Oromin Explorations Ltd. — Capital/Financing Update 1999

Mar 22, 1999

FORM 27

This is the form of a material change report required under section 85(1) of the Securities Act and section 151 of the Securities Rules.

FORM 27

SECURITIES ACT

MATERIAL CHANGE REPORT UNDER SECTION 85(1) OF THE ACT.

REPORTING ISSUER

Oromin Explorations Ltd.

Suite 2000, 1055 West Hastings Street

Vancouver, B.C.

V6E 2E9

DATE OF MATERIAL CHANGE

March 12, 1999

PRESS RELEASE

March 12, 1999 - Vancouver, British Columbia

SUMMARY OF MATERIAL CHANGE

Oromin Explorations Ltd. (the “Company”) has arranged, subject to regulatory approval, a private placement of 2,000,000 units at $0.16 per unit to generate net proceeds of $320,000. Each unit will be comprised of one common share of the Company and one non-transferable share purchase warrant entitling the holder to purchase an additional common share of the Company for a period of two years at a price of $0.16 during the first year and $0.19 during the second year.

The Company has entered into an agreement with Camnor Resources Ltd. (“Camnor”) whereby Camnor has granted the Company an option to acquire a 50% interest in the South Salcha Property located in Alaska in consideration of the Company paying Camnor US$75,000, the Company issuing to Camnor 200,000 common shares and the Company incurring exploration expenditures totalling US$250,000, all in stages over three years. Camnor has also granted the Company an option to acquire up to a 51% interest in another mineral property located in Alaska.

FULL DESCRIPTION OF MATERIAL CHANGE

See attached press release.

RELIANCE ON SECTION 85(2) OF THE ACT

Not applicable.

OMITTED INFORMATION

Not applicable.

SENIOR OFFICERS

Name: J.G. Stewart

Title: Secretary

Phone No.: (604) 331-8772

STATEMENT OF SENIOR OFFICER

The foregoing accurately discloses the material change referred to herein.

March 22, 1999 Per: “J.G. Stewart”

Date Signature

J.G. Stewart

Name of Officer

Secretary

Title of Officer

Vancouver, British Columbia

Place

OROMIN EXPLORATIONS LTD.

Suite 2000, 1055 West Hastings St., Vancouver, B.C., Canada V6E 2E9

Phone: 604-331-8772 Fax: 604-331-8773

March 12, 1999 Trading Symbol: VSE-OME

OROMIN ARRANGES PRIVATE PLACEMENT

TO FUND ALASKA ACQUISITION

Oromin Explorations Ltd. (“Oromin”) is pleased to report that it has, subject to regulatory approval, arranged a private placement of 2,000,000 units at $0.16 per unit to generate net proceeds of $320,000. Each unit will be comprised of one common share of Oromin and one non-transferable two-year share purchase warrant entitling the purchase of one additional common share of Oromin at a price of $0.16 per share during the first year and at a price of $0.19 during the second year.

The proceeds from this private placement will be used to fund exploration expenditures and property payments in respect of the South Salcha Property in the State of Alaska. In this regard, Oromin is pleased to report that it has signed a letter agreement with Camnor Resources Ltd. (“Camnor”) whereby Camnor has granted Oromin the option to acquire a 50% interest in the South Salcha Property by paying Camnor US$75,000, issuing 200,000 shares of Oromin and incurring exploration expenditures totalling US$250,000, all in stages over three years. Camnor will be the operator of the South Salcha Property for the first year and thereafter Oromin will be the operator.

The South Salcha Property is comprised of fourteen prospecting sites located approximately fifty kilometres northwest of Teck’s Pogo deposit. Data compilation from various sources has identified a number of favourable geologic, geochemical and geophysical similarities between the Pogo deposit and the South Salcha Property.

In conjunction with the option over the South Salcha Property, Camnor has also granted Oromin an option to acquire up to a 51% interest in another mineral property in the State of Alaska.

On behalf of the Board of Directors of

OROMIN EXPLORATIONS LTD.

“J.G. Stewart”

J.G. Stewart

Secretary

NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.