1. OGIS Conference
San Francisco
September 2011
OTCBB/OTCQB: ANFC

2. Forward Looking Statements
Statements made by representatives of Ante5, Inc. (“Ante5” or the “Company”) during the course of this
presentation that are not historical facts are “forward‐looking statements” within the meaning of federal
securities laws. These statements are based on certain assumptions and expectations made by the Company
which reflect management’s experience, estimates and perception of historical trends, current conditions,
anticipated future developments and other factors believed to be appropriate. No assurances can be given that
such assumptions and expectations will occur as anticipated and actual results may differ materially from those
implied or anticipated in the forward looking statements. Such statements are subject to a number of risks and
uncertainties, many of which are beyond the control of the Company, and which include risks relating to the
global financial crisis, our ability to obtain additional capital needed to implement our business plan, declines in
prices and demand for gas, oil and natural gas liquids, our minimal operating history, loss of key personnel, lack
of business diversification, reliance on strategic, third‐party relationships, ability to obtain rights to explore and
develop oil and gas reserves, financial performance and results, our indebtedness under our senior secured
promissory notes, our ability to replace reserves and efficiently develop our current reserves, our ability to make
acquisitions on economically acceptable terms, and other important factors. Ante5 undertakes no obligation to
publicly update any forward‐ looking statements, whether as a result of new information or future events.
2

3. Company Snapshot
Ante5, Inc. (“Ante5”, “Ante5 Oil & Gas” or “the Company”) is a high-growth, Non-Operator Exploration and
Production (E&P) company focused on the acquisition, exploration, development and production of crude
oil and natural gas properties. Ante5 focuses primarily on the Bakken and Three Forks trend in North
Dakota and Montana (Williston Basin), one of the most exciting and productive oil and gas plays in the
U.S. As of August 15th, Ante5 controlled the rights to mineral leases covering over 10,000 net acres for
prospective drilling in the Williston Basin and held working interests in 26 gross wells representing 0.71
net wells that are preparing to drill, drilling, awaiting completion, completing or producing.
Market Capitalization ~$50 million
Total Debt No debt. $10 million un-drawn revolving facility available
Company Management Bradley Berman, CEO
James Moe, CFO
Joshua Wert, COO
3

4. The Bakken
• Subsurface rock formation
located within the Williston
Basin, covering parts of North
Dakota, Montana and
Saskatchewan.
• 2008 U.S. Geological Survey
assessment estimated that there
are 3.0 to 4.3 billion barrels of
undiscovered, recoverable oil in
the Bakken Formation.
Image Source: http://esask.uregina.ca/entry/williston_basin.html
4

5. North Dakota Oil Industry
Well Count Oil Produced
6,000 5,900 160 155
5,102 140
5,000
4,407 120 113
4,061
Oil Production in the Bakken is
4,000 expected to exceed 250 million
3,646 100 barrels in the next 4-7 years
80
3,000 80
63
60
2,000 45
40
1,000
20
- -
Producing Well Count at Year End Total Barrels of Oil Produced (Millions)
Source: NDIC Department of Minerals 5
Yellow: Ante5 Estimates

6. North Dakota Oil Industry
Permits Spuds Rigs
1,950 201
2,000 2,000 200
1,850
1,800
1,675
1,800 180 Exceeded industry
prediction of 200 on 163
1,600 1,600 1,544 160 August 31, 2011
1,400 1,400 140
1,200 1,200 120
1,000 946 1,000 100 92
800 800 720 80 75
623 622
600 494 600 60 53
407
400 400 40
200 200 20
- - -
Total Well Permits granted by NDIC Total Wells Spud by Operators Peak Rig Count
Source: NDIC Department of Minerals 6
Yellow: Ante5 Estimates

7. Favorable Developments in North Dakota
Technological Breakthrough & Ongoing Evolution
New technology application (horizontal drilling + multi-stage frac’ing) has created an on-shore
resource play that is expected to increase U.S. domestic oil output by 25% within the decade.
Operators continue to evolve completion techniques that are increasing the efficiency and productivity
of North Dakota wells.
Pace of Bakken Development
Record rig activity and advancements in drilling technology is driving the pace of development in the
Bakken. Government and industry officials believe North Dakota’s record crude production will double
within a decade.
11 Billion Barrels?
In 2008, the U-S Geological Survey estimated that there were 3.0 to 4.3 billion barrels of undiscovered,
recoverable oil in the Bakken formation. Because new evidence suggests that actual recoverable
barrels is much higher, the government agency will begin to update its assessment in Fall 2011. With
the Three Forks / Sanish formation delineating rapidly, some government and industry officials are
starting to see indications that the region may reasonably yield between 7 and 11 billions barrels of
undiscovered, recoverable oil.
7

8. Non-Operator Business Model
Acquire Acreage Participate in Wells Sell Oil
Low Overhead Non-Operating expenses are limited to direct drilling and certain operating costs, while most
traditional E&P corporate overhead expenditures (e.g., seismic, legal and accounting, R&D,
geological and geophysical, etc.) are minimized or eliminated entirely.
Diversified Non-Operators leverage their operating partner’s technical capabilities and scale while, by
holding only a minority interest in many different wells, diversifying risk across geography and
operators throughout the region.
Scalable Non-Operators focus almost exclusively on acreage acquisition. With no exploration or
production staff, and no requirement to gain a majority interest in spacing units, the Non-
Operator efficiently deploys capital by cherry picking parcels as it builds a diversified acreage
portfolio. Management creates substantial market value by becoming experts at acreage
acquisition without the need to add significant general & administration expenses.
8

9. Well Operations
Spacing Unit (1280 Net Acres)
64
64
Oil & Gas Well (Operators)
• Majority interest owners (i.e., operators) may permit a well on a standard
spacing unit. Wells are usually permitted on a 2-section spacing unit. Each
section is about 640 acres. As such, a spacing unit is usually 1,280 acres.
Minority Interest (Non-Operators)
• Example: 2 Parcels, 64 net acres each. Totals 128 net acres, or 10% of the 1280 spacing unit.
• Minority interest owners have the right to elect to be pooled into a pro-rata share of costs and
revenue in those spacing units in which they own mineral rights.
Well Drilling Process & Timing*
Day 30 Day 60 Day 90 Day 120
Day 0 Day 180
Well Well Producing
Non-Operator Non-Operator Elects to Well Spud Well Drilled
Permitted
Receives “AFE” Participate in Well
* Timeline can be shorter or longer depending primarily on factors affecting successful drilling and completion of a well that are both within and beyond the operator’s control. 9

10. Ante5 Strategy
Non-Operator Maximize Bakken / Three Forks Exposure as a Non-Operator
• ~10,000 net acres (and growing) in the play. Acreage is primarily in Williams,
Mountrail & Dunn Counties in North Dakota.
• Substantial permitting activity on Ante5 acreage.
• Forecasted to be participating in 40 gross (1.0 net) wells by year-end 2011.
Acreage Acquisition Opportunistically Acquire Acreage
• Continue to cultivate strategic alliances with two men local to North Dakota. One
is a 25-year landman, the other a 25-year geologist. Together, they own about
18% of Ante5 and they have represented & warrantied title of all leases assigned
to Ante5 by them.
• Developing additional acreage acquisition channels (e.g., direct to mineral
owners, contract landmen, etc.).
Financial Flexibility Maintain Financial Flexibility and Strong Balance Sheet
• Raised more than $16 million since December 2010.
• No debt, $10 million un-drawn revolving facility available.
• Goal: National Exchange listing by Q4 2011 - Q1 2012.
10

11. Strategic Acreage Position TBD: Need New Map on Web Site
Ante5 Acreage is located primarily in Williams,
Mountrail & Dunn Counties. Zoom in on Ante5’s Williams & Mountrail Acreage*
* This map does not include all of Ante5’s leaseholds in Williams & Mountrail. A
PDF version of our full leasehold map is available at
www.ante5oil.com/Leaseholds
11

12. Diversified Operating Partners
12

13. Ante5 Well Activity – 9/22/2011
Producing Wells “Drilling” Wells
Initial Production
Includes wells that are Preparing to Drill, Drilling, Awaiting Completion, Completing
IP BOPD
Well Name Operator County (ND) WI (BOPD) Average Days Well Name Operator County (ND) WI
Christensen 159-102-8-5-1H Newfield Williams 29.99% 562 367 31 Weyrauch 15-11H Hess Williams 8.28%
A.Tufto 18-19 #1-H Brigham Williams 7.15% 2,541 809 32 Kannegeiter 160-90-17-P-1H OXY Burke 1.04%
Love 11-2 #1H Samson Williams 6.25% TBD TBD TBD
EOG Burke 1.04%
Vanville 22-2623H
Burke 24-08H EOG Mountrail 1.56% 673 290 27
Vanville 21-2635H EOG Burke 1.04%
White 157-100-17B-20-1H Petro-Hunt Williams 1.56% TBD TBD TBD
Opedahl 21x-11 XTO Williams 0.98%
Revolver 1-35H Slawson Mountrail 1.56% 1,770 856 27
Probe 1-19-30HMB Slawson Mountrail 0.77%
Marshall 1-13H Continental Dunn 1.17% 844 586 35
Lindy 156-100-10-3-1H Newfield Williams 0.67%
Olson 15-36H Hess Williams 1.04% 1135 516 28
Clearwater 1-24-25H 1 Hunt Mountrail 1.04% TBD TBD TBD Pankowski 4-6H North Plains Williams 0.66%
Talkington 21-30TFH Whiting Stark 0.80% TBD TBD TBD Marcy 1-24H Continental Williams 0.31%
En-Charles Wood-157-94-1720H-1 Hess Mountrail 0.65% TBD TBD TBD Helstad 158-99-34D-27-1H Petro-Hunt Williams 0.14%
EN-Will Trust B-157-94-2635H-1 Hess Mountrail 0.48% 402 504 20 14.93%
EN-Will Trust B-157-94-2635H-2 Hess Mountrail 0.48% 412 410 33
EN-Will Trust B-157-94-2635H-3 Hess Mountrail 0.48% 372 377 30
Hodenfield 15-23H Hess Williams 0.47% 2,042 594 33
Hess Williams 0.39%
Go-Soine A-156-97-3229H-1 TBD TBD TBD
Total: 28 Gross (0.71 Net) Wells
Tempe #1-29H Continental Divide 0.39% TBD TBD TBD
Scanlan 3-5H North Plains Williams 0.16% 819 828 23
TBD indicates that well is on Confidential Status 55.62%
13

14. Well Economics
Key Assumptions IRR EUR: 500m BOE
100%
90%
Gross EUR per Well: 500,000 BOE 80%
70%
60%
Average Well Cost: $8.5 million
50%
40%
Net Revenue Interest: 80.0% 30%
20%
Price of Oil / Gas: $90.00 / $5.00 10%
50 60 70 80 90 100 110 120 130 Price ($) / Barrel
Conclusions IRR EUR: 600m BOE
110%
100%
Present Value* - Cash Flow: $15.0 million 90%
80%
70%
Return of Capital: ~24 Months
60%
50%
$6.5 million
Net Present Value* - Asset: $6.5 million 40%
30%
20%
Well Cost $7.0 million 10%
$8.5 million 50 60 70 80 90 100 110 120 130 Price ($) / Barrel
*10% Interest Rate $10.0 million
14

15. Acreage Economics
Value of a Single Acre under Multiple Well Assumptions
$30,483
Key Assumptions
$25,403
NPV of 1 Bakken Well: $6.5 million $20,322
$15,242
Average Acres / Well: 1,280
$10,161
$5,081
NPV of 1 Acre (1 Well): $4,688 $5,081
$1,494
Ante5 Average
1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 Acquisition
Cost / Acre
Average Number of Wells per Spacing Unit
15

16. TBD
Ante5 Economics
Key Assumption
$5,081: Value of an Acre in a Drilling Unit with a Single Well (“1 Well Economics”)
Acreage Valuation (millions)
Total Acreage 1 Well 2 Wells 3 Wells 4 Wells 5 Wells 6 Wells
Current 10,276 $52 $104 $156 $208 $260 $313
Forecast 1 15,000 $76 $152 $229 $305 $381 $457
Forecast 2 20,000 $102 $203 $305 $406 $508 $610
Forecast 3 30,000 $152 $305 $457 $610 $762 $915
Other Key Assumptions: NPV of 1 well = $6.5 million, inclusive of well initial drilling and continued operating costs. The model excludes overhead and land acquisition costs.
16

17. 2011 Highlights - Production
Oil Production Oil & Gas Revenue
Barrels of Oil (BOE) Produced US$
108%
2,606 159%
250,590
1,254
96,940
0 0
2010 Q4 2011 Q1 2011 Q2 2010 Q4 2011 Q1 2011 Q2
17

18. 2011 Highlights - Wells
Producing Wells
“Drilling” Wells*
Gross Wells Net Wells
0.70
24 0.63
21 0.25
13 Forecast FYE 2011
• 40 Gross Wells
14
0.57 • 1 Net Well
0.45
11
2 7
0.01 0.06
2010 Q4 2011 Q1 2011 Q2 2010 Q4 2011 Q1 2011 Q2
* “Drilling” wells are Preparing to Drill, Drilling, Awaiting Completion, Completing 18

19. 2011 Highlights - Acreage
Net Mineral Acres Under Lease
9,640
5,687
3,712
2010 Q4 2011 Q1 2011 Q2
19

20. For More Information
www.ante5oil.com
Bradley Berman
Chief Executive Officer
bberman@ante5oil.com
952-426-1851
Stay Up to Date on
Ante5 Oil & Gas
20