Armada Oil Inc (IENI)

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Ticker: IENI

• Purchase • Sale • Planned purchase • Planned sale Net purchase Net sale Activity signal Earnings

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RAYAT HARMEL S

SECRETARY/TREASURER/CFO

3 sales — total 350,000 USD

Sale 13 May 2008

Value US$1,645,445.59 | Price 44.35 | Shares 6,935

Sale 13 May 2008

Value US$1,509,708.19 | Price 463.07 | Shares 60,782

Sale 13 May 2008

Value US$199,999.80 | Price 0.60 | Shares 333,333

Abbreviations B: Buy, S: Sell, PP: Planned purchase, PlS: Planned sale, PrS: Proposed sale, O: Option / Other

Notification date	Transaction date	B/S Transaction type	Insider and/or position	Nb. shares Price Value	Number of shares	Price	Value
2008-06-19	2008-05-13	S Sale	RAYAT HARMEL S SECRETARY/TREASURER/CFO Executive Director Large shareholder	6,935 -13.7% 44.35 US$1,645,446	6,935 -13.7%	44.35	US$1,645,446
2008-06-19	2008-05-13	S Sale	RAYAT HARMEL S SECRETARY/TREASURER/CFO Executive Director Large shareholder	60,782 -38.9% 463.07 US$1,509,708	60,782 -38.9%	463.07	US$1,509,708
2008-06-19	2008-05-13	S Sale	RAYAT HARMEL S SECRETARY/TREASURER/CFO Executive Director Large shareholder	15,953 -19.1% 110.83 US$383,132	15,953 -19.1%	110.83	US$383,132

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