BLUE STAR HELIUM LIMITED — Investor Presentation 2008

Sep 2, 2008

~~ANTARES ENERGY LIMITED~~

RIU Good Oil Conference

2[nd] & 3[rd] September 2008 Esplanade Hotel, Fremantle

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Presented by:

James Cruickshank, Managing Director & CEO

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Disclosure Statement

This presentation may include forward‐looking statements within the meaning of section 27a of the United States securities act of 1933, as amended, and section 21e of the United States securities and exchange act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements involve risks and uncertainties which could cause actual results to differ materially from those in the forward‐looking statements contained herein. Given these uncertainties, undue reliance should not be placed on forward‐looking statements.

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Investment Highlights

• Net oil production up 139% and gas production up 12%

• Proven oil reserves up over 85%

• Proven gas reserves up over 225%

• Proven undiscounted cash flow up over 260%

• Proven discounted (PV10) cash flow up over 190%

• High oil and gas prices are being realized; up to $133.96/Bbl and $13.47/Mcf

• No hedging – able to take advantage of price growth

• Significant (100+ BCF) exploration upside seen in Yellow Rose prospect

• Farm-out effort underway in the large (100+ BCF) Shaeffer Ranch prospect

• Restructuring and cost reductions completed

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• New strategic US oil and gas investor

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Company Profile

• 184 million ordinary shares (AZZ)

• $5.1 million cash as at 1 September 2008, no bank debt

• 10.5 million convertible notes (AZZG), on market buy back

• Operational focus onshore Gulf Coast, Texas, USA

• Multiple producing assets with development upside

• Technical team based in Houston, Texas, USA

• Corporate office in Perth, Western Australia

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Board of Directors

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Richard Elliott, BS(Hons) MS, MAICD - Non-Executive Chairman.

Appointed 6 July 2001. Mr Elliott is a member of AAPG (American Association of Petroleum Geologists) and the AICD (Australian Institute of Company Directors). Mr Elliott worked for Gulf Oil Corporation for six years and then Occidental Petroleum for 13 years where he was a Regional Exploration Manager before becoming Managing Director of Australian Occidental Petroleum. During his stewardship, Australian Occidental discovered the Jabiru, Challis, Harriet and Blina oil fields. After leaving Occidental he was principal of a resource consultancy firm in Western Australia and spent 6 years as Consultant to the Premier of Western Australia. Mr Elliott was a director of Arc Energy Limited from July 1998 to November 2003. Mr. Elliott is Chairman of the Nomination Committee and is a member of the Audit and Compliance and Remuneration Committees. Mr. Elliott has held no other public company directorships during the last three years.

William Hassell, A.M., J.P., LL.B., M.A, MAICD - Non-Executive Director.

Appointed 3 September 2004. Mr. Hassell is a qualified lawyer and a former State Member of Parliament, State Minister of the Crown and State Opposition Leader. Mr. Hassell’s commercial experience includes property and commercial legal work, consulting work and directorships of public and private companies. Until December 2005 and within the last three years he was a director and latterly Chairman of Hire Intelligence International Limited. Mr. Hassell has also represented Western Australia as Agent General in Britain and Europe. Mr. Hassell is a member of the Australian Institute of Company Directors and the Honorary Consul for the Federal Republic of Germany in Western Australia. He is a member of the Innovation Australia Board (Commonwealth), Chairman of its Automotive Committee, a part-time member of the Superannuation Complaints Tribunal (Commonwealth) and partner in a small private consultancy. He undertakes significant charitable and voluntary work. Mr. Hassell is Chairman of the Audit and Compliance Committee and a member of the Remuneration and Nomination committees of Antares Energy Limited.

James Cruickshank, B.Com, GDipAppnFin, GAICD, ASA, F.Fin - Managing Director & CEO.

Appointed 8 October 2004. Mr Cruickshank has over 20 years of commercial experience in Commercial Banking and Equity Markets. In addition, Mr Cruickshank has served overseas with the Royal Australian Regiment of the Australian Armed Forces as a result of being a graduate of The Royal Military College Duntroon where he was awarded the Leadership Award. Mr Cruickshank is a graduate of the University of Canberra with a Bachelor of Commerce with a double major in Banking & Finance and Accounting as well as holding a Graduate Diploma in Applied Finance with a major in Investment Analysis from the Securities Institute of Australia. Mr Cruickshank is a Graduate of the Australian Institute of Company Directors Diploma qualification. Mr Cruickshank has completed Advanced Certificates at the University of New South Wales, School of Petroleum Engineering, concerning the Oil & Gas Industry and the Australasian Investor Relations Association concerning Advanced Investor Relations. Mr Cruickshank is a member of CPA Australia and a Fellow of the Financial Services Institute of Australasia. Mr. Cruickshank is a member of the Nomination Committee. Mr. Cruickshank has held no other public company directorships during the last three years.

David Rich, B.Com, CA, Grad.Dip.CSP, ACIS - Company Secretary & CFO.

Appointed 8 July 2002. Mr. Rich is a Chartered Accountant and a Chartered Secretary with over 20 years of commercial and business experience. Mr. Rich worked for KPMG for over four years before moving into commerce in 1991. Since then, Mr. Rich has held a number of senior financial, secretarial and management positions, mostly in listed companies. In particular Mr Rich has experience in managing companies with international operations and companies in a growth stage of development.

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Top 20 Shareholders

	Twenty Largest Shareholders	Number of Shares	% of Issued Shares		Top 20 Shareholders 84,640,007 45.94% Substantial shareholders	Top 20 Shareholders 84,640,007 45.94% Substantial shareholders
1	Hep Oil GP LLC	24,000,000	13.03%
2	Yandal Inv PL	10,000,000	5.43%
3	National Nom Ltd	7,084,848	3.85%
4	Citicorp Nominees PL	6,658,908	3.61%
5	James Andrew Cruickshank	6,500,000	3.53%
6	Link Entps International	4,450,000	2.42%
						HEP Oil GP. L.L.C. 24,000,000 13.03% Yandal Investments 10,000,000 5.43% Director Participation 9,190,000 5.00%
7	Athabasca PL	3,286,038	1.78%
8	Metro West Inv PL	2,500,000	1.36%
9	ANZ Nom Ltd	2,455,185	1.33%
10	Lessar PL	2,213,000	1.20%
11	HSBC Custody Nom Aust Ltd	2,106,494	1.14%
12	Newport Sec PL	1,950,000	1.06%
13	Mark Clohessy	1,850,000	1.00%
14	Howard McLaughlin	1,756,000	0.95%
15	Johjam PL	1,600,000	0.87%
16	Merrill Lynch Aust Nom PL	1,492,082	0.81%
17	Jonathan B Kerr-Sheppard	1,350,000	0.73%
18	Naisos Holdings Pty Ltd	1,320,327	0.72%
19	Valware PL	1,040,000	0.56%
20	IanBall Investments Pty Ltd	1,027,125	0.56%

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Top 20 Note Holders

	Twenty Largest Convertible Note Holders	Number of Convertible Notes	% of issued Convertible Notes	• • •	Top 20 Note Holders 8,704,619 82.40% Significant Note Holders HSBC Custody Nominees 5,436,200 51.47% Metro West 670,012 6.34% Link Enterprises 536,999 5.08%
1	HSBC Custody Nom Aust Ltd	5,436,200	51.47%
2	Metro West Inv PL	670,012	6.34%
3	Link Entps International	536,999	5.08%
4	Naisos Hldgs PL	235,000	2.23%
5	Kaysu Hldgs No 2 PL	231,500	2.19%
6	Invia Cust PL	171,100	1.62%
7	Dorran PL	150,000	1.42%
8	Jason Yardi	136,000	1.29%
9	Michael Edward Constable	128,000	1.21%
10	Christopher L Biggins	117,808	1.12%
11	ANZ Nom Ltd	115,513	1.09%
12	RBC Dexia Investor Svcs	113,487	1.07%
13	Kampar PL	104,000	0.98%
14	Geoffrey E & SL Holman	100,500	0.95%
15	Cap Entps WA PL	100,000	0.95%
16	Gimbala PL	100,000	0.95%
17	Berger Equities PL	82,500	0.78%
18	David J & B L Le Cornu	76,000	0.72%
19	Gabriel Berger	50,000	0.47%
20	RBC Dexia Investor SVC	50,000	0.47%

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Strategic Goals

Antares has the intent of achieving the following strategic goals so as to achieve the greatest possible value of its assets for its shareholders:

1. US single focus on a proven oil and gas region ‐ achieved 2. US based office and management ‐ achieved 3. US based strategic investor ‐ achieved 4. US listing

‐ achieved ‐ achieved

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Growth Strategy

• Onshore Texas gulf coast focus on conventional oil & gas

• Short term focus on increasing production and proven reserves

• Low to medium risk, 3D seismic supported, multiple prospect potential

• Company-making reserve and production additions

• Exploration growth strategy, targeting medium depth gas plays: Cook Mountain (West Wharton), Frio (Oyster Creek), Edwards Lime (Yellow Rose), Wilcox & Queen City (Shaeffer Ranch)

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Advantages of US Operations

• High gas & oil prices – modest transport costs

• Rapid cycle time from discovery to sales

• Availability of equipment and supplies

• Technology availability

• Abundant pipeline infrastructure

• Active deal flow

• Access to land in proven oil & gas fairways

• Significant available exploration opportunities

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Active Projects

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Legend
Producing Assets
Exploration Assets
Oyster Creek
Frio Objectives
West Wharton
Cook Mountain
Objectives
Yellow Rose
Edwards Lime
Objectives
Shaeffer Ranch
Wilcox & Queen City
Objectives
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Reserves Update – 30 June 2008

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Reserves Update – 30 June 2008

30 June 2008 31 Dec 2007

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Reserves Update – 30 June 2008

HIGHLIGHTS

• Proven Oil Reserves have increased by over 85%

• Proven Gas Reserves have increased by over 225%

• Proven Undiscounted Cash Flow has increased by over 265%

• Proven Discounted Cash Flow has increased by over 190%

• 2P Undiscounted Cash Flow has increased by over 30%

• 2P Discounted Cash Flow has increased by over 20%

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The prices used by LaRoche Petroleum Consultants, Ltd are the same as those which would hav been used if this report were prepared for filing with the SEC. Oil prices are referenced to a per-barrel NYMEX West Texas Intermediate (WTI) closing price as at 30 June 2008 adjusted for gravity, crude quality, transportation fees and regional price differentials. This price was $136.50/bbl. Gas prices are referenced to a per-MMBtu NYMEX Henry Hub closing price as at 30 June 2008 adjusted for energy content, transportation fees and regional price differentials. This price was $13.095/MMBtu. Prices are held constant which is consistent with SEC guidelines.

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West Wharton - Wharton County, Texas Outlar‐1

Project : West Wharton Well name: Outlar‐1 Spud: 12 Aug. 2007 Total depth: 11,911 feet Primary target: Cook Mt. Operator: CICO Oil & Gas Antares WI. 26.25% Acreage: 1,500 acres Current production: 2.6 MMcf/d 170 bbls/day Size (GIIP) 4+ BCF (OOIP) 100+ MBO In production: 15 Dec. 2007

• •3D seismic, amplitude and AVO supported

• •Additional prospects & development locations

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West Wharton - Wharton County, Texas Idealised Depositional Model

Type Log Over Pay Interval – Egypt Field Walter Duncan No. 5

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Egypt Field
50+ BCF
Outlar #1
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10 BCF & 115,000 BO
Averaged over 6.5 MMCF/day for 2 years
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Relative Positions ‐ Not to Scale

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West Wharton - Wharton County, Texas Future Drillin Locations g

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Outlar #5
Outlar #4
Outlar #3
Outlar #2 (Stewart #1)
Outlar #1
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West Wharton - Wharton County, Texas Outlar‐1

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West Wharton - Wharton County, Texas Outlar‐1

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At $100/bbl oil and $10/mcf gas, the current rates of production are netting Antares over $250,000/month

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West Wharton - Wharton County, Texas Stewart‐1

Project : West Wharton Well name: Stewart‐1 Spud: 8 May 08 Total depth: 11,910 feet Primary target: Cook Mt. Operator: CICO Oil & Gas Antares WI. 26.25% Acreage: 1,500 acres

COMMENTARY: The Stewart No. 1 reached TD on 7 June 2008. After evaluating the e‐logs and re‐ examining the seismic data, it became apparent that the Stewart well bore was just outside the main depositional channel. A sidetrack location has been identified with a turnkey drilling price of $1.8MM. If the sidetrack proves successful, continue development of West Wharton Field.

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Oyster Creek, Brazoria County, Texas

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Frio Sandstone Fairway
Oyster Creek
Prospect: Oyster Creek
Location: Brazoria County Texas
Size: 1,700 acres
Operator: Slawson Exploration
Antares’ Equity: 67‐75% working interest
Target: Frio, Anomalina sands
Depth: 12,000‐13,000 feet
Potential: 2‐20 BCFe
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Oyster Creek, Brazoria County, Texas

Wells Harrison‐1 Harrison‐2 Harrison‐3 Producing Scott‐2 Producing Harrison‐2 Harrison‐3 Planned Scott‐2 Harrison‐1 Depleted

Oyster Creek Harrison‐2

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‐ Harrison 2

Spudded: 30 December 2007 Total depth: 13,040 feet Operator: 25% Slawson Exploration Antares Energy: 75% working interest In Production: 20 May 2008 Log Analysis: 164 feet gross pay 67 feet net pay First sand tested Frio F41 Gross sand thickness 28 feet Perforation interval 12,878‐12,883 feet (5 feet) Flow rate: ~265 bbls/day oil + 0.9 MMcf/d gas

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Oyster Creek Harrison‐2

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Oyster Creek Harrison‐2

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At $100/bbl oil and $10/mcf gas, the current rates of production are netting Antares over $550,000/month

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Oyster Creek Future Exploration and Development

Harrison-3 is now being planned to encounter the Frio F41 as seen in the Harrison-2.

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Yellow Rose, McMullen County, Texas

• 50% working interest with San Isidro Development Co. operating, Antares manages technical aspects of seismic acquisition, processing & interpretation

• 72 sq mile new 3D speculative seismic survey

• Survey costs were split three ways (Antares, SIDC, Pioneer Resources)

• 8,200 acres leased over most attractive reefal features

• Targeting prolific proven south Texas Edwards Lime fairway

• Pioneer Natural Resources currently making material discoveries in the trend.

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Yellow Rose Pioneer Makin Material Finds g

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http://library.corporate‐ir.net/library/90/909/90959/items/304136/PDX081108.pdf

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Yellow Rose, McMullen County, Texas

MAJOR Discoveries on Trend

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Tilden Dome Field
Tilden South Field
Cum Gas Production +16
+207 BCF
BCF
3D Survey
Primary area of interest
Dilworth SE Field
Cum Gas Production
+ 82 BCF
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Yellow Rose

Edwards Lime Trend Map ‐ McMullen County, Texas

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McMullen County Pawnee Field
Yellow Rose
Project
Edwards Limestone Trend
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Yellow Rose McMullen County, Texas

8,200 acres leased

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N
X/Y:
2122141
Feet 82 A-680
43 1/2
24204 3 A 242043
38 39 C.S. BUR
R. RAMONA-406
A-414 J.M. HOU ST ON
42
N. WRIGHT
A-491
43
J.I. DIAZ
A-176
22
21
ON R. VASQUEZA-486
A-552
T. BENITESA-66
1515
3939
J. POITEVENTA-374
A-487
1818 J.M. HOUSTON J. STEELEA-825
RUDDERRUDDERE.M.E.M.
2626
LANELANEA-693A-693 3030
M.R. MILLERM.R. MILLERA-934A-934
2525 2323 2424
2122141
GE J. KINNEY 27 28
A-290
T.R. KUYKENDALL
6 A-1041 13 12
J. COLSTONA-163 37 8
18
40 9
29
41 T. & N.O. R. R.CO.A-4 81
J. RABIN A-8 78
49 4 30
T. HANCOCKA-226 C. LERMAA-294
493 14
J. STEELEA-826
27
1
15
5 COMANCHE CREEKIRR.CO.A-597 23 8
16
26
17 24 25
350 4 3 D.M. STAPPA-428 22 23
A-550 19
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LEONA I. & MFG.CO. 2 7
1
S.O. PETTUSA-353 M.E. LOWEA-686
20 21 J.F. HENRYA-1286 C.D. WYATTC.D. WYATT A-1288A-1289 A-1285G
J.I. DIAZA-175 31 16 ATKINSONA-1000 525 A-998 52015 S. RENSHAWA-859
8 1 G.C. WESTA-1092 H.T.& B.R.R.CO.A-272 J.F.TORRY& CO.A-461 J.S. LE GRAND25 A-618 26 H.T.& B.R.R.CO.A-273
R. VASQUEZ 6 14 13
A-877 G.C. WESTA-1093 J.S. LE GRANDA-617 H.T.& B.R.R.CO.A-271 H.T.& B.R.R.COA-253
J. POITEVENTA-373
50 6 9 6 5 2 5 11
A-9 39 J.V.E. C O A-7VEY 55
B.S. & FORWOODB.S. & FORWOODA-A- 5 8282 29 J. POITEVENTA-370 J. STEELEA-828 J. POITEVENTA-371 W. STEELEA-1085 H.T.& B.R.R.CO.A-267 H. PEA-10 RE84 S S.H. HO LL A-6AND 82 H.T.& B.R .R .CO.A-2 70
STA TE 11 12 13 4 3 4 9 12
J.H.D.
CATTLE CO.DAY LAND&
10 10
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A-679 A-1039 T.R. KEYKENDALL
N. SCOTT A-480
T. & N.O.R.R.CO.
9
30
2
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4 9
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G.C.&S.F.R.R.CO. T.R. KUYKENDALL M.A. KEYKENDALLA.S. KEYKENDALL13 12
G.C.&S.F.R.R.CO.A-678
18
T.R. KUYKENDALLA-1040 29
T. & N.O. R.CO.A-4
J.M. HOUA-8ON
49
23
26
24 25
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25 26
6 14 13
50 11
A-9 H. PEA-10 S S.H. HO A-6AND H.T.& B.R .CO.A-2 J.V.E. C A-7VEY
STA 3 4 12
A-680CO. J. KINNEYA-290 43 1/2
T.R. KUYKENDALLA-1041
8 N. SCOTTA-421 T. & N.O.R.R.CO.A-480
5
G.C.&S.F.R.R.CO.A-679 T.R. KUYKENDALLA-1039 G.C.&S.F.R.R.CO.A-678
T.R. KUYKENDALLA-1040
A-1 700
6
A-163 37
J. COLSTON 38 39
40
41
J. RABINA-414
A-226
T. HANCOCK C. LERMAA-294
6 M.J. DE LEONA-293
5
22
21
NA-350 4 3
A-550
LEONA I. & MFG.CO. A-552 2
LEONA I. & MFG.CO.
S.O. PETTUSA-353
J.I. DIAZA-175
A-487
R. VASQUEZ A-65
T. BENITES
G
A-1257 A-1256 A-1258 A-1259 A-1255 A-1079
M.A. KEYKENDALL A.S. KEYKENDALL T.R. KEYKENDALL W. KEYKENDALL A.E. DILWORTH W. KUYKENDALL
G.C.& S.F.R.R.CO. A-875
A-428
A-1281
BURBANKS
CS
R. RAMON A-406
R. RAMON A-407
J.K. DONNAN A-1104 N. WRIGHT A-490
E. BARGAS A-63
A-14 E. BARGAS A-64 W. PATTERSON A-360 D.M. STAPP A-424
W.W. ALLSBERRY A-178 A-177
A-194 C.R. DUNCAN
C.R. DUNCAN
H.M. FRAZER A-193 H.M. FRAZER
G. BRIGHT A-60
A. TORES A-456 A-59
A. TORES A-457 G. BRIGHT G.C.16 WEST
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Yellow Rose McMullen County, Texas

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Yellow Rose

Seal Map (Isopach from Edwards to Austin Chalk)

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Yellow Rose The Path Forward

• Spud of first Yellow Rose well expected in 4Q2008.

• •1[st] well to be a vertical test to approximately 12,000’

• Extensive coring and logging suites will be run to further study reservoir development

• Determine if vertical or horizontal well bores will be needed to develop field

• Generate field development plan to maximize NPV

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Shaeffer Ranch, Jim Wells County, Texas

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•85 sq mile new 3D
seismic survey (Rowena
survey)
•8,040 acres leased LonesomeDove‐1
Jean H. Zwernemann‐1
Freeborn‐1
16 kms
15 kms
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Rowena Deep Structure

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Max Vertical relief = 335 m
Nearest Wilcox
Max Closure=52 km [2 ] (13,000 acres) Discovery 3 Miles
(5 Km.) west of Jean
200+ BCF reserve potential H. Freeborn-1
Very large structure
Nearby Hostetter field 160+BCF & Bold Forbes 50+BCF
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Shaeffer Ranch A Potential Company Maker

Jean H. Freeborn-1

• 50% equity

• 13,000 acre closure

• 200+ BCF pre-drill potential

• High quality 3D seismic

• One in four chance of success

• Pre-drill risk: reservoir presence and quality

• Produced gas to surface

• 75 feet of Wilcox sand encountered

• Currently suspended

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Shaeffer Ranch

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Shaeffer Ranch

The Path Forward

• Northern flank drilling location identified

• Currently evaluating possible farm‐down

• Spud of northern flank well expected in 2009

• Generate field development plan to maximize NPV

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Prospect inventory

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200 200
Yellow Shaeffer
Rose Ranch
20 20
Oyster
Creek West
Wharton
2 2
Wilcox
Frio
Low Med High Edwards
>40% 25%‐ 40% 15%‐25% Cook Mt
Technical Risk – Probability of Success
Exclusion
zone
Net BCF
Reserve Impact
Net BCF
Reserve Impact
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Summary prospect inventory

Project	Prospects	Formation	Net Project Potential BCF	Working Interest	Risk
Shaeffer Ranch	Rowena	Wilcox	100+	50%	Med to High
Oyster Creek	Harrison	Frio	10-20 200,000+ bbls oil	67.5 – 70%	Low to Med
Yellow Rose	Edwards	Edwards Limestone	100+	50%	Medium
West Wharton	West Wharton	Cook Mountain	10-20	26.25%	Medium

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Summary

• Board of Directors and Management are committed to success

• Existing self sustaining cash flow

• Existing production and reserves with significant development upside

• Two potentially company making prospects to be tested in the short term

• Financial focus to achieve a successful outcome for shareholders

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