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Davis Refinery Update

We want to share with you several milestones Meridian was able to achieve this week after a series of meetings in Houston, Texas. The Davis Refinery engineering firm Vepica USA, has made substantial progress in its process simulation modeling of the Refinery, and use of that model for the evaluation of different crude feedstocks and air emission analysis. Vepica will now shift focus towards working with Meridian on the evaluation of specific crude feedstocks that are available to the Refinery under tolling negotiations in progress and the completion of capital and operating costs. Vepica will be focusing on the determination of emissions values for use in permitting applications as well. The recent completion of site planning will enable Meridian to separately apply for permits for construction of the fabrication facilities, related site preparations, railway work and laydown areas. Further, we have reached a preliminary agreement with the owners of a substantial amount of process equipment that can be used in the Davis Refinery. As a result of this arrangement, Meridian believes it will be able to further compress the project schedule and achieve commercial operation on schedule.

Meridian is proud to announce that Greg Kessel, the owner of the Refinery site in Billings County, North Dakota, has joined the Meridian Board of Directors, bringing his considerable local and regional business expertise of the area. Additionally, in our efforts to negotiate process tolling agreements with E&P firms in the Bakken and nearby resource areas, Samuel J. “Skip” St. Romain III, who has spent his career in the oil exploration and production industry, has agreed to join Meridian as its Vice President of Crude Sourcing. Skip began his career with Texaco as a geologist in 1979 after graduating from the University of New Orleans (UNO) with a BS (1976) and MS (1979). He then went on to join CNG (now part of Dominion), continuing his efforts in exploration and production activity. He has focused most of his career on the successful development of early stage E&P businesses, several of which grew and were later acquired by NYSE listed companies. He has also been a principal of Gulf Outlet Resources, Evergreen Energy Partners and Offshore Resources, all of which arose by leveraging service sector capabilities and management towards E&P activities.