes
                    us, are required to negotiate technical assistance agreements with
                    the GOI
                    or its nominee whereby such foreign company can render technical
                    assistance and make available commercially available technical
                    information
                    of a proprietary nature for use in India by the government or its
                    nominee,
                    subject, among other things, to confidentiality restrictions. Although
                    not
                    intended, this could increase each venture&#8217;s and our cost of operations;
                    and</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">13</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                    parties to each venture are required to give preference, including
                    the use
                    of tender procedures, to the purchase and use of goods manufactured,
                    produced or supplied in India provided that such goods are available
                    on
                    equal or better terms than imported goods, and to employ Indian
                    subcontractors having the required skills insofar as their services
                    are
                    available on comparable standards and at competitive prices and
                    terms.
                    Although not intended, this could increase the venture&#8217;s and our cost of
                    operations.</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
          provisions of the PSC's, possibly among others, may increase our costs of
          participating in the ventures and thereby affect our profitability.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Oil
          And Gas Prices Fluctuate Widely And Low Oil And Gas Prices Could Adversely
          Affect Our Financial Results</u></em></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
          is
          no assurance that there will be any market for oil or gas produced from the
          exploration blocks in which we hold an interest and our ability to deliver
          the
          production from any wells may be constrained by the absence of or limitations
          on
          collector systems and pipelines. Future price fluctuations could have a major
          impact on the future revenues from any oil and gas produced on these exploration
          blocks and thereby our revenue, and materially affect the return from and
          the
          financial viability of any reserves that are claimed. Historically, oil and
          gas
          prices and markets have been volatile, and they are likely to continue to
          be
          volatile in the future. A significant decrease in oil and gas prices could
          have
          a material adverse effect on our cash flow and profitability and would adversely
          affect our financial condition and the results of our operations. In addition,
          because world oil prices are quoted in and trade on the basis of U.S. dollars,
          fluctuations in currency exchange rates that affect world oil prices could
          also
          affect our revenues. Prices for oil and gas fluctuate in response to relatively
          minor changes in the supply of and demand for oil and gas, market uncertainty
          and a variety of additional factors that are beyond our control, including:
          </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">political
                    conditions in oil producing regions, including the Middle East
                    and
                    elsewhere; </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                    domestic and foreign supply of oil and gas;
  </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">quotas
                    imposed by the Organization of Petroleum Exporting Countries upon
                    its
                    members;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                    level of consumer demand; </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">weather
                    conditions; </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">domestic
                    and foreign government regulations;
  </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                    price and availability of alternative fuels;
  </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">overall
                    economic conditions; and </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">international
                    political conditions.</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
          addition, various factors may adversely affect the ability to market oil
          and gas
          production from the exploration block, including: </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                    capacity and availability of oil and gas gathering systems and
                    pipelines;
                    </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                    ability to produce oil and gas in commercial quantities and to
                    enhance and
                    maintain production from existing wells and wells proposed to be
                    drilled;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                    proximity of future hydrocarbon discoveries to oil and gas transmission
                    facilities and processing equipment (as well as the capacity of
                    such
                    facilities);</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                    effect of governmental regulation of production and transportation
                    (including regulations relating to prices, taxes, royalties, land
                    tenure,
                    allowable production, importing and exporting of oil and condensate
                    and
                    matters associated with the protection of the
                    environment);</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                    imposition of trade sanctions or embargoes by other
                    countries;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                    availability and frequency of delivery vessels;
  </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">changes
                    in supply due to drilling by others;
  </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                    availability of drilling rigs and qualified personnel; and
                    </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">changes
                    in demand. </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">14</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Our
          Ability To Locate And Participate In Additional Exploration Opportunities
          And To
          Manage Growth May Be Limited By Reason Of Our Limited History Of Operations
          And
          The Limited Size Of Our Staff</u></em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;</u></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">While
          our
          President and Executive Vice President have had extensive experience in the
          oil
          and gas exploration business, we have been engaged in limited activities
          in the
          oil and gas business over approximately the past three years and have a limited
          history of activities upon which you may base your evaluation of our
          performance. As a result of our brief operating history and limited activities
          in oil and gas exploration activities, our success to date in entering into
          ventures to acquire interests in exploration blocks may not be indicative
          that
          we will be successful in entering into any further ventures. There can be
          no
          assurance that we will be successful in growing our oil and gas exploration
          and
          development activities. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
          future significant growth in our oil and gas exploration and development
          activities will place demands on our executive officers, and any increased
          scope
          of our operations will present challenges to us due to our current limited
          management resources. Our future performance will depend upon our management
          and
          their ability to locate and negotiate opportunities to participate in joint
          venture and other arrangements whereby we can participate in exploration
          opportunities. There can be no assurance that we will be successful in these
          efforts. Our inability to locate additional opportunities, to hire additional
          management and other personnel or to enhance our management systems could
          have a
          material adverse effect on our results of operations.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Our
          Future Performance Depends Upon Our Ability And The Ability Of The Ventures
          In
          Which We Participate To Find Or Acquire Oil And Gas Reserves That Are
          Economically Recoverable</u></em></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
          success in developing our oil and gas exploration and development activities
          will be dependent upon establishing, through our participation with others
          in
          joint ventures and other similar activities, reserves of oil and gas and
          maintaining and possibly expanding the levels of those reserves. We and the
          joint ventures in which we may participate may not be able to locate and
          thereafter replace reserves from exploration and development activities at
          acceptable costs. Lower prices of oil and gas may further limit the kinds
          of
          reserves that can be developed at an acceptable cost. The business of exploring
          for, developing or acquiring reserves is capital intensive. We may not be
          able
          to make the necessary capital investment to enter into joint ventures or
          similar
          arrangements to maintain or expand our oil and gas reserves if capital is
          unavailable to us and the ventures in which we participate. In addition,
          exploration and development activities involve numerous risks that may result
          in
          dry holes, the failure to produce oil and gas in commercial quantities, the
          inability to fully produce discovered reserves and the inability to enhance
          production from existing wells. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
          expect
          that we will continually seek to identify and evaluate joint venture and
          other
          exploration opportunities for our participation as a joint venture participant
          or through some other arrangement. Our ability to enter into additional
          exploration activities will be dependent to a large extent on our ability
          to
          negotiate arrangements with others and with various governments and governmental
          entities whereby we can be granted a participation in such ventures. There
          can
          be no assurance that we will be able to locate and negotiate such arrangements,
          have sufficient capital to meet the costs involved in entering into such
          arrangements or that, once entered into, that such exploration activities
          will
          be successful. Successful acquisition of exploration opportunities can be
          expected to require, among other things, accurate assessments of potential
          recoverable reserves, future oil and gas prices, projected operating costs,
          potential environmental and other liabilities and other factors. Such
          assessments are necessarily inexact, and as estimates, their accuracy is
          inherently uncertain. We cannot assure you that we will successfully consummate
          any further exploration opportunities or joint venture or other arrangements
          leading to such opportunities.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">15</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Estimating
          Reserves And Future Net Revenues Involves Uncertainties And Oil And Gas Price
          Declines May Lead To Impairment Of Oil And Gas Assets</u></em></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Currently,
          we do not claim any proved reserves of oil or natural gas. Any reserve
          information that we may provide in the future will represent estimates based
          on
          reports prepared by independent petroleum engineers, as well as internally
          generated reports. Petroleum engineering is not an exact science. Information
          relating to proved oil and gas reserves is based upon engineering estimates
          derived after analysis of information we furnish or furnished by the operator
          of
          the property. Estimates of economically recoverable oil and gas reserves
          and of
          future net cash flows necessarily depend upon a number of variable factors
          and
          assumptions, such as historical production from the area compared with
          production from other producing areas, the assumed effects of regulations
          by
          governmental agencies and assumptions concerning future oil and gas prices,
          future operating costs, severance and excise taxes, capital expenditures
          and
          workover and remedial costs, all of which may in fact vary considerably from
          actual results. Oil and gas prices, which fluctuate over time, may also affect
          proved reserve estimates. For these reasons, estimates of the economically
          recoverable quantities of oil and gas attributable to any particular group
          of
          properties, classifications of such reserves based on risk of recovery and
          estimates of the future net cash flows expected therefrom prepared by different
          engineers or by the same engineers at different times may vary substantially.
          Actual production, revenues and expenditures with respect to reserves we
          may
          claim will likely vary from estimates, and such variances may be material.
          Either inaccuracies in estimates of proved undeveloped reserves or the inability
          to fund development could result in substantially reduced reserves. In addition,
          the timing of receipt of estimated future net revenues from proved undeveloped
          reserves will be dependent upon the timing and implementation of drilling
          and
          development activities estimated by us for purposes of the reserve report.
          </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Quantities
          of proved reserves are estimated based on economic conditions in existence
          in
          the period of assessment. Lower oil and gas prices may have the impact of
          shortening the economic lives on certain fields because it becomes uneconomic
          to
          produce all recoverable reserves on such fields, thus reducing proved property
          reserve estimates. If such revisions in the estimated quantities of proved
          reserves occur, it will have the effect of increasing the rates of depreciation,
          depletion and amortization on the affected properties, which would decrease
          earnings or result in losses through higher depreciation, depletion and
          amortization expense. The revisions may also be sufficient to trigger impairment
          losses on certain properties that would result in a further non-cash charge
          to
          earnings.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Risks
          Relating To The Market For Our Common Stock</em></strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Volatility
          Of Our Stock Price</u></em></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          public market for our common stock has been characterized by significant
          price
          and volume fluctuations. There can be no assurance that the market price
          of our
          common stock will not decline below its current or historic price ranges.
          The
          market price may bear no relationship to the prospects, stage of development,
          existence of oil and gas reserves, revenues, earnings, assets or potential
          of
          our Company and may not be indicative of our future business performance.
          The
          trading price of our common stock could be subject to wide fluctuations.
          Fluctuations in the price of oil and gas and related international political
          events can be expected to affect the price of our common stock. In addition,
          the
          stock market in general has experienced extreme price and volume fluctuations
          that have affected the market price for many companies which fluctuations
          have
          been unrelated to the operating performance of these companies. These market
          fluctuations, as well as general economic, political and market conditions,
          may
          have a material adverse effect on the market price of our company's common
          stock. In the past, following periods of volatility in the market price of
          a
          company's securities, securities class action litigation has often been
          instituted against such companies. Such litigation, if instituted, and
          irrespective of the outcome of such litigation, could result in substantial
          costs and a diversion of management's attention and resources and have a
          material adverse effect on our company's business, results of operations
          and
          financial condition.</font></div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">16</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Cautionary
          Statement For Purposes Of The "Safe Harbor" Provisions Of The Private Securities
          Litigation Reform Act Of 1995</em></strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">With
          the
          exception of historical matters, the matters discussed in this Prospectus
          are
  &#8220;forward-looking statements&#8221; as defined under the Securities Act of 1933, as
          amended, and the Securities Exchange Act of 1934, as amended, that involve
          risks
          and uncertainties. Forward-looking statements made herein include, but are
          not
          limited to: </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                    statements in this Prospectus regarding our plans and objectives
                    relating
                    to our future operations, </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">plans
                    and objectives regarding the exploration, development and production
                    activities conducted on the exploration blocks in India in which
                    we have
                    interests, </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">plans
                    regarding drilling activities intended to be conducted through
                    the
                    ventures in which we are a participant, the success of those drilling
                    activities and our ability and the ability of the ventures to complete
                    any
                    wells on the exploration blocks, to develop reserves of hydrocarbons
                    in
                    commercially marketable quantities, to establish facilities for
                    the
                    collection, distribution and marketing of hydrocarbons, to produce
                    oil and
                    natural gas in commercial quantities and to realize revenues from
                    the
                    sales of those hydrocarbons. </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">our
                    plans and objectives to join with others or to directly seek to
                    enter into
                    or acquire interests in additional PSC's with the GOI and others,
                    </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">our
                    assumptions, plans and expectations regarding our future capital
                    requirements, </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">our
                    plans and intentions regarding our plans to raise additional capital,
                    </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                    costs and expenses to be incurred in conducting exploration, well
                    drilling, development and production activities and the adequacy
                    of our
                    capital to meet our requirements for our present and anticipated
                    levels of
                    activities are all forward-looking statements.
  </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
          statements appear, among other places, under the caption "Risk Factors".
          If our
          plans fail to materialize, your investment will be in jeopardy.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                    cannot assure you that our assumptions or our business plans and
                    objectives discussed herein will prove to be accurate or be able
                    to be
                    attained. </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                    cannot assure you that any commercially recoverable quantities
                    of
                    hydrocarbon reserves will be discovered on the exploration blocks
                    in which
                    we have an interest. </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
                    ability to realize revenues cannot be assured. Our ability to successfully
                    drill, test and complete producing wells cannot be assured.
                    </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                    cannot assure you that we will have available to us the capital
                    required
                    to meet our plans and objectives at the times and in the amounts
                    required
                    or we will have available the amounts we are required to fund under
                    the
                    terms of the PSC we are a party to.
  </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                    cannot assure you that we will be successful in joining any further
                    ventures seeking to be granted PSC's by the GOI or that we will
                    be
                    successful in acquiring interests in existing ventures.
                    </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                    cannot assure you that the GOI will consent to the assignment by
                    GSPC of
                    the 20% participating interest in the Tarapur Block.
                    </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                    cannot assure you that the outcome of testing of one or more wells
                    on the
                    KG Block will be satisfactory and result in a commercially-productive
                    well
                    or that any further wells drilled on the KG Block will have
                    commercially-successful results. </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
          inability to meet our goals and objectives or the consequences to us from
          adverse developments in general economic or capital market conditions, events
          having international consequences, or military or terrorist activities could
          have a material adverse effect on us. We caution you that various risk factors
          accompany those forward-looking statements and are described, among other
          places, under the caption "Risk Factors" herein. They are also described
          in our
          Annual Report on Form 10-KSB for the year ended December 31, 2005, our Quarterly
          Reports on Form 10-QSB, and our Current Reports on Form 8-K. These risk factors
          could cause our operating results, financial condition and ability to fulfill
          our plans to differ materially from those expressed in any forward-looking
          statements made in this Prospectus and could adversely affect our financial
          condition and our ability to pursue our business strategy and
          plans.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">17</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>USE
          OF PROCEEDS</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
          Prospectus relates solely to the common stock being offered and sold for
          the
          account of the Selling Securityholders upon the exercise of options granted
          to
          them under our 1998 Stock Incentive Plan. We will not receive any of the
          proceeds from the sale of the common stock being offered by the Selling
          Securityholders but will pay all of the expenses related to the registration
          of
          the securities. We estimate that these expenses will be approximately
          $20,000.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          3,237,000 shares included in this Prospectus are issuable on exercise of
          outstanding options granted under the Plan and held by the Selling
          Securityholders. In the event all the options are exercised by the Selling
          Stockholders, we will receive aggregate proceeds of $7,958,060. There can
          be no
          assurance those options will be exercised or the proceeds received. Such
          proceeds will be added to our general corporate funds and used for working
          capital purposes.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SELLING
          STOCKHOLDERS</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          following table sets forth the aggregate numbers of securities beneficially
          owned by each Selling Stockholder as of July 25, 2006 and the aggregate number
          of securities registered hereby that each Selling Stockholder may offer and
          sell
          pursuant to this Prospectus. Because the Selling Stockholders may sell all
          or a
          portion of the securities at any time and from time to time after the date
          hereof, no estimate can be made of the number of shares of common stock that
          each Selling Stockholder may retain upon the completion of the offering.
          The
          registration of these shares for resale does not necessarily mean that the
          Selling Stockholder will sell any of the shares.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div align="left">
          <table border="1" cellpadding="0" cellspacing="0" width="100%">
  
              <tr>
                <td align="left" valign="top" width="21%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name
                    of Selling Stockholder</font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shares
                    Beneficially </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Owned
                    Prior</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                    to
                    </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
                    Offering</font></div>
                </td>
                <td valign="top" width="16%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shares
                    Beneficially </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Owned
                    Offered for </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Selling
                    Stockholder </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Account</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(1)</sup></font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shares
                    Beneficially </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Owned
                    After </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
                    </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Offering</font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Percentage
                    of </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shares
                    </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beneficially
                    </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Owned
                    </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">After</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Offering</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="21%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jean
                    Paul Roy</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(2)</sup></font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">33,481,000</font></div>
                </td>
                <td valign="top" width="16%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,350,000</font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32,131,000</font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">48.8%</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="21%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Allan
                    J. Kent</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(3)</sup></font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,350,000</font></div>
                </td>
                <td valign="top" width="16%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,350,000</font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0%</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="21%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Brent
                    J. Peters</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(4)</sup></font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">214,067</font></div>
                </td>
                <td valign="top" width="16%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">180,000</font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,067</font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0%</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="21%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Peter
                    R. Smith</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(4)</sup></font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">117,000</font></div>
                </td>
                <td valign="top" width="16%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">117,000</font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0%</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="21%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Michael
                    J. Hudson</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(4)</sup></font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">140,000</font></div>
                </td>
                <td valign="top" width="16%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">140,000</font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0%</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="21%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dr.
                    Avinash Chandra</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(4)</sup></font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">151,100</font></div>
                </td>
                <td valign="top" width="16%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">100,000</font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">51,100</font></div>
                </td>
                <td valign="top" width="15%" style="border-bottom: silver thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0%</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(1)</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          shares of Common Stock offered pursuant to this Prospectus are issuable on
          exercise of options granted under our 1998 Stock Incentive Plan. As of the
          date
          of this Prospectus, none of such options has been exercised</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(2)</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
          Roy
          is our President and Chief Executive Officer and is a Director of our company.
          Mr. Roy also holds, as of July 25, 2006, inclusive of the shares beneficially
          owned included for resale in this Prospectus, an aggregate of 33,481,000
          shares
          of Common Stock. Of such shares, an aggregate of 5 million shares are held
          in
          escrow pursuant to the terms of an agreement whereby we purchased the
          outstanding capital stock of GeoGlobal Resources (India) Inc. from Mr. Roy.
          Under the terms of the escrow agreement, Mr. Roy has the voting rights with
          respect to these shares. Of the 33,481,000 shares, 1,350,000 shares are issuable
          on exercise of options granted under the Plan at prices ranging from $1.10
          to
          $3.95 and expiring at various dates commencing August 31, 2006 through July
          10,
          2016. Mr. Roy is the sole stockholder of Roy Group (Barbados) Inc., a company
          organized under the laws of Barbados, pursuant to which the services of Mr.
          Roy
          are provided to us at a fee of currently $350,000 per year. In addition,
          Mr. Roy
          is the sole stockholder of Roy Group (Mauritius) Inc., a company organized
          under
          the laws of Mauritius, which is a party to an agreement with us whereby we
          have
          agreed to transfer to that company one-half of our original 10% interest
          under
          our PSC in the KG Block and our rights under the related carried interest
          agreement</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(3)</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Of
          the
          1,350,000 shares, 1,350,000 shares are issuable on exercise of options granted
          under the Plan at prices ranging from $1.10 to $3.95 and expiring at various
          dates commencing August 31, 2006 through July 10, 2016. Mr. Kent is our
          Executive Vice President and Chief Financial Officer and is a Director. Mr.
          Kent&#8217;s services to us are provided through D.I. Investments Ltd., a company
          organized under the laws of Alberta of which Mr. Kent is the sole
          stockholder</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
          </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(4)</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
          Director of our company</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">18</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PLAN
          OF DISTRIBUTION</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Following
          the date of this Resale Prospectus, the Selling Stockholders may sell or
          distribute some or all of the common stock issued on exercise of options
          they
          hold from time to time through underwriters or dealers or brokers or other
          agents or directly to one or more purchasers, including pledgees, in
          transactions (which may involve block transactions) or in privately negotiated
          transactions (including sales pursuant to pledges), or in a combination of
          such
          transactions. Such transactions may be effected by the Selling Stockholders
          on
          the American Stock Exchange at market prices prevailing at the time of sale,
          at
          prices related to such prevailing market prices, at negotiated prices, or
          at
          fixed prices, which may be changed. Brokers, dealers, agents or underwriters
          participating in such transactions as agent may receive compensation in the
          form
          of discounts, concessions or commissions from the Selling Stockholders (and,
          if
          they act as agent for the purchaser of such shares, from such purchaser).
          Such
          discounts, concessions or commissions as to a particular broker, dealer,
          agent
          or underwriter might be in excess of those customary in the type of transaction
          involved.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Persons
          who are pledges, donees, transferees, or other successors in interest of
          any of
          the named Selling Stockholders (including, but not limited to, persons who
          receive shares from a named Selling Stockholder as a gift, partnership
          distribution, or other non-sale-related transfer after the date of this Resale
          Prospectus) may also use this Resale Prospectus and are included when we
          refer
          to Selling Stockholder in this Resale Prospectus. If necessary, we would
          file a
          supplement to this Resale Prospectus under Rule 424(b)(3) or other applicable
          provision of the Securities Act of 1933 amending the list of Selling
          Stockholders to include the pledgee, donee, transferee or other successors
          in
          interest as Selling Stockholders under this Resale Prospectus. Selling
          Stockholders may sell the shares by one or more of the following methods,
          without limitation:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 54pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">block
                    trades (which may include cross trades) in which the broker or
                    dealer so
                    engaged will attempt to sell the shares as agent but may position
                    and
                    resell a portion of the block as principal to facilitate the
                    transaction;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 54pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">purchases
                    by a broker or dealer as principal and resale by the broker or
                    dealer for
                    its own account;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 54pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an
                    exchange distribution or secondary distribution in accordance with
                    the
                    rules of any stock exchange or market on which the shares are
                    listed;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 54pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ordinary
                    brokerage transactions and transactions in which the broker solicits
                    purchases;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 54pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an
                    offering at other than a fixed price on or through the facilities
                    of any
                    stock exchange or market on which the shares are listed or to or
                    through a
                    market maker other than on that stock exchange or
                    market;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 54pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">privately
                    negotiated transactions, directly or through
                    agents;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 54pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">short
                    sales of shares and sales to cover short
                    sales;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 54pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">through
                    the writing of options on the shares, whether the options are listed
                    on an
                    options exchange or otherwise;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 54pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">through
                    the distribution of the shares by any Selling Stockholder to its
                    partners,
                    members or shareholders;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 54pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">one
                    or more underwritten offerings;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 54pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">agreements
                    between a broker or dealer and one or more of the Selling Stockholders
                    to
                    sell a specified number of the securities at a stipulated price
                    per share;
                    and</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 54pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
                    combination of any of these methods of sale or distribution, or
                    any other
                    method permitted by applicable law.</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Selling Stockholders and any such underwriters, brokers, dealers or agents
          that
          participate in such distribution may be deemed to be &#8220;underwriters&#8221; within the
          meaning of the Securities Act, and any discounts, commissions or concessions
          received by any such underwriters, brokers, dealers or agents might be deemed
          to
          be underwriting discounts and commissions under the Securities Act. Neither
          we
          nor the Selling Stockholders can presently estimate the amount of such
          compensation. We do not know of any existing arrangements between the Selling
          Stockholders and any underwriter, broker, dealer or other agent relating
          to the
          sale or distribution of the Selling Stockholders&#8217; securities. If necessary, we
          will file a supplement to this Resale Prospectus under Rule 424(b)(3) or
          other
          applicable provision of the Securities Act to disclose any such arrangements
          made known to us by the Selling Stockholders.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">19</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
          applicable rules and regulations currently in effect under the Securities
          Exchange Act of 1934, as amended, any person engaged in a distribution of
          any of
          the shares of common stock may not simultaneously engage in market activities
          with respect to the common stock for a period of five business days prior
          to the
          commencement of such distribution. In addition, and without limiting the
          foregoing, the Selling Stockholders will be subject to applicable provisions
          of
          the Exchange Act and the rules and regulations thereunder, including without
          limitation Regulation M thereunder, which provisions may limit the timing
          of
          purchases and sales of any of the shares of common stock by the Selling
          Stockholders. All of the foregoing may affect the marketability of the common
          stock.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
          will
          pay substantially all the expenses incident to this offering of the common
          stock
          to the public other than commissions and discounts of underwriters, brokers,
          dealers or agents. We estimate these expenses will total $20,000. The Selling
          Stockholders may indemnify any broker, dealer, agent or underwriter that
          participates in transactions involving sales of the securities against certain
          liabilities, including liabilities arising under the Securities Act.
  </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Selling Stockholders may also sell shares under Rule 144 under the Securities
          Act if available, rather than under this Resale Prospectus. Rule 144 is
          available for the sale of restricted securities after a period of twelve
          months
          has expired from the date the securities are purchased and fully paid for.
          Under
          the tacking provisions of Rule 144, the twelve-month period will begin to
          run on
          the date the shares of common stock were purchased and fully paid for. The
          holding period for the shares issued on exercise of the common stock purchase
          warrants and the compensation options begins on the date the consideration
          for
          the purchase is paid in full. Rule 144 also imposes limitations on the amount
          of
          securities that can be sold and the manner of sale of the shares during the
          twelfth to twenty-fourth month period after the purchase of and payment in
          full
          for the securities. The limitation on the amount of securities that can be
          sold
          limits a Selling Stockholder to selling, including sales of shares made during
          the preceding three months, an amount of shares not exceeding 1% of the shares
          outstanding. This calculation is made without reflecting as outstanding shares
          issuable on conversion or exercise of outstanding debt securities, options
          or
          warrants. The manner of sale provisions require that the shares be sold in
          brokers&#8217; transactions and that the person making the sale not solicit or arrange
          for the solicitation of orders to purchase the securities in anticipation
          of or
          in connection with the sale or make any payment in connection with the offer
          or
          sale to any person other than the broker who executes the sale.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
          order
          to be a broker&#8217;s transaction, the broker executing the sale can do nothing more
          than execute the order to sell as agent for the person selling the shares
          and
          receive no more than the customary commission. In addition, the broker cannot
          solicit or arrange for the solicitation of orders to buy the shares or be
          aware
          of circumstances indicating that the sale is a part of an unlawful distribution
          of the shares in violation of the registration requirements of the Securities
          Act. A notice of sale on Form 144 is to be filed with the U.S. Securities
          and
          Exchange Commission at the time of making a Rule 144 sale.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>LEGAL
          MATTERS</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          validity of the issuance of the common stock offered hereby has been passed
          upon
          for us by William S. Clarke, P.A., Princeton, New Jersey.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXPERTS</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          consolidated financial statements of GeoGlobal Resources Inc. as of December
          31,
          2005 and December 31, 2004 and for the years ended December 31, 2005, 2004
          and
          2003, and for the cumulative period from inception on August 21, 2002 to
          December 31, 2005 incorporated by reference in this Resale Prospectus have
          been
          audited by Ernst &amp; Young LLP, Independent Registered Public Accounting Firm
          as set forth in their report thereon incorporated by reference herein, and
          are
          included in reliance upon such report, given on the authority of such firm
          as
          experts in auditing and accounting.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">20</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>WHERE
          YOU CAN FIND MORE INFORMATION</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
          are a
          public company and file annual, quarterly and current reports, proxy statements
          and other information with the Securities and Exchange Commission (SEC).
          Our SEC
          filings are available to the public over the Internet at the SEC's web site
          at
  </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>http://www.sec.gov</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
          You may
          also read and copy any document we file at the SEC's public reference room
          at
          100 F Street, N.E., Washington, D.C. 20549. You may obtain information on
          the
          operation of the SEC's public reference room in Washington, D.C. by calling
          the
          SEC at 1-800-SEC-0330. We also file information with the American Stock
          Exchange. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          SEC
          allows us to "incorporate by reference" into this prospectus the information
          we
          file with the SEC in other documents, which means that we can disclose important
          information to you by referring you to those documents. The information
          incorporated by reference is considered to be a part of this prospectus,
          and
          information that we file later with the SEC will automatically update and
          supersede this information. Unless expressly incorporated into this Registration
          Statement, a report furnished to the SEC on Form 8-K under the Exchange Act
          shall not be incorporated by reference into this Registration Statement.
          We
          incorporate by reference the documents listed below and any future filings
          we
          make with the SEC under Sections 13(a), 13(c), 14, or 15(d) of the Exchange
          Act,
          until the offering of securities by this prospectus is completed: </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">our
                    Quarterly Report on Form 10-QSB for the quarter ended March 31,
                    2006,
                    filed with the SEC on May 12, 2006;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">our
                    Annual Report on Form 10-KSB for the fiscal year ended December
                    31, 2005,
                    filed with the SEC on April 13, 2006;
  </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><a name="page_dk1646_1_22"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></a></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                    description of our common stock contained in our registration statement
                    on
                    Form 8-A (File No.001-32158) filed with the SEC on April 27,
                    2004.</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
          documents filed by us with the SEC pursuant to Sections 13(a), 13(c), 14
          or
          15(d) of the Exchange Act after the date of this prospectus and prior to
          the
          termination of the offering are incorporated by reference into this
          prospectus.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
          have
          filed with the SEC a registration statement on Form S-8 (the &#8220;Registration
          Statement&#8221;) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;),
          with respect to shares issuable on exercise of options granted under our
          1998
          Stock Incentive Plan. This prospectus, which constitutes a part of that
          Registration Statement, does not include all the information contained in
          that
          Registration Statement and its exhibits. For further information with respect
          to
          us and our Common Stock, you should consult the Registration Statement and
          its
          exhibits. Statements contained in this Prospectus concerning the provisions
          of
          any documents are necessarily summaries of those documents, and each statement
          is qualified in its entirety by reference to the copy of the document filed
          with
          the SEC. You may request a copy of these filings at no cost, by writing or
          telephoning us at the following address or telephone number: </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>GeoGlobal
          Resources Inc.</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>605
          - 1</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup><strong>st</strong></sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
          Street SW, Suite 310</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Calgary,
          Alberta T2P 3S9</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Attention:
          Investor Relations</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>403-777-9250</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Information
          contained on our website is not part of this Prospectus. You should rely
          only on
          the information contained or incorporated by reference in this Prospectus.
          We
          have not authorized anyone to provide you with information different from
          that
          contained in this Prospectus. The information contained in this Prospectus
          is
          accurate only as of the date of this Prospectus and, with respect to material
          incorporated herein by reference, the dates of such referenced material.
          </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">21</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PART
          II </strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INFORMATION
          REQUIRED IN THE REGISTRATION STATEMENT</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
          3. Incorporation of Documents by Reference. </strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          SEC
          allows us to &#8220;incorporate by reference&#8221; information into this registration
          statement, which means that we can disclose important information to you
          by
          referring you to another document filed separately with the SEC. The information
          incorporated by reference is deemed to be part of this registration statement,
          except for any information superseded by information in this registration
          statement. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          following documents filed by our company with the SEC are incorporated herein
          by
          reference: </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
                    Annual Report on Form 10-KSB, filed on April 13,
                    2006;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
                    Quarterly Report on From 10-QSB for the quarter ended March 31,
                    2006,
                    filed with the SEC on May 12, 2006;</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The
                    description of our common stock contained in the Registration Statement
                    on
                    Form 8-A filed with the SEC on April 27, 2004, including any amendments
                    or
                    reports filed for the purpose of updating such
                    description.</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
          reports (other than portions of Current Reports on Form 8-K furnished and
          not
          filed, unless otherwise indicated therein) filed pursuant to Section 13(a),
          13(c), 14 or 15(d) of the Exchange Act after the date of this registration
          statement and prior to the filing of a post-effective amendment which indicates
          that all securities offered hereby have been sold or which de-registers all
          securities then remaining unsold shall be deemed to be incorporated by reference
          into this registration statement and to be a part hereof from the date of
          filing
          such documents. Any statement contained in a document incorporated or deemed
          to
          be incorporated by reference herein shall be deemed to be modified or superseded
          for purposes of this registration statement to the extent that a statement
          contained in any subsequently filed document which also is deemed to be
          incorporated by reference herein modifies or supersedes such statement.
  </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
          may
          read and copy any reports, statements or other information we have filed
          at the
          SEC&#8217;s Public Reference Room at 100 F Street, N.E., Room 1580, Washington, DC
          20549. Please call the SEC at 1-800-SEC-0330 for further information on the
          Public Reference Rooms. Our filings are also available on the Internet at
          the
          SEC&#8217;s website at </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #0000ff; FONT-FAMILY: Times New Roman"><u>http://www.sec.gov</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
          </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
          4. Description of Securities. </strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
          applicable. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
          5. Interests of Named Experts and Counsel. </strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
          applicable. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
          6. Indemnification of Directors and Officers. </strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
          145 of the Delaware General Corporation Law provides generally that a
          corporation shall have the power, and in some cases is required, to indemnify
          an
          agent, including an officer or director, who was or is a party or is threatened
          to be made a party to any threatened, pending or completed action, suit or
          proceeding, whether civil, criminal, administrative or investigative (other
          than
          an action by or in the right of the corporation) by reason of the fact that
          he
          or she is or was a director, officer, employee or agent of the corporation,
          against certain expenses, judgments, fines, settlements, and other amounts
          under
          certain circumstances.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
          Certificate of Incorporation limits, to the maximum extent permitted by Delaware
          law, the personal liability of our directors and officers for monetary damages.
          Our Bylaws require us to indemnify our directors and executive officers to
          the
          fullest extent not prohibited by Delaware law or any other applicable law,
          and
          permit us to indemnify its other officers. A summary of the circumstances
          in
          which such indemnification is provided for is contained herein, but that
          description is qualified in its entirety by reference to Article 5.1 of our
          Bylaws.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">22</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
          our
          Bylaws, we must generally advance all expenses incurred by our directors
          and
          executive officers who are party or threatened to be made party to any action
          by
          reason of the fact that each such director or executive officer is or was
          a
          director or executive officer of our company. Each advancement shall only
          be
          made if such director or executive officer undertakes to repay any such
          advancement if it is ultimately determined that such person is not entitled
          to
          be indemnified under our Bylaws or otherwise. Our Bylaws further provide
          that we
          may purchase indemnification insurance on a person required or permitted
          to be
          indemnified under the Bylaws.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
          indemnification provisions may be sufficiently broad to permit indemnification
          of our officers and directors for liabilities (including reimbursement of
          expenses incurred) arising under the Securities Act.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">From
          time
          to time, we may enter into individual contracts with any or all of our directors
          or officers regarding indemnification and advances, to the fullest extent
          permitted under Delaware law. We believe that these agreements and arrangements
          are necessary to attract and retain qualified persons as directors and
          officers.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
          carry
          directors&#8217; and officers&#8217; liability insurance coverage which insures our
          directors and officers and the directors and officers of our subsidiaries
          in
          certain circumstances. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
          7. Exemption from Registration Claimed. </strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
          Applicable. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
          8. Exhibits. </strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">
  
              <tr>
                <td valign="top" width="18%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit
                    Number</strong></font></div>
                </td>
                <td valign="top" width="2%">&#160;</td>
                <td valign="top" width="57%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Description</strong></font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="18%">&#160;</td>
                <td align="left" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="57%">&#160;</td>
              </tr>
              <tr>
                <td valign="top" width="18%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1</font></div>
                </td>
                <td align="left" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="57%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1998
                    Stock Incentive Plan*</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="18%">&#160;</td>
                <td align="left" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="57%">&#160;</td>
              </tr>
              <tr>
                <td valign="top" width="18%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.1</font></div>
                </td>
                <td align="left" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="57%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Opinion
                    of William S. Clarke, P.A.</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="18%">&#160;</td>
                <td align="left" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="57%">&#160;</td>
              </tr>
              <tr>
                <td valign="top" width="18%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.1</font></div>
                </td>
                <td align="left" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="57%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                    of Independent Registered Public Accounting Firm</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="18%">&#160;</td>
                <td align="left" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="57%">&#160;</td>
              </tr>
              <tr>
                <td valign="top" width="18%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.2</font></div>
                </td>
                <td align="left" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="57%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                    of William S. Clarke, P.A. (included in Exhibit 5.1).</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="18%">&#160;</td>
                <td align="left" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="57%">&#160;</td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">__________________________</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*
          Incorporated by reference to the Registrant&#8217;s registration statement on Form S-8
          (File No. 333-74245).</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
          9. Undertakings. </strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
          hereby
          undertake: </font></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
                    file, during any period in which offers or sales are being made,
                    a
                    post-effective amendment to this registration statement:
                    </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
          include any prospectus required by Section&#160;10(a)(3) of the Securities Act,
          as amended; </font></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 36pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
                    reflect in the prospectus any facts or events arising after the
                    effective
                    date of this registration statement (or the most recent post-effective
                    amendment hereof) which, individually or in the aggregate, represent
                    a
                    fundamental change in the information set forth in this registration
                    statement; and </font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)
          to
          include any material information with respect to the plan of distribution
          not
          previously disclosed in this registration statement or any material change
          to
          such information in this registration statement; </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PROVIDED,
          HOWEVER, that undertakings set forth in paragraphs (i) and (ii) above do
          not
          apply if the information required to be included in a post-effective amendment
          by those paragraphs is contained in periodic reports filed by us pursuant
          to
          Section 13 or 15(d) of the Exchange Act that are incorporated by reference
          in
          this registration statement. </font></div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">23</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">That,
                    for the purpose of determining any liability under the Securities
                    Act,
                    each such post-effective amendment shall be deemed to be a new
                    registration statement relating to the securities offered therein,
                    and the
                    offering of such securities at the time shall be deemed to be the
                    initial
                    bona fide offering thereof. </font></div>
                </td>
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        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
                    remove from registration by means of a post-effective amendment
                    any of the
                    securities being registered which remain unsold at the termination
                    of the
                    offering.</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
                <tr valign="top" style="line-height: 1.25;">
                  <td style="width: 18pt;">&#160;</td>
                  <td style="width: 18pt;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4)</font></div>
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                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">That,
                      for purposes of determining any liability under the Securities
                      Act, each
                      filing of our annual report pursuant to Section 13(a) or 15(d)
                      of the
                      Exchange Act that is incorporated by reference in this registration
                      statement shall be deemed to be a new registration statement
                      relating to
                      the securities offered herein, and the offering of such securities
                      at that
                      time shall be deemed to be the initial bona fide offering
                      thereof.</font></div>
                  </td>
                </tr>
  
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          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div>
                <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
  
                    <tr valign="top" style="line-height: 1.25;">
                      <td style="width: 18pt;">&#160;</td>
                      <td style="width: 18pt;">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5)</font></div>
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                      <td>
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Insofar
                          as indemnification for liabilities arising under the Securities
                          Act may be
                          permitted to directors, officers and persons controlling
                          our company
                          pursuant to the foregoing provisions, or otherwise, we have
                          been advised
                          that in the opinion of the SEC such indemnification is against
                          public
                          policy as expressed in the Securities Act and is, therefore,
                          unenforceable. In the event that a claim for indemnification
                          against such
                          liabilities (other than the payment by our company of expenses
                          incurred or
                          paid by a director, officer or controlling person of our
                          company in the
                          successful defense of any action, suit or proceeding) is
                          asserted by such
                          director, officer or controlling person in connection with
                          the securities
                          being registered, our company will, unless in the opinion
                          of our counsel
                          the matter has been settled by controlling precedent, submit
                          to a court of
                          appropriate jurisdiction the question whether such indemnification
                          by us
                          is against public policy as expressed in the Securities Act
                          and will be
                          governed by the final adjudication of such issue.
                          </font></div>
                      </td>
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              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">24</font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="1">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
              </div>
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Signatures</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
          to the requirements of the Securities Act of 1933, the Registrant certifies
          that
          it has reasonable grounds to believe that it meets all of the requirements
          for
          filing on Form S-8 and has duly caused this Registration Statement to be
          signed
          on its behalf by the undersigned, thereunto duly authorized in the city of
          Calgary, Province of Alberta, Canada on the 27th</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>h</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          day of
          July, 2006.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 216pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
          <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">
  
              <tr valign="top" bgcolor="#ffffff">
                <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
                <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
                <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
                <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: "><strong>GeoGlobal
                  Resources Inc.</strong></font></td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td>&#160;</td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;<em><u>/s/
                  Jean Paul Roy</u></em></font></td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td colspan="2"><font style="FONT-FAMILY: " size="1">&#160;</font></td>
                <td align="left"><font size="2">Jean Paul Roy, President and Chief
                  Executive
                  Officer</font></td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
                <td>
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/
                    Allan Kent</font></div>
                  <div><font size="2">(pursuant to power of
                    attorney)</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
          to the requirements of the Securities Act of 1933, this Registration Statement
          has been signed by the following persons in the capacities and on the dates
          indicated.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>&#160;</div>
        <div align="center">
          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
              <tr bgcolor="white">
                <td width="33%">
                  <div>&#160;<u><font size="2">/s/ Jean Paul Roy</font></u></div>
                  <div><font size="2">Jean Paul Roy</font></div>
                  <div><font size="2">/s/ Allan Kent</font></div>
                  <div><font size="2">(pursuant to power of attorney)</font></div>
                </td>
                <td width="33%">
                  <div><font size="2">Director, President and Chief Executive</font></div>
                  <div><font size="2">Officer (Principal Executive Officer)</font></div>
                  <div>&#160;</div>
                  <div>&#160;</div>
                </td>
                <td width="33%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">July
                    27, 2006</font></div>
                  <div>&#160;</div>
                  <div>&#160;</div>
                  <div>&#160;</div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td width="33%">&#160;</td>
                <td width="33%">&#160;</td>
                <td width="33%">&#160;</td>
              </tr>
  
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
          <div align="center">
            <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
                <tr bgcolor="white">
                  <td width="33%">
                    <div>&#160;<u><font size="2">/s/ Allan J. Kent</font></u></div>
                    <div><font size="2">Allan J. Kent</font></div>
                    <div>&#160;</div>
                    <div>&#160;</div>
                  </td>
                  <td width="33%">
                    <div><font size="2">Director, Executive Vice President and</font></div>
                    <div><font size="2">Chief Financial Officer (Principal
                      Financial</font></div>
                    <div><font size="2">and Accounting Officer)</font></div>
                    <div>&#160;</div>
                  </td>
                  <td width="33%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">July
                      27, 2006</font></div>
                    <div>&#160;</div>
                    <div>&#160;</div>
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr bgcolor="white">
                  <td width="33%">&#160;</td>
                  <td width="33%">&#160;</td>
                  <td width="33%">&#160;</td>
                </tr>
  
            </table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <div align="center">
              <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
                  <tr bgcolor="white">
                    <td width="33%">
                      <div><font size="2"><u>/s/ Brent J. Peters</u></font></div>
                      <div><font size="2">Brent J. Peters</font></div>
                      <div><font size="2">s/ Allan Kent</font></div>
                      <div><font size="2">(pursuant to power of attorney)</font></div>
                    </td>
                    <td width="33%">
                      <div><font size="2">Director</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                    <td width="33%">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">July
                        27, 2006</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                  </tr>
                  <tr bgcolor="white">
                    <td width="33%">&#160;</td>
                    <td width="33%">&#160;</td>
                    <td width="33%">&#160;</td>
                  </tr>
  
              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
              <div align="center">
                <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
                    <tr bgcolor="white">
                      <td width="33%">
                        <div>&#160;<u><font size="2">/s/ Peter R. Smith</font></u></div>
                        <div><font size="2">Peter R. Smith</font></div>
                        <div><font size="2">/s/ Allan Kent</font></div>
                        <div><font size="2">(pursuant to power of attorney)</font></div>
                      </td>
                      <td width="33%">
                        <div><font size="2">Director</font></div>
                        <div>&#160;</div>
                        <div>&#160;</div>
                        <div>&#160;</div>
                      </td>
                      <td width="33%">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">July
                          27, 2006</font></div>
                        <div>&#160;</div>
                        <div>&#160;</div>
                        <div>&#160;</div>
                      </td>
                    </tr>
                    <tr bgcolor="white">
                      <td width="33%">&#160;</td>
                      <td width="33%">&#160;</td>
                      <td width="33%">&#160;</td>
                    </tr>
  
                </table>
              </div>
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
              <tr bgcolor="white">
                <td width="33%">
                </td>
                <td width="33%">&#160;</td>
                <td width="33%">&#160;</td>
              </tr>
  
          </table>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <div align="center">
              <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
                  <tr bgcolor="white">
                    <td width="33%">
                      <div><u><font size="2">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                        Michael J. Hudson</font></font></u></div>
                      <div><font size="2">Michael J. Hudson</font></div>
                      <div><font size="2">/s/ Allan Kent</font></div>
                      <div><font size="2">(pursuant to power of attorney)</font></div>
                    </td>
                    <td width="33%">
                      <div><font size="2">Director</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                    <td width="33%">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">July
                        27, 2006</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                  </tr>
                  <tr bgcolor="white">
                    <td width="33%">&#160;</td>
                  </tr>
  
              </table>
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
              <tr bgcolor="white">
                <td width="33%">
                </td>
                <td width="33%">&#160;</td>
                <td width="33%">&#160;</td>
              </tr>
  
          </table>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <div align="center">
              <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
                  <tr bgcolor="white">
                    <td width="33%">
                      <div><u><font size="2">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                        Avinash Chandra</font></font></u></div>
                      <div><font size="2">Avinash Chandra</font></div>
                      <div><font size="2">/s/ Allan Kent</font></div>
                      <div><font size="2">(pursuant to power of attorney)</font></div>
                    </td>
                    <td width="33%">
                      <div><font size="2">Director</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                    <td width="33%">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">July
                        27, 2006</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                  </tr>
                  <tr bgcolor="white">
                    <td width="33%">&#160;</td>
                  </tr>
  
              </table>
            </div>
          </div>
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        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">25</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="1">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>GeoGlobal
          Resources Inc.</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Power
          of Attorney</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">KNOW
          ALL
          MEN BY THESE PRESENTS that each of the undersigned directors and officers
          of
          GeoGlobal Resources Inc., a Delaware corporation, which is filing a Registration
          Statement on Form S-8 with the Securities and Exchange Commission, Washington,
          D.C. 20549 under the provisions of the Securities Act of 1933, as amended
          (the
  &#8220;Securities Act&#8221;), hereby constitutes and appoints Jean Paul Roy and Allan Kent,
          and each of them, the individual&#8217;s true and lawful attorneys-in-fact and agents,
          with full power of substitution and re-substitution, for the person and in
          his
          name, place and stead, in any and all capacities, to sign such Registration
          Statement and any or all amendments, including post-effective amendments,
          to the
          Registration Statement, including a Prospectus or an amended Prospectus therein
          and any registration statement for the same offering that is to be effective
          upon filing pursuant to Rule 462(b) under the Securities Act, and all other
          documents in connection therewith to be filed with the Securities and Exchange
          Commission, granting unto said attorneys-in-fact and agents, and each of
          them,
          full power and authority to do and perform each and every act and thing
          requisite and necessary to be done in and about the premises, as fully to
          all
          intents and purposes as he might or could do in person, hereby ratifying
          and
          confirming all that said attorneys-in-fact as agents or any of them, or their
          substitute or substitutes, may lawfully do or cause to be done by virtue
          hereof.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
          to the requirements of the Securities Act of 1933, this Registration Statement
          has been signed by the following persons in the capacities and on the dates
          indicated.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
              <tr bgcolor="white">
                <td width="33%">
                </td>
                <td width="33%">&#160;</td>
                <td width="33%">&#160;</td>
              </tr>
  
          </table>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <div align="center">
              <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
                  <tr bgcolor="white">
                    <td width="33%">
                      <div><u><font size="2">/s/ Jean Paul Roy</font></u></div>
                      <div><font size="2">Jean Paul Roy</font></div>
                      <div>&#160;</div>
                    </td>
                    <td width="33%">
                      <div><font size="2">Director, President and Chief Executive</font></div>
                      <div><font size="2">Officer (Principal Executive Officer)</font></div>
                      <div>&#160;</div>
                    </td>
                    <td width="33%">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">July
                        27, 2006</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                  </tr>
                  <tr bgcolor="white">
                    <td width="33%">&#160;</td>
                  </tr>
  
              </table>
              <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
                  <tr bgcolor="white">
                    <td width="33%">
                    </td>
                    <td width="33%">&#160;</td>
                    <td width="33%">&#160;</td>
                  </tr>
  
              </table>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                <div align="center">
                  <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
                      <tr bgcolor="white">
                        <td width="33%">
                          <div><u><font size="2">/s/ Allan J. Kent</font></u></div>
                          <div><font size="2">Allan J. Kent</font></div>
                          <div>&#160;</div>
                          <div>&#160;</div>
                        </td>
                        <td width="33%">
                          <div><font size="2">Director, Executive Vice President
                            and</font></div>
                          <div><font size="2">Chief Financial Officer (Principal
                            Financial</font></div>
                          <div><font size="2">and Accounting Officer)</font></div>
                          <div>&#160;</div>
                        </td>
                        <td width="33%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">July
                            27, 2006</font></div>
                          <div>&#160;</div>
                          <div>&#160;</div>
                          <div>&#160;</div>
                        </td>
                      </tr>
                      <tr bgcolor="white">
                        <td width="33%">&#160;</td>
                      </tr>
  
                  </table>
                  <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
                      <tr bgcolor="white">
                        <td width="33%">
                        </td>
                        <td width="33%">&#160;</td>
                        <td width="33%">&#160;</td>
                      </tr>
  
                  </table>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                    <div align="center">
                      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
                          <tr bgcolor="white">
                            <td width="33%">
                              <div><font size="2"><u>/s/ Brent J. Peters</u></font></div>
                              <div><font size="2">Brent J. Peters</font></div>
                              <div>&#160;</div>
                            </td>
                            <td width="33%">
                              <div><font size="2">Director</font></div>
                              <div>&#160;</div>
                              <div>&#160;</div>
                            </td>
                            <td width="33%">
                              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">July
                                27, 2006</font></div>
                              <div>&#160;</div>
                              <div>&#160;</div>
                            </td>
                          </tr>
                          <tr bgcolor="white">
                            <td width="33%">&#160;</td>
                          </tr>
  
                      </table>
                      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
                          <tr bgcolor="white">
                            <td width="33%">
                            </td>
                            <td width="33%">&#160;</td>
                            <td width="33%">&#160;</td>
                          </tr>
  
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                        <div align="center">
                          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
                              <tr bgcolor="white">
                                <td width="33%">
                                  <div><u><font size="2">/s/ Peter R. Smith</font></u></div>
                                  <div><font size="2">Peter R. Smith</font></div>
                                </td>
                                <td width="33%">
                                  <div>&#160;</div>
                                  <div><font size="2">Director</font></div>
                                  <div>&#160;</div>
                                  <div>&#160;</div>
                                </td>
                                <td width="33%">
                                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">July
                                    27, 2006</font></div>
                                  <div>&#160;</div>
                                  <div>&#160;</div>
                                  <div>&#160;</div>
                                </td>
                              </tr>
                              <tr bgcolor="white">
                                <td width="33%">&#160;</td>
                              </tr>
  
                          </table>
                          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
                              <tr bgcolor="white">
                                <td width="33%">
                                </td>
                                <td width="33%">&#160;</td>
                                <td width="33%">&#160;</td>
                              </tr>
  
                          </table>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                            <div align="center">
                              <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
                                  <tr bgcolor="white">
                                    <td width="33%">
                                      <div><u><font size="2">s/ Michael J. Hudson</font></u></div>
                                      <div><font size="2">Michael J. Hudson</font></div>
                                    </td>
                                    <td width="33%">
                                      <div>&#160;</div>
                                      <div><font size="2">Director</font></div>
                                      <div>&#160;</div>
                                      <div>&#160;</div>
                                    </td>
                                    <td width="33%">
                                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">July
                                        27, 2006</font></div>
                                      <div>&#160;</div>
                                      <div>&#160;</div>
                                      <div>&#160;</div>
                                    </td>
                                  </tr>
                                  <tr bgcolor="white">
                                    <td width="33%">&#160;</td>
                                  </tr>
  
                              </table>
                              <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
                                  <tr bgcolor="white">
                                    <td width="33%">
                                    </td>
                                    <td width="33%">&#160;</td>
                                    <td width="33%">&#160;</td>
                                  </tr>
  
                              </table>
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                <div align="center">
                                  <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
  
                                      <tr bgcolor="white">
                                        <td width="33%">
                                          <div><u><font size="2">/s/ Avinash Chandra</font></u></div>
                                          <div><font size="2">Avinash Chandra</font></div>
                                        </td>
                                        <td width="33%">
                                          <div>&#160;</div>
                                          <div><font size="2">Director</font></div>
                                          <div>&#160;</div>
                                          <div>&#160;</div>
                                        </td>
                                        <td width="33%">
                                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">July
                                            27, 2006</font></div>
                                          <div>&#160;</div>
                                          <div>&#160;</div>
                                          <div>&#160;</div>
                                        </td>
                                      </tr>
                                      <tr bgcolor="white">
                                        <td width="33%">&#160;</td>
                                      </tr>
  
                                  </table><br>
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                                    <div id="FTR">
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                                    </div>
                                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                                      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">26</font></div>
                                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                                        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
                                      </div>
                                    </div>
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                </div>
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            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>GeoGlobal
            Resources Inc.</strong></font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>REGISTRATION
            STATEMENT ON FORM S-8</strong></font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Index
            to Exhibits</strong></font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
          <div>
            <table cellpadding="0" cellspacing="0" width="100%">
  
                <tr>
                  <td valign="top" width="18%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit
                      Number</strong></font></div>
                  </td>
                  <td valign="top" width="2%">&#160;</td>
                  <td valign="top" width="57%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Description</strong></font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="18%">&#160;</td>
                  <td align="left" valign="top" width="2%">&#160;</td>
                  <td align="left" valign="top" width="57%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="18%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1</font></div>
                  </td>
                  <td align="left" valign="top" width="2%">&#160;</td>
                  <td align="left" valign="top" width="57%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1998
                      Stock Incentive Plan*</font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="18%">&#160;</td>
                  <td align="left" valign="top" width="2%">&#160;</td>
                  <td align="left" valign="top" width="57%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="18%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.1</font></div>
                  </td>
                  <td align="left" valign="top" width="2%">&#160;</td>
                  <td align="left" valign="top" width="57%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Opinion
                      of William S. Clarke, P.A.</font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="18%">&#160;</td>
                  <td align="left" valign="top" width="2%">&#160;</td>
                  <td align="left" valign="top" width="57%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="18%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.1</font></div>
                  </td>
                  <td align="left" valign="top" width="2%">&#160;</td>
                  <td align="left" valign="top" width="57%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                      of Independent Registered Public Accounting Firm</font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="18%">&#160;</td>
                  <td align="left" valign="top" width="2%">&#160;</td>
                  <td align="left" valign="top" width="57%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="18%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.2</font></div>
                  </td>
                  <td align="left" valign="top" width="2%">&#160;</td>
                  <td align="left" valign="top" width="57%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                      of William S. Clarke, P.A. (included in Exhibit 5.1).</font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="18%">&#160;</td>
                  <td align="left" valign="top" width="2%">&#160;</td>
                  <td align="left" valign="top" width="57%">&#160;</td>
                </tr>
  
            </table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">__________________________</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*
            Incorporated by reference to the Registrant&#8217;s registration statement on Form S-8
            (File No. 333-74245).</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br></div><br>
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metadata_filer: {"company-data": {"conformed-name": "GEOGLOBAL RESOURCES INC", "cik": "0000896726", "assigned-sic": "1381", "irs-number": "330464753", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-136065", "film-number": "06984111"}, "business-address": {"street1": "SUITE 200, 630 - 4 AVENUE SW", "city": "CALGARY", "state": "A0", "zip": "T2P 0J9", "phone": "4037779250"}, "mail-address": {"street1": "SUITE 200, 630 - 4 AVENUE SW", "city": "CALGARY", "state": "A0", "zip": "T2P 0J9"}, "former-company": [{"former-conformed-name": "SUITE 101 COM INC", "date-changed": "19990201"}, {"former-conformed-name": "KINETIC VENTURES LTD", "date-changed": "19970514"}, {"former-conformed-name": "NEURO NAVIGATIONAL CORP", "date-changed": "19941117"}]}
text: Geoglobal Resources Inc. Form S-8
  As
        Filed
        with the Securities and Exchange Commission on July 27, 2006
  Registration
        No. 333-__________
  Securities
        and Exchange Commission
  FORM
        S-8
  REGISTRATION
        STATEMENT UNDER THE SECURITIES ACT OF 1933
  GeoGlobal
        Resources Inc.
  (Exact
        Name of Registrant as specified in its Charter)
  Delaware
  33-0464753
  (State
                  or other jurisdiction of
                  incorporation or organization)
  (IRS
                  Employer Identification
                  Number)
  310,
        605 - 1 Street, SW, Calgary, Alberta, Canada T2P 3S9
  (403)
        777-9250
  (Address,
        including zip code, and telephone number, including area code, of Registrant's
        principal executive offices)
  1998
                  Stock Incentive Plan
  (Full
                  Title of
                  Plan)
  Allan
        Kent, Executive Vice President and CFO
  GeoGlobal
        Resources, Inc.
  310,
        605 - 1 Street, SW, Calgary, Alberta T2P 3S9
  (403)
        777-9250
  (Name,
        address, including zip code, and telephone number, including area code, of
        agent
        for service)
  With
        a
        Copy to:
  William
        S. Clarke, Esquire
  William
        S. Clarke, P.A.
  457
        North Harrison Street, Suite 103, Princeton, New Jersey
        08540
  Calculation
        of Registration Fee
  Title
                  of
  Securities
                  to be
  Registered
  Amount
                  to be
  Registered
  Proposed
                  Maximum
  Offering
                  Price
  Per
                  Unit
  Proposed
                  Maximum
  Aggregate
  Offering
                  Price
  Amount
                  of
  Registration
                  Fee
  Common
                  Stock, $.001 par value
  4,000,000
  $4.03
  (1)
  $16,120,000
  $1725
  Total
  $1725
  (1)
  Estimated
        solely for the purpose of calculating the Registration Fee in accordance with
        Rules 457(c) and 457(h) under the Securities Act of 1933, as amended, based
        upon
        the average of the high and low prices of the registrant's common stock quoted
        on the American Stock Exchange on July 25, 2006.
  (2)
  This
        registration statement is also a post-effective amendment to the Registrant's
        Registration Statements on Form S-8 (File Nos. 333-74245, 333-39450, 333-67720
        and 333-130135) filed with the Securities and Exchange Commission on March
        11,
        1999, June 16, 2000, August 16, 2001 and December 1, 2005,
        respectively.
  1
  EXPLANATORY
          NOTE
  This
          Registration Statement on Form S-8 relates to the registration of 4,000,000
          shares of common stock issuable on exercise of options to be granted under
          the
          1998 Stock Incentive Plan (the "Plan") to selected employees, non-employee
          members of the Board of Directors, and consultants or other independent advisors
          who provide services to GeoGlobal Resources Inc., a Delaware corporation
          (the
  "Company").
  On
          June
          14, 2006, the shareholders of the Company approved the adoption of an amendment
          to the Plan increasing the number of shares reserved for the grant of options
          from 8,000,000 to 12,000,000. This registration statement is filed pursuant
          to
          paragraph E of the General Instructions to Form S-8 to register additional
          securities of the same class as other securities for which a registration
          statement has been filed on Form S-8 relating to the Plan.
  This
          Registration Statement is also a post-effective amendment to the Company's
          Registration Statements on Form S-8 (File Nos. 333-74245, 333-39450, 333-67720
          and 333-130135) filed with the Securities and Exchange Commission on March
          11,
          1999, June 16, 2000, August 16, 2001 and December 1, 2005, respectively,
          and is
          being filed solely for purposes of including within the Registration Statements,
          a re-offer prospectus, as defined in General Instrument C.1 of Form S-8,
          3,237,000 shares of Common Stock issuable on exercise of options granted
          under
          the Company's 1998 Stock Incentive Plan to certain Officers or Directors who are
          or may be deemed to be affiliates of the Company (the "Selling Stockholders")
          for resale by the Selling Stockholders. The re-offer prospectus which is
          filed
          as a part of this Registration Statement has been prepared in accordance
          with
          the requirements of Form S-3, and pursuant to General Instruction C of Form
          S-8,
          may be used for re-offers or re-sales of the shares of Common Stock that
          may be
          made on a continuous or delayed basis in the future as provided by Rule 415
          that
          have been or may be acquired by the Selling Stockholders on the exercise
          of
          options granted pursuant to the Plan.
  The
          contents of the Company's registration statements on Form S-8 (File Nos.
          333-74245, 333-39450, 333-67720 and 333-130135) filed with the Securities
          and
          Exchange Commission on March 11, 1999, June 16, 2000, August 16, 2001 and
          December 1, 2005, respectively, are incorporated by reference.
  2
  Re-Offer
            Prospectus
  GEOGLOBAL
          RESOURCES INC.
  3,237,000
          Shares of Common Stock
  Certain
          of our officers and Directors, who are named in this prospectus, may offer
          and
          sell from time to time, for their own accounts up to 3,237,000 shares of
          our
          Common Stock that they may acquire from time to time on exercise of options
          granted under our 1998 Stock Incentive Plan. We will not receive any of the
          proceeds from such sales.
  See
          "Risk Factors" on page 8 for information you should consider before buying
          shares of our common stock.
  The
          Selling Stockholders propose to sell any shares issued to them on exercise
          of
          options granted to them from time to time in transactions occurring either
          on or
          off the American Stock Exchange, Inc. (the "AMEX") at prevailing market prices
          or at negotiated prices. Sales may be made through brokers or to dealers,
          who
          are expected to receive customary commissions or discounts.
  The
          Selling Stockholders and participating brokers and dealers may be deemed
          to be
  "underwriters" within the meaning of the Securities Act of 1933, as amended, in
          which event any profit on the sale of shares by those Selling Stockholders
          and
          any commissions or discounts received by those brokers or dealers may be
          deemed
          to be underwriting compensation under the Securities Act.
  Our
          Common Stock is traded on the AMEX under the symbol "GGR." On July 25, 2006, the
          closing price of our Common Stock on the AMEX was $3.95 per share.
  Neither
          the Securities and Exchange Commission nor any state securities commission
          has
          approved or disapproved of these securities or determined if this prospectus
          is
          truthful or complete. Any representation to the contrary is a criminal
          offense.
  Prospectus
          dated
  July
  [__]
  ,
          2006
  3
  TABLE
                    OF CONTENTS
  Prospectus
                    Summary
  5
  Risk
                    Factors
  7
  Risks
                    Relating to Our Oil and Gas Activities
  Because
                    We Are In the Early Stage of Developing Our Activities, There Are
                    Considerable
  Risks
                    That We Will Be Unsuccessful
  8
  Our
                    Interests In the Production Sharing Contracts Involve Highly Speculative
                    Exploration
  Opportunities
                    That Involve Material Risks That We Will Be
                    Unsuccessful
  9
  Possible
                    Inability of Contracting Parties to Fulfill Phase One of the Minimum
                    Work
  Program
                    for the KG
  Block
  9
  Because
                    Our Activities Have Only Recently Commenced And We Have No
                    Operating
  History
                    And Reserves of Oil and Gas, We Anticipate Future Losses; There
                    Is No
                    Assurance
  Assurance
                    of Our Profitability
  10
  We
                    Expect to Have Substantial Requirements For Additional Capital
                    That May
                    Be
  Unavailable
                    To Us Which Could Limit Our Ability To Participate In Our Existing
                    Ventures
  Or
                    Pursue Other Opportunities. Our Available Capital is
                    Limited
  10
  India's
                    Regulatory Regime May Increase Our Risks And Expenses Of Doing
                    Business
  11
  Our
                    Control by Directors and Executive Officers May Result In Those
                    Persons
                    Having
  Interests
                    Divergent From Our Other Securityholders
  12
  Our
                    Reliance On A Limited Number Of Key Management Personnel Imposes
                    Risks On
                    Us
  That
                    We Will Have Insufficient Management Personnel Available If The
                    Services
                    Of Any
  Of
                    Them Are Unavailable
  12
  Our
                    Success Is Largely Dependent On The Success Of The Operators Of
                    The
                    Ventures In
  Which
                    We Participate And Their Failure Or Inability To Properly Or Successfully
                    Operate
  The
                    Oil And Gas Exploration, Development And Production Activities
                    On An
                    Exploration
  Block,
                    Could Materially Adversely Affect Us
  12
  Certain
                    Terms Of The Production Sharing Contracts May Create Additional
                    Expenses
                    And
  Risks
                    That Could Adversely Affect Our Revenues And
                    Profitability
  13
  Oil
                    And Gas Prices Fluctuate Widely And Low Oil And Gas Prices Could
                    Adversely
                    Affect
  Our
                    Financial Results
  14
  Our
                    Ability To Locate And Participate In Additional Exploration Opportunities
                    And To
  Manage
                    Growth May Be Limited By Reason Of Our Limited History Of Operations
                    And
  The
                    Limited Size Of Our Staff
  15
  Our
                    Future Performance Depends Upon Our Ability And The Ability Of
                    The
                    Ventures
  In
                    Which We Participate To Find Or Acquire Oil And Gas Reserves That
                    Are
  Economically
                    Recoverable
  15
  4
  Estimating
                    Reserves And Future Net Revenues Involves Uncertainties And Oil
                    And
                    Gas
  Price
                    Declines May Lead To Impairment Of Oil And Gas Assets
  16
  Risks
                    Relating To The Market For Our Common Stock
  Volatility
                    Of Stock Price
  16
  Cautionary
                    Statement for Purposes of The "Safe Harbor" Provisions of The Private
                    Securities
  Litigation
                    Reform Act of 1995
  17
  Use
                    Of Proceeds
  18
  Selling
                    Securityholders
  18
  Plan
                    of Distribution
  19
  Legal
                    Matters
  20
  Experts
  20
  Where
                    You Can Find More Information
  21
  You
          should rely only on the information included in or incorporated by reference
          into this prospectus. We have not authorized anyone to provide you with
          information that is different. This prospectus may only be used where it
          is
          legal to sell these shares. The information contained in this prospectus
          is
          accurate only as of the date of this prospectus, regardless of the time of
          delivery of this prospectus or of any sale of our common
          stock.
  5
  PROSPECTUS
          SUMMARY
  The
          following summary is qualified in its entirety by the more detailed information,
          financial statements and other data appearing elsewhere in this prospectus.
          At
          various places in this prospectus, we may make reference to the "company" or
  "us" or "we." When we use those terms, unless the context otherwise requires, we
          mean GeoGlobal Resources Inc. and its wholly-owned subsidiaries.
  GeoGlobal
          Resources Inc.
  GeoGlobal
          Resources Inc. is engaged, through subsidiaries and joint ventures in which
          we
          are a participant, in the exploration for and development of oil and natural
          gas
          reserves. At present, these activities are being undertaken in locations
          where
          we and our joint venture participants have been granted exploration rights
          pursuant to agreements we have entered into with the Government of India
          ("GOI"). As of July 25, 2006, we have entered into agreements with respect
          to
          six of these exploration blocks as follows:
  ·
  The
                    first of our agreements, entered into in February 2003, grants
                    exploration
                    rights in an area offshore eastern India. We refer to this as the
  "KG
                    Block" and we have a net 5% carried interest under this agreement.
  ·
  We
                    have entered into two agreements which grant exploration rights
                    in areas
                    onshore in the Cambay Basin in the State of Gujarat in western
                    India.
                    These agreements were entered into with the GOI in February 2004
                    and we
                    have a 10% participating interest under each of these agreements.
                    We refer
                    to these as the "Mehsana Block" and the "Sanand/Miroli Block."
  ·
  In
                    April 2005, we entered into an agreement with Gujarat State Petroleum
                    Corporation Limited ("GSPC"), providing for our purchase and the
                    sale by
                    GSPC, subject to GOI consent, of a 20% participating interest in
                    the
                    agreement granting exploration rights onshore in the Cambay Basin
                    in the
                    State of Gujarat. We refer to this as the "Tarapur Block".
  ·
  On
                    September 23, 2005, we signed agreements with respect to two additional
                    locations. One area in which we hold a 10% participating interest
                    is
                    located onshore in the Cambay Basin located in the State of Gujarat
                    south-east of our three existing Cambay blocks. We refer to this
                    as the
                    "Ankleshwar Block". The second area is onshore in the Deccan Syneclise
                    Basin located in the northern portion of the State of Maharashtra
                    in
                    west-central India in which we hold a 100% participating interest.
                    We
                    refer to this as the "DS Block".
  All
          of
          our exploration activities should be considered highly
          speculative.
  6
  The
          Offering
  Offering of Common Stock
                  by
                  the Selling Stockholders
  3,237,000
  Shares to be outstanding after the
                  offering of common stock
  67,716,755
  (1)
  held by the Selling Stockholders
                  assuming all the
  Options held by such persons are
                  exercised
  ______________________________
  (1)
  Based
          on
          the number of shares of common stock issued and outstanding on July 25, 2006.
          Excludes 2,009,000 shares of Common Stock issuable on exercise of options
          granted under the Plan to persons other than the Selling Stockholders. Also
          excludes an aggregate of 2,418,916 shares of Common Stock issuable pursuant
          to
          the terms of the Plan on the full exercise of options that may be granted
          under
          the Plan and warrants issued in September 2005 as compensation to a broker
          dealer in connection with the private sale of our securities
  Use
                    of Proceeds
  We
                    will not realize any of the proceeds from the sale of the shares
                    offered
                    by the Selling Stockholders. See "Use of Proceeds." In the event all the
                    outstanding options held by the Selling Stockholders are exercised,
                    we
                    will receive aggregate proceeds of $7,958,060 which will be added
                    to our
                    general corporate funds and used for working capital. There can
                    be no
                    assurance those options will be exercised or the proceeds
                    received.
  Market Symbol
                  (American
                  Stock Exchange)
  GGR
  Risk
                    Factors
  Before
                    investing in our common stock, you should carefully read and consider
                    the
                    information set forth in "Risk Factors" beginning on page 8 of this
                    prospectus.
  Our
          Offices
  Our
          executive offices are located at 605 - 1
  st
  Street,
          SW, Suite 310, Calgary, Alberta, Canada T2P 3S9. Our telephone number is
          403-777-9250.
  7
  RISK
          FACTORS
  An
          investment in shares of our common stock involves a high degree of risk.
          You
          should consider the following factors, in addition to the other information
          contained in this Prospectus, in evaluating our business and current and
          proposed activities before you purchase any shares of our common stock. You
          should also see the "Cautionary Statement for Purposes of the Safe Harbor
          Provisions of the Private Securities Litigation Reform Act of 1995" regarding
          risks and uncertainties relating to us and to forward-looking statements
          in this
          Report.
  Risks
          Relating to Our Oil and Gas Activities
  Because
          We Are In the Early Stage Of Developing Our Activities, There Are Considerable
          Risks That We Will Be Unsuccessful
  We
          are in
          the early stage of developing our operations. Our only activities in the
          oil and
          natural gas exploration and production industry have primarily involved entering
          into five Production Sharing Contracts with the GOI. In addition, we have
          entered into an agreement to acquire a participating interest in a sixth
          Production Sharing Contract ("PSC"), subject to GOI consent. We have realized
          no
          revenues from our oil and natural gas exploration and development activities
          and
          do not claim any proved reserves of oil or natural gas. As of July 25, 2006
          a
          venture in which we have a net 5% interest, has drilled and abandoned two
          wells,
          has drilled, tested and completed two wells and has commenced drilling
          operations on a fifth well.
  As
          of
          July 25, 2006, we do not claim any proved reserves of hydrocarbons as a result
          of those drilling, testing and evaluation activities. Our current plans are
          to
          conduct the exploration and development activities on the areas offshore
          and
          onshore India in accordance with the terms of the PSC's we are a party to.
          There
          can be no assurance that the exploratory drilling to be conducted on the
          exploration blocks in which we hold or have agreed to acquire an interest
          will
          result in any discovery of hydrocarbons or that any hydrocarbons that are
          discovered will be in commercially recoverable quantities. In addition, the
          realization of any revenues from commercially recoverable hydrocarbons is
          dependent upon the ability to deliver, store and market any hydrocarbons
          that
          are discovered. The presence of hydrocarbon reserves on contiguous properties
          is
          no assurance or necessary indication that hydrocarbons will be found in
          commercially marketable quantities on the exploration blocks in which we
          hold an
          interest. Our exploration opportunities are highly speculative and should
          any of
          these opportunities not result in the discovery of commercial quantities
          of oil
          and gas reserves, our investment in the venture could be lost.
  Our
          business plans also include seeking to enter into additional joint ventures
          or
          other arrangements to acquire interests in additional government created
          and
          granted hydrocarbon exploration opportunities, primarily located onshore
          or in
          the offshore waters of India. Opportunities to acquire interests in exploration
          opportunities will be dependent upon our ability to identify, negotiate and
          enter into joint venture or other similar arrangements with respect to specific
          exploration opportunities and upon our ability to raise sufficient capital
          to
          fund our participation in those joint ventures or other exploration activities.
          Our success will be dependent upon the success of the exploration activities
          of
          the ventures in which we acquire an interest.
  8
  Our
          Interest In The Production Sharing Contracts Involve Highly Speculative
          Exploration Opportunities That Involve Material Risks That We Will Be
          Unsuccessful
  Our
          interests in the exploration blocks should be considered to be highly
          speculative exploration opportunities that involve material risks. None of
          the
          exploration blocks in which we have an interest have any proven reserves
          and are
          not producing any quantities of oil or natural gas. Exploratory drilling
          activities are subject to many risks, including the risk that no commercially
          productive reservoirs will be encountered. There can be no assurance that
          wells
          drilled on any of the exploration blocks in which we have an interest or
          by any
          venture in which we may acquire an interest in the future will be productive
          or
          that we will receive any return or recover all or any portion of our investment.
          Drilling for oil and gas may involve unsuccessful or unprofitable efforts,
          not
          only from dry wells, but from wells that are productive but do not produce
          sufficient net revenues to return a profit after drilling, operating and
          other
          costs. The cost of drilling, completing and operating wells is often uncertain.
          Drilling operations may be curtailed, delayed or canceled as a result of
          numerous factors, many of which are beyond the operator's control, including
          economic conditions, mechanical problems, extreme downhole pressures and
          temperatures, title problems, weather conditions, compliance with governmental
          requirements and shortages or delays of equipment and services. Drilling
          activities on the exploration blocks in which we hold an interest may not
          be
          successful and, if unsuccessful, such failure may have a material adverse
          effect
          on our future results of operations and financial condition.
  Possible
          Inability of Contracting Parties to Fulfill Phase One of the Minimum Work
          Program for the KG Block
  Our
          PSC
          relating to the KG Block provides that by the end of the first phase of the
          exploration period the contracting parties shall have drilled at least fourteen
          wells. The first phase of the exploration period expired on September 11,
          2005.
          Through July 25, 2006, four wells have been drilled on the exploration block,
          leaving ten wells to be drilled. On August 5, 2005, a written notice requesting
          the six month extension was submitted and on August 29, 2005, the management
          committee consented to the extension of six months to March 11, 2006 and
          deducted the six month extension from the Phase II exploration period. On
          February 24, 2006, the management committee for the KG Block recommended
          a
          further extension to the first phase of twelve months to March 11, 2007 which
          will also be deducted from the second phase of the exploration program. As
          at
          July 25, 2006, approval of this extension from the GOI is still outstanding.
  The
          PSC
          provides that, if at the end of an exploration phase a work program for that
          phase is not completed, the time for completion of the exploration program
          for
          that phase is to be extended for a period necessary to enable completion
          but not
          exceeding six months, provided the parties (i) submit a request by written
          notice to the GOI at least thirty days prior to the expiration of the relevant
          phase, (ii) can show technical or other good reasons for the non-completion
          of
          the work program, and (iii) the management committee gives its consent to
          the
          extension. Any such extension that is granted is to be deducted from the
          next
          succeeding exploration phase.
  In
          the
          event the twelve month extension is granted and the ten additional wells
          are not
          drilled by March 11, 2007, or the further extension is not granted, the Company
          may be liable for consequences of non-fulfillment of the minimum work commitment
          in a given time frame under the PSC. The PSC has provisions for termination
          on
          account of various reasons specified therein, including material breach of
          the
          contract. Termination rights can be exercised after giving ninety days written
          notice, unless such failure of compliance or contravention is remedied within
          the ninety-day period or such extended period as may be granted by the GOI.
          The
          failure to timely complete the minimum work commitment may be deemed by the
          GOI
          to be a failure to comply with the provisions of the PSC in a material
          particular. We have been advised by GSPC that it is unaware of any such
          precedence. In the event the PSC is terminated by the GOI, or in the event
          the
          work program is not fulfilled by the end of the relevant exploration phase,
          each
          party to the PSC is to pay to the GOI its participating interest share of
          an
          amount which is equal to the amount that would be required to complete the
          minimum work program for that phase. We are of the view that GSPC, under
          the
          terms of our Carried Interest Agreement, would be liable for our participating
          interest share of the amount required to complete the minimum work program
          for
          the phase. However, termination of the PSC by the GOI would result in the
          loss
          of our interest in the KG Block other than areas determined to encompass
          commercial discoveries. No areas on the KG Block have been determined to
          encompass commercial discoveries as of July 25, 2006.
  9
  Because
          Our Activities Have Only Recently Commenced And We Have No Operating History
          And
          Reserves Of Oil And Gas, We Anticipate Future Losses; There Is No Assurance
          Of
          Our Profitability
  Our
          oil
          and natural gas operations have been only recently established and we have
          no
          operating history, oil and gas reserves or assets upon which an evaluation
          of
          our business, our current business plans and our prospects can be based.
          Our
          prospects must be considered in light of the risks, expenses and problems
          frequently encountered by all companies in their early stages of development
          and, in particular, those engaged in exploratory oil and gas activities.
          Such
          risks include, without limitation:
  §
  We
                    will experience failures to discover oil and gas in commercial
                    quantities;
  §
  There
                    are uncertainties as to the costs to be incurred in our exploratory
                    drilling activities, cost overruns are possible and we may encounter
                    mechanical difficulties and failures in completing
                    wells;
  §
  There
                    are uncertain costs inherent in drilling into unknown formations,
                    such as
                    over-pressured zones, high temperatures and tools lost in the hole;
                    and
  §
  We
                    may make changes in our drilling plans and locations as a result
                    of prior
                    exploratory drilling.
  During
          the exploration phase prior to the start date of initial commercial production,
          we have a carried interest in the exploration activities on the KG Block.
          Our
          interests in our other five exploration blocks are participating interests
          which
          require us to pay our proportionate share of exploration, drilling and
          development expenses on these blocks substantially as those expenses are
          incurred. Unexpected or additional costs can affect the commercial viability
          of
          producing oil and gas from a well and will affect the time when and amounts
          that
          we can expect to receive from any production from a well. Because our carried
          costs of exploration and drilling on the KG Block are to be repaid in full
          to
          the operator, GSPC, before we are entitled to any share of production,
          additional exploration and development expenses will reduce and delay any
          share
          of production and revenues we will receive.
  There
          can
          be no assurance that the ventures in which we are a participant will be
          successful in addressing these risks, and any failure to do so could have
          a
          material adverse effect on our prospects for the future. Our operations were
          recently established, and as such, we have no substantial operating history
          to
          serve as the basis to predict our ability to further the development of our
          business plan. Likewise, the outcome of our exploratory drilling activities,
          as
          well as our quarterly and annual operating results cannot be predicted.
          Consequently, we believe that period to period comparisons of our exploration,
          development, drilling and operating results will not necessarily be meaningful
          and should not be relied upon as an indication of our stage of development
          or
          future prospects. Through July 25, 2006, we abandoned two wells drilled on
          the
          KG Block and it is likely that in some future quarter our stage of development
          or operating or drilling results may fall below our expectations or the
          expectations of securities analysts and investors and that some of our drilling
          results will be unsuccessful and the wells abandoned. In such event, the
          trading
          price of our common stock may be materially and adversely affected.
  We
          Expect to Have Substantial Requirements For Additional Capital That May Be
          Unavailable To Us Which Could Limit Our Ability To Participate In Our Existing
          and Additional Ventures Or Pursue Other Opportunities. Our Available Capital
          is
          Limited
  In
          order
          to participate under the terms of our PSC's as well as in further joint venture
          arrangements leading to the possible grant of exploratory drilling
          opportunities, we will be required to contribute or have available to us
          material amounts of capital. Under the terms of our carried interest agreement
          relating to the KG Block, after the start date of initial commercial production
          on the KG Block, and under the terms of the five additional PSC's we are
          parties
          to, as well as the agreement relating to the acquisition of the 20%
          participating interest in the Tarapur Block, we are required to bear our
          proportionate share of costs during the exploration phases of those agreements.
          There can be no assurance that our currently available capital will be
          sufficient for these purposes or that any additional capital that is required
          will be available to us in the amounts and at the times required. Such capital
          also may be required to secure bonds in connection with the grant of exploration
          rights, to conduct or participate in exploration activities or be engaged
          in
          drilling and completion activities. We intend to seek the additional capital
          to
          meet our requirements from equity and debt offerings of our securities. Our
          ability to access additional capital will depend in part on the success of
          the
          ventures in which we are a participant in locating reserves of oil and gas
          and
          developing producing wells on the exploration blocks, the results of our
          management in locating, negotiating and entering into joint venture or other
          arrangements on terms considered acceptable, as well as the status of the
          capital markets at the time such capital is sought. There can be no assurance
          that capital will be available to us from any source or that, if available,
          it
          will be at prices or on terms acceptable to us. Should we be unable to access
          the capital markets or should sufficient capital not be available, our
          activities could be delayed or reduced and, accordingly, any future exploration
          opportunities, revenues and operating activities may be adversely affected
          and
          could also result in our breach of the terms of a PSC which could result
          in the
          loss of our rights under the contract.
  10
  As
          of
          June 30, 2006, we had cash and cash equivalents of approximately $35.0 million.
          We currently expect that our available cash will be sufficient to fund through
          December 2007 at the present level of operations our required capital
          expenditures on the five exploration blocks in which we are currently a
          participant and our participation in the Tarapur Block in which we agreed
          to
          acquire a 20% participating interest. Although exploration activity budgets
          are
          subject to ongoing review and revision, our present estimate of our commitments
          of capital pursuant to the terms of our PSC's relating to these exploration
          blocks, totals approximately $
  11.6
  million
          during the period April 1, 2006 to March 31, 2007. Any further PSC's we may
          seek
          to enter into or any expanded scope of our operations or other transactions
          that
          we may enter into may require us to fund our participation or capital
          expenditures with amounts of capital not currently available to us. We may
          be
          unsuccessful in raising the capital necessary to meet these capital
          requirements. There can be no assurance that we will be able to raise the
          capital.
  Pursuant
          to our agreement executed on April 7, 2005 to acquire a 20% participating
          interest from GSPC in the Tarapur Block,
  t
  o
          date,
          our share of costs incurred amounts to approximately US$2.9 million which
          has
          been expended on the drilling of six wells and a recently completed 500 sq
          km
          3-D seismic acquisition. In addition, it is expected that under the terms
          of our
          agreement with GSPC the total capital we will be required to contribute to
          exploration activities on Tarapur during the period ending March 31, 2007,
          based
          on our 20% participating interest, will be approximately an additional
          $
  4.6
  million
  .
  Our
          agreement with GSPC on the Tarapur Block is subject to obtaining the GOI
          consent. In the event such consent is not obtained, the assignment would
          be
          terminated. In the event the GOI does not reject in writing the application
          for
          consent to the assignment within 180 days, it is deemed approved, however,
          the
          commencement of this 180 day period does not commence until the GOI deems
          the
          application submitted to be complete. The GOI has not as of July 25, 2006
          deemed
          the application to be complete.
  On
          May
          30, 2006, we entered into a Memorandum of Understanding ("MOU") with GSPC
          relating to the Tarapur Block. Under the terms of our previous agreement
          with
          GSPC, we are to fund a 20% PI share of all past exploration costs incurred
          on
          the Tarapur Block and keep in force a financial and performance guarantee
          in an
          amount sufficient to secure our performance under the Tarapur PSC. Under
          the
          terms of our previous agreement with GSPC, in the event such GOI consent
          is not
          obtained, the assignment would be terminated. Pursuant to the MOU, in the
          event
          that the GOI does not approve of the Tarapur assignment, GSPC is obligated
          to
          repay to us all amounts paid by us to GSPC with respect to the Tarapur Block
          and
          the assignment would be automatically terminated. GSPC is to repay such amounts
          to us within 30 days of a written notice from us.
  India's
          Regulatory Regime May Increase Our Risks And Expenses In Doing
          Business
  All
          phases of the oil and gas exploration, development and production activities
          in
          which we are participating are regulated in varying degrees by the Indian
          government, either directly or through one or more governmental entities.
          The
          areas of government regulation include matters relating to restrictions on
          production, price controls, export controls, income taxes, expropriation
          of
          property, environmental protection and rig safety. In addition, the award
          of a
          PSC is subject to GOI consent and matters relating to the implementation
          and
          conduct of operations under the PSC is subject, under certain circumstances,
          to
          GOI consent. As a consequence, all future drilling and production programs
          and
          operations we undertake or are undertaken by the ventures in which we
          participate in India must be approved by the Indian government. Shifts in
          political conditions in India could adversely affect our business in India
          and
          the ability to obtain requisite government approvals in a timely fashion
          or at
          all. We, and our joint venture participants, must maintain satisfactory working
          relationships with the Indian government. This regulatory environment may
          increase the risks associated with our intended exploration and productivity
          activities and increase our costs of doing business.
  11
  Our
          Control By Directors And Executive Officers May Result In Those Persons Having
          Interests Divergent From Our Other Stockholders
  As
          of
          July 25, 2006, our Directors and executive officers and their respective
          affiliates, in the aggregate, beneficially hold 32,216,167 shares or
          approximately 50.0% of our outstanding Common Stock. As a result, these
          stockholders possess significant influence over us, giving them the ability,
          among other things, to elect a majority of our Board of Directors and approve
          significant corporate transactions. These persons will retain significant
          control over our present and future activities and our other stockholders
          and
          investors may be unable to meaningfully influence the course of our actions.
          These persons may have interests regarding the future activities and
          transactions in which we engage which may diverge from the interests of our
          other stockholders. Such share ownership and control may also have the effect
          of
          delaying or preventing a change in control of us, impeding a merger,
          consolidation, takeover or other business combination involving us, or
          discourage a potential acquiror from making a tender offer or otherwise
          attempting to obtain control of us which could have a material adverse effect
          on
          the market price of our Common Stock. Although management has no intention
          of
          engaging in such activities, there is also a risk that the existing management
          will be viewed as pursuing an agenda which is beneficial to themselves at
          the
          expense of other stockholders.
  Our
          Reliance On A Limited Number Of Key Management Personnel Imposes Risks On
          Us
          That We Will Have Insufficient Management Personnel Available If The Services
          Of
          Any Of Them Are Unavailable
  We
          are
          dependent upon the services of our President and Chief Executive Officer,
          Jean
          Paul Roy, and Executive Vice President and Chief Financial Officer, Allan
          J.
          Kent. The loss of either of their services could have a material adverse
          effect
          upon us. We currently do not have employment agreements with either of such
          persons or key man life insurance. The services of both Mr. Roy and Mr. Kent
          are
          provided pursuant to the terms of agreements with corporations wholly-owned
          by
          each of them. At present, Mr. Kent's services are provided through an oral
          agreement with the corporation he owns. Accordingly, these agreements do
          not
          contain any provisions whereby Mr. Roy and Mr. Kent have direct contractual
          obligations to us to provide services or refrain from other
          activities.
  At
          present, our future is substantially dependent upon the geological and
          geophysical capabilities of Mr. Roy to locate oil and gas exploration
          opportunities for us and the ventures in which we are a participant. His
          inability to do the foregoing could materially adversely affect our future
          activities. We entered into a three-year Technical Services Agreement with
          Roy
          Group (Barbados) Inc. dated August 29, 2003, a company owed 100% by Mr. Roy,
          to
          perform such geological and geophysical duties and exercise such powers related
          thereto as we may from time to time assign to it. The expiration term of
          this
          contract has subsequently been extended to December 31, 2007. We have no
          agreement directly with Mr. Roy regarding his services to us.
  Our
          Success Is Largely Dependent On The Success Of The Operators Of The Ventures
          In
          Which We Participate And Their Failure Or Inability To Properly Or Successfully
          Operate The Oil And Gas Exploration, Development And Production Activities
          On An
          Exploration Block, Could Materially Adversely Affect Us
  At
          present, our only oil and gas interests are our rights under the terms of
          the
          five PSC's with the GOI that we have entered into and the Deed of Assignment
          and
          Assumption agreement with GSPC, effective only upon obtaining GOI consent,
          relating to an interest in the Tarapur Block. We are not and will not be
          the
          operator of any of the exploration, drilling and production activities conducted
          on our exploration blocks, with the exception of the DS block in which we
          are
          the operator. Accordingly, the realization of successes in the exploration
          of
          the blocks is substantially dependent upon the success of the operators in
          exploring for and developing reserves of oil and gas and their ability to
          market
          those reserves at prices that will yield a return to us.
  12
  Under
          the
          terms of our carried interest agreement for the KG Block, we have a carried
          interest in the exploration activities conducted by the parties on the KG
          Block
          prior to the start date of initial commercial production. However, under
          the
          terms of that agreement, all of our proportionate share of capital costs
          for
          exploration and development activities must be repaid without interest over
          the
          projected production life or ten years, whichever is less. Our proportionate
          share of these costs and expenses expected to be incurred over the 6.5 year
          term
          of the PSC for which our interest is carried was originally estimated to
          be
          approximately $22.0 million. Additional drilling costs including the drilling
          to
          depths in excess of 5,000 meters, where higher downhole temperatures and
          pressures are encountered, versus shallower depths as originally anticipated,
          as
          well as the testing and completion costs of these wells, has resulted in
          additional costs exceeding original budgeted expenditures. As a consequence
          of
          these additional drilling costs incurred, as of July 25, 2006, the annual
          budget
          for the period April 1, 2006 to March 31, 2007 submitted to the Management
          Committee under the PSC for the KG Block estimates that GSPC will expend
          approximately $26.2 million attributed to us under the CIA over the period
          April
          1, 2006 to March 31, 2007. Further additional expenditures may be required
          for
          cost overruns and completions of commercially successful wells. We are unable
          to
          estimate the amount of additional expenditures GSPC will make as operator
          attributable to us prior to the start date of initial commercial production
          under the carried interest agreement or when, if ever, any commercial production
          will commence. Of these expenditures, 50% are for the account of Roy Group
          (Mauritius) Inc. under the terms of the Participating Interest Agreement
          between
          us and Roy Group (Mauritius) Inc. We are not entitled to any share of production
          from the KG Block until such time as the expenditures attributed to us,
          including those expenditures made for the account of Roy Group (Mauritius)
          Inc.,
          under the carried interest agreement, have been recovered by GSPC from future
          production revenue. Therefore, we are unable to estimate when we may commence
          to
          receive distributions from any production of hydrocarbon reserves found on
          the
          KG Block. As provided in the carried interest agreement, in addition to repaying
          our proportionate share of capital costs incurred for which we were carried,
          we
          will be required to bear our proportionate share of the expenditures
          attributable to us after the start date of initial commercial production
          on the
          KG Block.
  Certain
          Terms Of The Production Sharing Contracts May Create Additional Expenses
          And
          Risks That Could Adversely Affect Our Revenues And
          Profitability
  The
          PSC's
          contain certain terms that may affect the revenues of the joint venture
          participants to the agreements and create additional risks for us. These
          terms
          include, possibly among others, the following:
  §
  The
                    venture participants are required to complete certain minimum work
                    programs during the three phases of the terms of the PSC's. In
                    the event
                    the venture participants fail to fulfill any of these minimum work
                    programs, the parties to the venture must pay to the GOI their
                    proportionate share of the amount that would be required to complete
                    the
                    minimum work program. Accordingly, we could be called upon to pay
                    our
                    proportionate share of the estimated costs of any incomplete work
                    programs;
  §
  Until
                    such time as the GOI attains self sufficiency in the production
                    of crude
                    oil and condensate and is able to meet its national demand, the
                    parties to
                    the venture are required to sell in the Indian domestic market
                    their
                    entitlement under the PSC's to crude oil and condensate produced
                    from the
                    exploration blocks. In addition, the Indian domestic market has
                    the first
                    call on natural gas produced from the exploration blocks and the
                    discovery
                    and production of natural gas must be made in the context of the
                    government's policy of utilization of natural gas and take into account
                    the objectives of the government to develop its resources in the
                    most
                    efficient manner and promote conservation measures. Accordingly,
                    this
                    provision could interfere with our ability to realize the maximum
                    price
                    for our share of production of
                    hydrocarbons;
  §
  The
                    parties to each agreement that are not Indian companies, which
                    includes
                    us, are required to negotiate technical assistance agreements with
                    the GOI
                    or its nominee whereby such foreign company can render technical
                    assistance and make available commercially available technical
                    information
                    of a proprietary nature for use in India by the government or its
                    nominee,
                    subject, among other things, to confidentiality restrictions. Although
                    not
                    intended, this could increase each venture's and our cost of operations;
                    and
  13
  §
  The
                    parties to each venture are required to give preference, including
                    the use
                    of tender procedures, to the purchase and use of goods manufactured,
                    produced or supplied in India provided that such goods are available
                    on
                    equal or better terms than imported goods, and to employ Indian
                    subcontractors having the required skills insofar as their services
                    are
                    available on comparable standards and at competitive prices and
                    terms.
                    Although not intended, this could increase the venture's and our cost of
                    operations.
  These
          provisions of the PSC's, possibly among others, may increase our costs of
          participating in the ventures and thereby affect our profitability.
  Oil
          And Gas Prices Fluctuate Widely And Low Oil And Gas Prices Could Adversely
          Affect Our Financial Results
  There
          is
          no assurance that there will be any market for oil or gas produced from the
          exploration blocks in which we hold an interest and our ability to deliver
          the
          production from any wells may be constrained by the absence of or limitations
          on
          collector systems and pipelines. Future price fluctuations could have a major
          impact on the future revenues from any oil and gas produced on these exploration
          blocks and thereby our revenue, and materially affect the return from and
          the
          financial viability of any reserves that are claimed. Historically, oil and
          gas
          prices and markets have been volatile, and they are likely to continue to
          be
          volatile in the future. A significant decrease in oil and gas prices could
          have
          a material adverse effect on our cash flow and profitability and would adversely
          affect our financial condition and the results of our operations. In addition,
          because world oil prices are quoted in and trade on the basis of U.S. dollars,
          fluctuations in currency exchange rates that affect world oil prices could
          also
          affect our revenues. Prices for oil and gas fluctuate in response to relatively
          minor changes in the supply of and demand for oil and gas, market uncertainty
          and a variety of additional factors that are beyond our control, including:
  §
  political
                    conditions in oil producing regions, including the Middle East
                    and
                    elsewhere;
  §
  the
                    domestic and foreign supply of oil and gas;
  §
  quotas
                    imposed by the Organization of Petroleum Exporting Countries upon
                    its
                    members;
  §
  the
                    level of consumer demand;
  §
  weather
                    conditions;
  §
  domestic
                    and foreign government regulations;
  §
  the
                    price and availability of alternative fuels;
  §
  overall
                    economic conditions; and
  §
  international
                    political conditions.
  In
          addition, various factors may adversely affect the ability to market oil
          and gas
          production from the exploration block, including:
  §
  the
                    capacity and availability of oil and gas gathering systems and
                    pipelines;
  §
  the
                    ability to produce oil and gas in commercial quantities and to
                    enhance and
                    maintain production from existing wells and wells proposed to be
                    drilled;
  §
  the
                    proximity of future hydrocarbon discoveries to oil and gas transmission
                    facilities and processing equipment (as well as the capacity of
                    such
                    facilities);
  §
  the
                    effect of governmental regulation of production and transportation
                    (including regulations relating to prices, taxes, royalties, land
                    tenure,
                    allowable production, importing and exporting of oil and condensate
                    and
                    matters associated with the protection of the
                    environment);
  §
  the
                    imposition of trade sanctions or embargoes by other
                    countries;
  §
  the
                    availability and frequency of delivery vessels;
  §
  changes
                    in supply due to drilling by others;
  §
  the
                    availability of drilling rigs and qualified personnel; and
  §
  changes
                    in demand.
  14
  Our
          Ability To Locate And Participate In Additional Exploration Opportunities
          And To
          Manage Growth May Be Limited By Reason Of Our Limited History Of Operations
          And
          The Limited Size Of Our Staff
  While
          our
          President and Executive Vice President have had extensive experience in the
          oil
          and gas exploration business, we have been engaged in limited activities
          in the
          oil and gas business over approximately the past three years and have a limited
          history of activities upon which you may base your evaluation of our
          performance. As a result of our brief operating history and limited activities
          in oil and gas exploration activities, our success to date in entering into
          ventures to acquire interests in exploration blocks may not be indicative
          that
          we will be successful in entering into any further ventures. There can be
          no
          assurance that we will be successful in growing our oil and gas exploration
          and
          development activities.
  Any
          future significant growth in our oil and gas exploration and development
          activities will place demands on our executive officers, and any increased
          scope
          of our operations will present challenges to us due to our current limited
          management resources. Our future performance will depend upon our management
          and
          their ability to locate and negotiate opportunities to participate in joint
          venture and other arrangements whereby we can participate in exploration
          opportunities. There can be no assurance that we will be successful in these
          efforts. Our inability to locate additional opportunities, to hire additional
          management and other personnel or to enhance our management systems could
          have a
          material adverse effect on our results of operations.
  Our
          Future Performance Depends Upon Our Ability And The Ability Of The Ventures
          In
          Which We Participate To Find Or Acquire Oil And Gas Reserves That Are
          Economically Recoverable
  Our
          success in developing our oil and gas exploration and development activities
          will be dependent upon establishing, through our participation with others
          in
          joint ventures and other similar activities, reserves of oil and gas and
          maintaining and possibly expanding the levels of those reserves. We and the
          joint ventures in which we may participate may not be able to locate and
          thereafter replace reserves from exploration and development activities at
          acceptable costs. Lower prices of oil and gas may further limit the kinds
          of
          reserves that can be developed at an acceptable cost. The business of exploring
          for, developing or acquiring reserves is capital intensive. We may not be
          able
          to make the necessary capital investment to enter into joint ventures or
          similar
          arrangements to maintain or expand our oil and gas reserves if capital is
          unavailable to us and the ventures in which we participate. In addition,
          exploration and development activities involve numerous risks that may result
          in
          dry holes, the failure to produce oil and gas in commercial quantities, the
          inability to fully produce discovered reserves and the inability to enhance
          production from existing wells.
  We
          expect
          that we will continually seek to identify and evaluate joint venture and
          other
          exploration opportunities for our participation as a joint venture participant
          or through some other arrangement. Our ability to enter into additional
          exploration activities will be dependent to a large extent on our ability
          to
          negotiate arrangements with others and with various governments and governmental
          entities whereby we can be granted a participation in such ventures. There
          can
          be no assurance that we will be able to locate and negotiate such arrangements,
          have sufficient capital to meet the costs involved in entering into such
          arrangements or that, once entered into, that such exploration activities
          will
          be successful. Successful acquisition of exploration opportunities can be
          expected to require, among other things, accurate assessments of potential
          recoverable reserves, future oil and gas prices, projected operating costs,
          potential environmental and other liabilities and other factors. Such
          assessments are necessarily inexact, and as estimates, their accuracy is
          inherently uncertain. We cannot assure you that we will successfully consummate
          any further exploration opportunities or joint venture or other arrangements
          leading to such opportunities.
  15
  Estimating
          Reserves And Future Net Revenues Involves Uncertainties And Oil And Gas Price
          Declines May Lead To Impairment Of Oil And Gas Assets
  Currently,
          we do not claim any proved reserves of oil or natural gas. Any reserve
          information that we may provide in the future will represent estimates based
          on
          reports prepared by independent petroleum engineers, as well as internally
          generated reports. Petroleum engineering is not an exact science. Information
          relating to proved oil and gas reserves is based upon engineering estimates
          derived after analysis of information we furnish or furnished by the operator
          of
          the property. Estimates of economically recoverable oil and gas reserves
          and of
          future net cash flows necessarily depend upon a number of variable factors
          and
          assumptions, such as historical production from the area compared with
          production from other producing areas, the assumed effects of regulations
          by
          governmental agencies and assumptions concerning future oil and gas prices,
          future operating costs, severance and excise taxes, capital expenditures
          and
          workover and remedial costs, all of which may in fact vary considerably from
          actual results. Oil and gas prices, which fluctuate over time, may also affect
          proved reserve estimates. For these reasons, estimates of the economically
          recoverable quantities of oil and gas attributable to any particular group
          of
          properties, classifications of such reserves based on risk of recovery and
          estimates of the future net cash flows expected therefrom prepared by different
          engineers or by the same engineers at different times may vary substantially.
          Actual production, revenues and expenditures with respect to reserves we
          may
          claim will likely vary from estimates, and such variances may be material.
          Either inaccuracies in estimates of proved undeveloped reserves or the inability
          to fund development could result in substantially reduced reserves. In addition,
          the timing of receipt of estimated future net revenues from proved undeveloped
          reserves will be dependent upon the timing and implementation of drilling
          and
          development activities estimated by us for purposes of the reserve report.
  Quantities
          of proved reserves are estimated based on economic conditions in existence
          in
          the period of assessment. Lower oil and gas prices may have the impact of
          shortening the economic lives on certain fields because it becomes uneconomic
          to
          produce all recoverable reserves on such fields, thus reducing proved property
          reserve estimates. If such revisions in the estimated quantities of proved
          reserves occur, it will have the effect of increasing the rates of depreciation,
          depletion and amortization on the affected properties, which would decrease
          earnings or result in losses through higher depreciation, depletion and
          amortization expense. The revisions may also be sufficient to trigger impairment
          losses on certain properties that would result in a further non-cash charge
          to
          earnings.
  Risks
          Relating To The Market For Our Common Stock
  Volatility
          Of Our Stock Price
  The
          public market for our common stock has been characterized by significant
          price
          and volume fluctuations. There can be no assurance that the market price
          of our
          common stock will not decline below its current or historic price ranges.
          The
          market price may bear no relationship to the prospects, stage of development,
          existence of oil and gas reserves, revenues, earnings, assets or potential
          of
          our Company and may not be indicative of our future business performance.
          The
          trading price of our common stock could be subject to wide fluctuations.
          Fluctuations in the price of oil and gas and related international political
          events can be expected to affect the price of our common stock. In addition,
          the
          stock market in general has experienced extreme price and volume fluctuations
          that have affected the market price for many companies which fluctuations
          have
          been unrelated to the operating performance of these companies. These market
          fluctuations, as well as general economic, political and market conditions,
          may
          have a material adverse effect on the market price of our company's common
          stock. In the past, following periods of volatility in the market price of
          a
          company's securities, securities class action litigation has often been
          instituted against such companies. Such litigation, if instituted, and
          irrespective of the outcome of such litigation, could result in substantial
          costs and a diversion of management's attention and resources and have a
          material adverse effect on our company's business, results of operations
          and
          financial condition.
  16
  Cautionary
          Statement For Purposes Of The "Safe Harbor" Provisions Of The Private Securities
          Litigation Reform Act Of 1995
  With
          the
          exception of historical matters, the matters discussed in this Prospectus
          are
  "forward-looking statements" as defined under the Securities Act of 1933, as
          amended, and the Securities Exchange Act of 1934, as amended, that involve
          risks
          and uncertainties. Forward-looking statements made herein include, but are
          not
          limited to:
  ·
  the
                    statements in this Prospectus regarding our plans and objectives
                    relating
                    to our future operations,
  ·
  plans
                    and objectives regarding the exploration, development and production
                    activities conducted on the exploration blocks in India in which
                    we have
                    interests,
  ·
  plans
                    regarding drilling activities intended to be conducted through
                    the
                    ventures in which we are a participant, the success of those drilling
                    activities and our ability and the ability of the ventures to complete
                    any
                    wells on the exploration blocks, to develop reserves of hydrocarbons
                    in
                    commercially marketable quantities, to establish facilities for
                    the
                    collection, distribution and marketing of hydrocarbons, to produce
                    oil and
                    natural gas in commercial quantities and to realize revenues from
                    the
                    sales of those hydrocarbons.
  ·
  our
                    plans and objectives to join with others or to directly seek to
                    enter into
                    or acquire interests in additional PSC's with the GOI and others,
  ·
  our
                    assumptions, plans and expectations regarding our future capital
                    requirements,
  ·
  our
                    plans and intentions regarding our plans to raise additional capital,
  ·
  the
                    costs and expenses to be incurred in conducting exploration, well
                    drilling, development and production activities and the adequacy
                    of our
                    capital to meet our requirements for our present and anticipated
                    levels of
                    activities are all forward-looking statements.
  These
          statements appear, among other places, under the caption "Risk Factors".
          If our
          plans fail to materialize, your investment will be in jeopardy.
  ·
  We
                    cannot assure you that our assumptions or our business plans and
                    objectives discussed herein will prove to be accurate or be able
                    to be
                    attained.
  ·
  We
                    cannot assure you that any commercially recoverable quantities
                    of
                    hydrocarbon reserves will be discovered on the exploration blocks
                    in which
                    we have an interest.
  ·
  Our
                    ability to realize revenues cannot be assured. Our ability to successfully
                    drill, test and complete producing wells cannot be assured.
  ·
  We
                    cannot assure you that we will have available to us the capital
                    required
                    to meet our plans and objectives at the times and in the amounts
                    required
                    or we will have available the amounts we are required to fund under
                    the
                    terms of the PSC we are a party to.
  ·
  We
                    cannot assure you that we will be successful in joining any further
                    ventures seeking to be granted PSC's by the GOI or that we will
                    be
                    successful in acquiring interests in existing ventures.
  ·
  We
                    cannot assure you that the GOI will consent to the assignment by
                    GSPC of
                    the 20% participating interest in the Tarapur Block.
  ·
  We
                    cannot assure you that the outcome of testing of one or more wells
                    on the
                    KG Block will be satisfactory and result in a commercially-productive
                    well
                    or that any further wells drilled on the KG Block will have
                    commercially-successful results.
  Our
          inability to meet our goals and objectives or the consequences to us from
          adverse developments in general economic or capital market conditions, events
          having international consequences, or military or terrorist activities could
          have a material adverse effect on us. We caution you that various risk factors
          accompany those forward-looking statements and are described, among other
          places, under the caption "Risk Factors" herein. They are also described
          in our
          Annual Report on Form 10-KSB for the year ended December 31, 2005, our Quarterly
          Reports on Form 10-QSB, and our Current Reports on Form 8-K. These risk factors
          could cause our operating results, financial condition and ability to fulfill
          our plans to differ materially from those expressed in any forward-looking
          statements made in this Prospectus and could adversely affect our financial
          condition and our ability to pursue our business strategy and
          plans.
  17
  USE
          OF PROCEEDS
  This
          Prospectus relates solely to the common stock being offered and sold for
          the
          account of the Selling Securityholders upon the exercise of options granted
          to
          them under our 1998 Stock Incentive Plan. We will not receive any of the
          proceeds from the sale of the common stock being offered by the Selling
          Securityholders but will pay all of the expenses related to the registration
          of
          the securities. We estimate that these expenses will be approximately
          $20,000.
  The
          3,237,000 shares included in this Prospectus are issuable on exercise of
          outstanding options granted under the Plan and held by the Selling
          Securityholders. In the event all the options are exercised by the Selling
          Stockholders, we will receive aggregate proceeds of $7,958,060. There can
          be no
          assurance those options will be exercised or the proceeds received. Such
          proceeds will be added to our general corporate funds and used for working
          capital purposes.
  SELLING
          STOCKHOLDERS
  The
          following table sets forth the aggregate numbers of securities beneficially
          owned by each Selling Stockholder as of July 25, 2006 and the aggregate number
          of securities registered hereby that each Selling Stockholder may offer and
          sell
          pursuant to this Prospectus. Because the Selling Stockholders may sell all
          or a
          portion of the securities at any time and from time to time after the date
          hereof, no estimate can be made of the number of shares of common stock that
          each Selling Stockholder may retain upon the completion of the offering.
          The
          registration of these shares for resale does not necessarily mean that the
          Selling Stockholder will sell any of the shares.
  Name
                    of Selling Stockholder
  Shares
                    Beneficially
  Owned
                    Prior
  to
  This
                    Offering
  Shares
                    Beneficially
  Owned
                    Offered for
  Selling
                    Stockholder
  Account
  (1)
  Shares
                    Beneficially
  Owned
                    After
  This
  Offering
  Percentage
                    of
  Shares
  Beneficially
  Owned
  After
  Offering
  Jean
                    Paul Roy
  (2)
  33,481,000
  1,350,000
  32,131,000
  48.8%
  Allan
                    J. Kent
  (3)
  1,350,000
  1,350,000
  0
  0%
  Brent
                    J. Peters
  (4)
  214,067
  180,000
  34,067
  0%
  Peter
                    R. Smith
  (4)
  117,000
  117,000
  0
  0%
  Michael
                    J. Hudson
  (4)
  140,000
  140,000
  0
  0%
  Dr.
                    Avinash Chandra
  (4)
  151,100
  100,000
  51,100
  0%
  (1)
  The
          shares of Common Stock offered pursuant to this Prospectus are issuable on
          exercise of options granted under our 1998 Stock Incentive Plan. As of the
          date
          of this Prospectus, none of such options has been exercised
  .
  (2)
  Mr.
          Roy
          is our President and Chief Executive Officer and is a Director of our company.
          Mr. Roy also holds, as of July 25, 2006, inclusive of the shares beneficially
          owned included for resale in this Prospectus, an aggregate of 33,481,000
          shares
          of Common Stock. Of such shares, an aggregate of 5 million shares are held
          in
          escrow pursuant to the terms of an agreement whereby we purchased the
          outstanding capital stock of GeoGlobal Resources (India) Inc. from Mr. Roy.
          Under the terms of the escrow agreement, Mr. Roy has the voting rights with
          respect to these shares. Of the 33,481,000 shares, 1,350,000 shares are issuable
          on exercise of options granted under the Plan at prices ranging from $1.10
          to
          $3.95 and expiring at various dates commencing August 31, 2006 through July
          10,
          2016. Mr. Roy is the sole stockholder of Roy Group (Barbados) Inc., a company
          organized under the laws of Barbados, pursuant to which the services of Mr.
          Roy
          are provided to us at a fee of currently $350,000 per year. In addition,
          Mr. Roy
          is the sole stockholder of Roy Group (Mauritius) Inc., a company organized
          under
          the laws of Mauritius, which is a party to an agreement with us whereby we
          have
          agreed to transfer to that company one-half of our original 10% interest
          under
          our PSC in the KG Block and our rights under the related carried interest
          agreement
  .
  (3)
  Of
          the
          1,350,000 shares, 1,350,000 shares are issuable on exercise of options granted
          under the Plan at prices ranging from $1.10 to $3.95 and expiring at various
          dates commencing August 31, 2006 through July 10, 2016. Mr. Kent is our
          Executive Vice President and Chief Financial Officer and is a Director. Mr.
          Kent's services to us are provided through D.I. Investments Ltd., a company
          organized under the laws of Alberta of which Mr. Kent is the sole
          stockholder
  .
  (4)
  A
          Director of our company
  .
  18
  PLAN
          OF DISTRIBUTION
  Following
          the date of this Resale Prospectus, the Selling Stockholders may sell or
          distribute some or all of the common stock issued on exercise of options
          they
          hold from time to time through underwriters or dealers or brokers or other
          agents or directly to one or more purchasers, including pledgees, in
          transactions (which may involve block transactions) or in privately negotiated
          transactions (including sales pursuant to pledges), or in a combination of
          such
          transactions. Such transactions may be effected by the Selling Stockholders
          on
          the American Stock Exchange at market prices prevailing at the time of sale,
          at
          prices related to such prevailing market prices, at negotiated prices, or
          at
          fixed prices, which may be changed. Brokers, dealers, agents or underwriters
          participating in such transactions as agent may receive compensation in the
          form
          of discounts, concessions or commissions from the Selling Stockholders (and,
          if
          they act as agent for the purchaser of such shares, from such purchaser).
          Such
          discounts, concessions or commissions as to a particular broker, dealer,
          agent
          or underwriter might be in excess of those customary in the type of transaction
          involved.
  Persons
          who are pledges, donees, transferees, or other successors in interest of
          any of
          the named Selling Stockholders (including, but not limited to, persons who
          receive shares from a named Selling Stockholder as a gift, partnership
          distribution, or other non-sale-related transfer after the date of this Resale
          Prospectus) may also use this Resale Prospectus and are included when we
          refer
          to Selling Stockholder in this Resale Prospectus. If necessary, we would
          file a
          supplement to this Resale Prospectus under Rule 424(b)(3) or other applicable
          provision of the Securities Act of 1933 amending the list of Selling
          Stockholders to include the pledgee, donee, transferee or other successors
          in
          interest as Selling Stockholders under this Resale Prospectus. Selling
          Stockholders may sell the shares by one or more of the following methods,
          without limitation:
  ·
  block
                    trades (which may include cross trades) in which the broker or
                    dealer so
                    engaged will attempt to sell the shares as agent but may position
                    and
                    resell a portion of the block as principal to facilitate the
                    transaction;
  ·
  purchases
                    by a broker or dealer as principal and resale by the broker or
                    dealer for
                    its own account;
  ·
  an
                    exchange distribution or secondary distribution in accordance with
                    the
                    rules of any stock exchange or market on which the shares are
                    listed;
  ·
  ordinary
                    brokerage transactions and transactions in which the broker solicits
                    purchases;
  ·
  an
                    offering at other than a fixed price on or through the facilities
                    of any
                    stock exchange or market on which the shares are listed or to or
                    through a
                    market maker other than on that stock exchange or
                    market;
  ·
  privately
                    negotiated transactions, directly or through
                    agents;
  ·
  short
                    sales of shares and sales to cover short
                    sales;
  ·
  through
                    the writing of options on the shares, whether the options are listed
                    on an
                    options exchange or otherwise;
  ·
  through
                    the distribution of the shares by any Selling Stockholder to its
                    partners,
                    members or shareholders;
  ·
  one
                    or more underwritten offerings;
  ·
  agreements
                    between a broker or dealer and one or more of the Selling Stockholders
                    to
                    sell a specified number of the securities at a stipulated price
                    per share;
                    and
  ·
  any
                    combination of any of these methods of sale or distribution, or
                    any other
                    method permitted by applicable law.
  The
          Selling Stockholders and any such underwriters, brokers, dealers or agents
          that
          participate in such distribution may be deemed to be "underwriters" within the
          meaning of the Securities Act, and any discounts, commissions or concessions
          received by any such underwriters, brokers, dealers or agents might be deemed
          to
          be underwriting discounts and commissions under the Securities Act. Neither
          we
          nor the Selling Stockholders can presently estimate the amount of such
          compensation. We do not know of any existing arrangements between the Selling
          Stockholders and any underwriter, broker, dealer or other agent relating
          to the
          sale or distribution of the Selling Stockholders' securities. If necessary, we
          will file a supplement to this Resale Prospectus under Rule 424(b)(3) or
          other
          applicable provision of the Securities Act to disclose any such arrangements
          made known to us by the Selling Stockholders.
  19
  Under
          applicable rules and regulations currently in effect under the Securities
          Exchange Act of 1934, as amended, any person engaged in a distribution of
          any of
          the shares of common stock may not simultaneously engage in market activities
          with respect to the common stock for a period of five business days prior
          to the
          commencement of such distribution. In addition, and without limiting the
          foregoing, the Selling Stockholders will be subject to applicable provisions
          of
          the Exchange Act and the rules and regulations thereunder, including without
          limitation Regulation M thereunder, which provisions may limit the timing
          of
          purchases and sales of any of the shares of common stock by the Selling
          Stockholders. All of the foregoing may affect the marketability of the common
          stock.
  We
          will
          pay substantially all the expenses incident to this offering of the common
          stock
          to the public other than commissions and discounts of underwriters, brokers,
          dealers or agents. We estimate these expenses will total $20,000. The Selling
          Stockholders may indemnify any broker, dealer, agent or underwriter that
          participates in transactions involving sales of the securities against certain
          liabilities, including liabilities arising under the Securities Act.
  The
          Selling Stockholders may also sell shares under Rule 144 under the Securities
          Act if available, rather than under this Resale Prospectus. Rule 144 is
          available for the sale of restricted securities after a period of twelve
          months
          has expired from the date the securities are purchased and fully paid for.
          Under
          the tacking provisions of Rule 144, the twelve-month period will begin to
          run on
          the date the shares of common stock were purchased and fully paid for. The
          holding period for the shares issued on exercise of the common stock purchase
          warrants and the compensation options begins on the date the consideration
          for
          the purchase is paid in full. Rule 144 also imposes limitations on the amount
          of
          securities that can be sold and the manner of sale of the shares during the
          twelfth to twenty-fourth month period after the purchase of and payment in
          full
          for the securities. The limitation on the amount of securities that can be
          sold
          limits a Selling Stockholder to selling, including sales of shares made during
          the preceding three months, an amount of shares not exceeding 1% of the shares
          outstanding. This calculation is made without reflecting as outstanding shares
          issuable on conversion or exercise of outstanding debt securities, options
          or
          warrants. The manner of sale provisions require that the shares be sold in
          brokers' transactions and that the person making the sale not solicit or arrange
          for the solicitation of orders to purchase the securities in anticipation
          of or
          in connection with the sale or make any payment in connection with the offer
          or
          sale to any person other than the broker who executes the sale.
  In
          order
          to be a broker's transaction, the broker executing the sale can do nothing more
          than execute the order to sell as agent for the person selling the shares
          and
          receive no more than the customary commission. In addition, the broker cannot
          solicit or arrange for the solicitation of orders to buy the shares or be
          aware
          of circumstances indicating that the sale is a part of an unlawful distribution
          of the shares in violation of the registration requirements of the Securities
          Act. A notice of sale on Form 144 is to be filed with the U.S. Securities
          and
          Exchange Commission at the time of making a Rule 144 sale.
  LEGAL
          MATTERS
  The
          validity of the issuance of the common stock offered hereby has been passed
          upon
          for us by William S. Clarke, P.A., Princeton, New Jersey.
  EXPERTS
  The
          consolidated financial statements of GeoGlobal Resources Inc. as of December
          31,
          2005 and December 31, 2004 and for the years ended December 31, 2005, 2004
          and
          2003, and for the cumulative period from inception on August 21, 2002 to
          December 31, 2005 incorporated by reference in this Resale Prospectus have
          been
          audited by Ernst & Young LLP, Independent Registered Public Accounting Firm
          as set forth in their report thereon incorporated by reference herein, and
          are
          included in reliance upon such report, given on the authority of such firm
          as
          experts in auditing and accounting.
  20
  WHERE
          YOU CAN FIND MORE INFORMATION
  We
          are a
          public company and file annual, quarterly and current reports, proxy statements
          and other information with the Securities and Exchange Commission (SEC).
          Our SEC
          filings are available to the public over the Internet at the SEC's web site
          at
  http://www.sec.gov
  .
          You may
          also read and copy any document we file at the SEC's public reference room
          at
          100 F Street, N.E., Washington, D.C. 20549. You may obtain information on
          the
          operation of the SEC's public reference room in Washington, D.C. by calling
          the
          SEC at 1-800-SEC-0330. We also file information with the American Stock
          Exchange.
  The
          SEC
          allows us to "incorporate by reference" into this prospectus the information
          we
          file with the SEC in other documents, which means that we can disclose important
          information to you by referring you to those documents. The information
          incorporated by reference is considered to be a part of this prospectus,
          and
          information that we file later with the SEC will automatically update and
          supersede this information. Unless expressly incorporated into this Registration
          Statement, a report furnished to the SEC on Form 8-K under the Exchange Act
          shall not be incorporated by reference into this Registration Statement.
          We
          incorporate by reference the documents listed below and any future filings
          we
          make with the SEC under Sections 13(a), 13(c), 14, or 15(d) of the Exchange
          Act,
          until the offering of securities by this prospectus is completed:
  ·
  our
                    Quarterly Report on Form 10-QSB for the quarter ended March 31,
                    2006,
                    filed with the SEC on May 12, 2006;
  ·
  our
                    Annual Report on Form 10-KSB for the fiscal year ended December
                    31, 2005,
                    filed with the SEC on April 13, 2006;
  ·
  the
                    description of our common stock contained in our registration statement
                    on
                    Form 8-A (File No.001-32158) filed with the SEC on April 27,
                    2004.
  All
          documents filed by us with the SEC pursuant to Sections 13(a), 13(c), 14
          or
          15(d) of the Exchange Act after the date of this prospectus and prior to
          the
          termination of the offering are incorporated by reference into this
          prospectus.
  We
          have
          filed with the SEC a registration statement on Form S-8 (the "Registration
          Statement") under the Securities Act of 1933, as amended (the "Securities Act"),
          with respect to shares issuable on exercise of options granted under our
          1998
          Stock Incentive Plan. This prospectus, which constitutes a part of that
          Registration Statement, does not include all the information contained in
          that
          Registration Statement and its exhibits. For further information with respect
          to
          us and our Common Stock, you should consult the Registration Statement and
          its
          exhibits. Statements contained in this Prospectus concerning the provisions
          of
          any documents are necessarily summaries of those documents, and each statement
          is qualified in its entirety by reference to the copy of the document filed
          with
          the SEC. You may request a copy of these filings at no cost, by writing or
          telephoning us at the following address or telephone number:
  GeoGlobal
          Resources Inc.
  605
          - 1
  st
  Street SW, Suite 310
  Calgary,
          Alberta T2P 3S9
  Attention:
          Investor Relations
  403-777-9250
  Information
          contained on our website is not part of this Prospectus. You should rely
          only on
          the information contained or incorporated by reference in this Prospectus.
          We
          have not authorized anyone to provide you with information different from
          that
          contained in this Prospectus. The information contained in this Prospectus
          is
          accurate only as of the date of this Prospectus and, with respect to material
          incorporated herein by reference, the dates of such referenced material.
  21
  PART
          II
  INFORMATION
          REQUIRED IN THE REGISTRATION STATEMENT
  Item
          3. Incorporation of Documents by Reference.
  The
          SEC
          allows us to "incorporate by reference" information into this registration
          statement, which means that we can disclose important information to you
          by
          referring you to another document filed separately with the SEC. The information
          incorporated by reference is deemed to be part of this registration statement,
          except for any information superseded by information in this registration
          statement.
  The
          following documents filed by our company with the SEC are incorporated herein
          by
          reference:
  (a)
  Our
                    Annual Report on Form 10-KSB, filed on April 13,
                    2006;
  (b)
  Our
                    Quarterly Report on From 10-QSB for the quarter ended March 31,
                    2006,
                    filed with the SEC on May 12, 2006;
  (c)
  The
                    description of our common stock contained in the Registration Statement
                    on
                    Form 8-A filed with the SEC on April 27, 2004, including any amendments
                    or
                    reports filed for the purpose of updating such
                    description.
  All
          reports (other than portions of Current Reports on Form 8-K furnished and
          not
          filed, unless otherwise indicated therein) filed pursuant to Section 13(a),
          13(c), 14 or 15(d) of the Exchange Act after the date of this registration
          statement and prior to the filing of a post-effective amendment which indicates
          that all securities offered hereby have been sold or which de-registers all
          securities then remaining unsold shall be deemed to be incorporated by reference
          into this registration statement and to be a part hereof from the date of
          filing
          such documents. Any statement contained in a document incorporated or deemed
          to
          be incorporated by reference herein shall be deemed to be modified or superseded
          for purposes of this registration statement to the extent that a statement
          contained in any subsequently filed document which also is deemed to be
          incorporated by reference herein modifies or supersedes such statement.
  You
          may
          read and copy any reports, statements or other information we have filed
          at the
          SEC's Public Reference Room at 100 F Street, N.E., Room 1580, Washington, DC
          20549. Please call the SEC at 1-800-SEC-0330 for further information on the
          Public Reference Rooms. Our filings are also available on the Internet at
          the
          SEC's website at
  http://www.sec.gov
  .
  Item
          4. Description of Securities.
  Not
          applicable.
  Item
          5. Interests of Named Experts and Counsel.
  Not
          applicable.
  Item
          6. Indemnification of Directors and Officers.
  Section
          145 of the Delaware General Corporation Law provides generally that a
          corporation shall have the power, and in some cases is required, to indemnify
          an
          agent, including an officer or director, who was or is a party or is threatened
          to be made a party to any threatened, pending or completed action, suit or
          proceeding, whether civil, criminal, administrative or investigative (other
          than
          an action by or in the right of the corporation) by reason of the fact that
          he
          or she is or was a director, officer, employee or agent of the corporation,
          against certain expenses, judgments, fines, settlements, and other amounts
          under
          certain circumstances.
  Our
          Certificate of Incorporation limits, to the maximum extent permitted by Delaware
          law, the personal liability of our directors and officers for monetary damages.
          Our Bylaws require us to indemnify our directors and executive officers to
          the
          fullest extent not prohibited by Delaware law or any other applicable law,
          and
          permit us to indemnify its other officers. A summary of the circumstances
          in
          which such indemnification is provided for is contained herein, but that
          description is qualified in its entirety by reference to Article 5.1 of our
          Bylaws.
  22
  Under
          our
          Bylaws, we must generally advance all expenses incurred by our directors
          and
          executive officers who are party or threatened to be made party to any action
          by
          reason of the fact that each such director or executive officer is or was
          a
          director or executive officer of our company. Each advancement shall only
          be
          made if such director or executive officer undertakes to repay any such
          advancement if it is ultimately determined that such person is not entitled
          to
          be indemnified under our Bylaws or otherwise. Our Bylaws further provide
          that we
          may purchase indemnification insurance on a person required or permitted
          to be
          indemnified under the Bylaws.
  These
          indemnification provisions may be sufficiently broad to permit indemnification
          of our officers and directors for liabilities (including reimbursement of
          expenses incurred) arising under the Securities Act.
  From
          time
          to time, we may enter into individual contracts with any or all of our directors
          or officers regarding indemnification and advances, to the fullest extent
          permitted under Delaware law. We believe that these agreements and arrangements
          are necessary to attract and retain qualified persons as directors and
          officers.
  We
          carry
          directors' and officers' liability insurance coverage which insures our
          directors and officers and the directors and officers of our subsidiaries
          in
          certain circumstances.
  Item
          7. Exemption from Registration Claimed.
  Not
          Applicable.
  Item
          8. Exhibits.
  Exhibit
                    Number
  Description
  4.1
  1998
                    Stock Incentive Plan*
  5.1
  Opinion
                    of William S. Clarke, P.A.
  23.1
  Consent
                    of Independent Registered Public Accounting Firm
  23.2
  Consent
                    of William S. Clarke, P.A. (included in Exhibit 5.1).
  __________________________
  *
          Incorporated by reference to the Registrant's registration statement on Form S-8
          (File No. 333-74245).
  Item
          9. Undertakings.
  (a)
  We
          hereby
          undertake:
  (1)
  To
                    file, during any period in which offers or sales are being made,
                    a
                    post-effective amendment to this registration statement:
  (i)
  to
          include any prospectus required by Section 10(a)(3) of the Securities Act,
          as amended;
  (ii)
  to
                    reflect in the prospectus any facts or events arising after the
                    effective
                    date of this registration statement (or the most recent post-effective
                    amendment hereof) which, individually or in the aggregate, represent
                    a
                    fundamental change in the information set forth in this registration
                    statement; and
  (iii)
          to
          include any material information with respect to the plan of distribution
          not
          previously disclosed in this registration statement or any material change
          to
          such information in this registration statement;
  PROVIDED,
          HOWEVER, that undertakings set forth in paragraphs (i) and (ii) above do
          not
          apply if the information required to be included in a post-effective amendment
          by those paragraphs is contained in periodic reports filed by us pursuant
          to
          Section 13 or 15(d) of the Exchange Act that are incorporated by reference
          in
          this registration statement.
  23
  (2)
  That,
                    for the purpose of determining any liability under the Securities
                    Act,
                    each such post-effective amendment shall be deemed to be a new
                    registration statement relating to the securities offered therein,
                    and the
                    offering of such securities at the time shall be deemed to be the
                    initial
                    bona fide offering thereof.
  (3)
  To
                    remove from registration by means of a post-effective amendment
                    any of the
                    securities being registered which remain unsold at the termination
                    of the
                    offering.
  (4)
  That,
                      for purposes of determining any liability under the Securities
                      Act, each
                      filing of our annual report pursuant to Section 13(a) or 15(d)
                      of the
                      Exchange Act that is incorporated by reference in this registration
                      statement shall be deemed to be a new registration statement
                      relating to
                      the securities offered herein, and the offering of such securities
                      at that
                      time shall be deemed to be the initial bona fide offering
                      thereof.
  (5)
  Insofar
                          as indemnification for liabilities arising under the Securities
                          Act may be
                          permitted to directors, officers and persons controlling
                          our company
                          pursuant to the foregoing provisions, or otherwise, we have
                          been advised
                          that in the opinion of the SEC such indemnification is against
                          public
                          policy as expressed in the Securities Act and is, therefore,
                          unenforceable. In the event that a claim for indemnification
                          against such
                          liabilities (other than the payment by our company of expenses
                          incurred or
                          paid by a director, officer or controlling person of our
                          company in the
                          successful defense of any action, suit or proceeding) is
                          asserted by such
                          director, officer or controlling person in connection with
                          the securities
                          being registered, our company will, unless in the opinion
                          of our counsel
                          the matter has been settled by controlling precedent, submit
                          to a court of
                          appropriate jurisdiction the question whether such indemnification
                          by us
                          is against public policy as expressed in the Securities Act
                          and will be
                          governed by the final adjudication of such issue.
  24
  Signatures
  Pursuant
          to the requirements of the Securities Act of 1933, the Registrant certifies
          that
          it has reasonable grounds to believe that it meets all of the requirements
          for
          filing on Form S-8 and has duly caused this Registration Statement to be
          signed
          on its behalf by the undersigned, thereunto duly authorized in the city of
          Calgary, Province of Alberta, Canada on the 27th
  h
  day of
          July, 2006.
  GeoGlobal
                  Resources Inc.
  By:
  /s/
  /s/
                  Jean Paul Roy
  Jean Paul Roy, President and Chief
                  Executive
                  Officer
  /s/
                    Allan Kent
  (pursuant to power of
                    attorney)
  Pursuant
          to the requirements of the Securities Act of 1933, this Registration Statement
          has been signed by the following persons in the capacities and on the dates
          indicated.
  /s/ Jean Paul Roy
  Jean Paul Roy
  /s/ Allan Kent
  (pursuant to power of attorney)
  Director, President and Chief Executive
  Officer (Principal Executive Officer)
  July
                    27, 2006
  /s/ Allan J. Kent
  Allan J. Kent
  Director, Executive Vice President and
  Chief Financial Officer (Principal
                      Financial
  and Accounting Officer)
  July
                      27, 2006
  /s/ Brent J. Peters
  Brent J. Peters
  s/ Allan Kent
  (pursuant to power of attorney)
  Director
  July
                        27, 2006
  /s/ Peter R. Smith
  Peter R. Smith
  /s/ Allan Kent
  (pursuant to power of attorney)
  Director
  July
                          27, 2006
  /s/
                        Michael J. Hudson
  Michael J. Hudson
  /s/ Allan Kent
  (pursuant to power of attorney)
  Director
  July
                        27, 2006
  /s/
                        Avinash Chandra
  Avinash Chandra
  /s/ Allan Kent
  (pursuant to power of attorney)
  Director
  July
                        27, 2006
  25
  GeoGlobal
          Resources Inc.
  Power
          of Attorney
  KNOW
          ALL
          MEN BY THESE PRESENTS that each of the undersigned directors and officers
          of
          GeoGlobal Resources Inc., a Delaware corporation, which is filing a Registration
          Statement on Form S-8 with the Securities and Exchange Commission, Washington,
          D.C. 20549 under the provisions of the Securities Act of 1933, as amended
          (the
  "Securities Act"), hereby constitutes and appoints Jean Paul Roy and Allan Kent,
          and each of them, the individual's true and lawful attorneys-in-fact and agents,
          with full power of substitution and re-substitution, for the person and in
          his
          name, place and stead, in any and all capacities, to sign such Registration
          Statement and any or all amendments, including post-effective amendments,
          to the
          Registration Statement, including a Prospectus or an amended Prospectus therein
          and any registration statement for the same offering that is to be effective
          upon filing pursuant to Rule 462(b) under the Securities Act, and all other
          documents in connection therewith to be filed with the Securities and Exchange
          Commission, granting unto said attorneys-in-fact and agents, and each of
          them,
          full power and authority to do and perform each and every act and thing
          requisite and necessary to be done in and about the premises, as fully to
          all
          intents and purposes as he might or could do in person, hereby ratifying
          and
          confirming all that said attorneys-in-fact as agents or any of them, or their
          substitute or substitutes, may lawfully do or cause to be done by virtue
          hereof.
  Pursuant
          to the requirements of the Securities Act of 1933, this Registration Statement
          has been signed by the following persons in the capacities and on the dates
          indicated.
  /s/ Jean Paul Roy
  Jean Paul Roy
  Director, President and Chief Executive
  Officer (Principal Executive Officer)
  July
                        27, 2006
  /s/ Allan J. Kent
  Allan J. Kent
  Director, Executive Vice President
                            and
  Chief Financial Officer (Principal
                            Financial
  and Accounting Officer)
  July
                            27, 2006
  /s/ Brent J. Peters
  Brent J. Peters
  Director
  July
                                27, 2006
  /s/ Peter R. Smith
  Peter R. Smith
  Director
  July
                                    27, 2006
  s/ Michael J. Hudson
  Michael J. Hudson
  Director
  July
                                        27, 2006
  /s/ Avinash Chandra
  Avinash Chandra
  Director
  July
                                            27, 2006
  26
  GeoGlobal
            Resources Inc.
  REGISTRATION
            STATEMENT ON FORM S-8
  Index
            to Exhibits
  Exhibit
                      Number
  Description
  4.1
  1998
                      Stock Incentive Plan*
  5.1
  Opinion
                      of William S. Clarke, P.A.
  23.1
  Consent
                      of Independent Registered Public Accounting Firm
  23.2
  Consent
                      of William S. Clarke, P.A. (included in Exhibit 5.1).
  __________________________
  *
            Incorporated by reference to the Registrant's registration statement on Form S-8
            (File No. 333-74245).
  27