OVERVIEW

Cougar Minerals Corp. (the “Company”) is an exploration company engaged in the acquisition and exploration of natural resource properties.

Rice Lake, Manitoba

During the period the Company entered into three (3) separate option agreements to acquire interests in nineteen (19) mineral claims in the Rice Lake area of south east Manitoba. On April 7, 2009 the Company entered into an option agreement to acquire a 100% interest in fourteen (14) mineral claims (PFG claims) in the Rice Lake area, subject to a net smelter return royalty of 2%. The terms of the option agreement are 500,000 shares (issued) and $155,000 over three (3) years. On April 17, 2009 the Company entered into an option agreement to acquire a 100% interest in three (3) mineral claims (Bill claims) in the Rice Lake area, subject to a 2% net smelter return royalty of which 50% may be purchased for $1,000,000. The terms of the option agreement are 1,000,000 (issued) on regulatory approval and an additional 2,000,000 shares over two (2) years. On May7, 2009 the Company entered into an option agreement to acquire an 80% interest in two (2) mineral claims (Con claims) in the Rice Lake area, subject to a 3% net smelter return royalty of which 50% may be purchased for $1,500,000. Upon the exercise of the option the remaining 20% interest may be purchased for an additional $1,500,000. The terms of the option agreement are 420,000 shares (100,000 issued) and $57,000 ($5,000 paid) over four (4) years and at least $300,000 in exploration expenditures by the end of the fourth year of the agreement.

Saskatchewan Coal

The Company has incurred $48,732 in permit deposits to the Saskatchewan Ministry of Energy and Resources (‘Ministry”) for the granting of 51 coal permit certificates. The grant of permits entitles the Company to the exclusive rights to explore for coal over an area of 37,280 hectares. During the period the Company has incurred deferred exploration costs of $5,421.

George Field Property

The Company entered into a Farm-in agreement pursuant to which it has acquired the right to earn an interest in its first Petroleum and Natural Gas Mineral lease in the George Field, located near Fairview, Alberta. The Company will earn a 75% working interest in the lease until payout and revert to 60% of working interest after payout. To acquire its interest, the Company paid $100,000 and incurred $265,915 on drilling, seismic and consulting costs, and is obliged to drill a well to a minimum depth of 1,125 metres. The lease is freehold and not subject to the newly announced crown tax royalty increase announced by the Province of Alberta.

Hudson Bay Saskatchewan

The Company entered into an agreement dated July 15, 2008, with Noble Hydrocarbons Alta. Ltd. (“NHA”), a subsidiary of Noble Metals Group Inc., to conduct a diamond drill program on NHA’s oil shale permitted holdings located near Hudson Bay, Saskatchewan. Under the agreement, the Company has advanced $550,000 to NHA to earn an option to acquire a 25% interest in any non-hydrocarbon resources discovered in the present drill program. During the period ended June 30, 2009 management abandoned its interest in the property. Accordingly the Company incurred a loss of $549,636.