Maple Energy's predecessor was initially established in 1986 to invest in oil and gas related entities and assets in the United States. Between 1986 and 1988, these affiliates completed nine acquisitions, including transactions relating to oil and gas production interests and gas gathering, processing and transmission systems. In addition to these acquisitions, Maple’s predecessor also acquired two US-based companies whose assets included the addition of ten gas processing plants with capacity of approximately 300 MMcfd as well as approximately 1,287 km of natural gas gathering and transmission infrastructure. Following the completion of these acquisitions, Maple’s predecessor processed approximately 175 MMcfd of wellhead gas at its facilities and produced approximately 140 MMcfd of residue natural gas and 15,600 bpd of natural gas liquids.

In 1992, Maple’s predecessor sold substantially all of its existing US-based assets and began to pursue energy projects on an international basis, including oil and natural gas opportunities and electric power projects in Peru. The Company initiated these efforts with the launching of several energy projects in Peru’s central jungle, after winning an international tender held by the Government of Peru in March 1994. In conjunction with winning this tender, Maple executed two hydrocarbon concession agreements for exploration and production rights in Blocks 31-B, 31-D and 31-C with Perupetro as well as a lease with Petroperú to utilise and operate the Pucallpa Refinery and Sales Plant.

In 1993, the Company began developing the Aguaytía Project, an integrated natural gas and electric power generation and transmission project. Maple was responsible for all major aspects of this project, including acquiring the exploration and production licence to Block 31-C, obtaining all material permits required to commence operations, arranging all project financing requirements, and overseeing construction and commissioning of the project. This US$273 million project involved the first commercial development of a natural gas field in Peru, as well as the construction and operation of over 290 km of hydrocarbon pipelines, a gas processing plant, a fractionation facility, a power plant and the related 392 km of electricity transmission lines. The Aguaytía Project was financed principally through equity provided by a consortium of international energy companies and long-term debt. The Aguaytía Project began commercial operation in 1998.

Maple’s latest initiatives include works on its principal exploration acreage in Block 31-E and the development of an ethanol project on the northern coast of Perú. Maple has invested in various exploration activities in Block 31-E including geological campaigns, geochemistry programs, seismic processing, construction of roads and camp-sites and the drilling of two exploration wells. Maple expects to start a new seismic program in the first half of 2008 and to drill the Santa Rosa Prospect during the second half of 2008 or early 2009 to a depth of 14,750 feet. The Ethanol Project includes 10,676 hectares of land purchased as of 1 June, 2007 of which approximately 8,000 hectares are expected to be used for sugar cane planting and harvesting. The Ethanol Project industrial component will consist of an ethanol distillery whit capacity to produce 35 million gallons of ethanol per year and certain port facilities to ship the distillery’s production to Lima and abroad.