[Translation for Reference and Convenience Purposed Only]

June 25, 2008
To All Shareholders:
Osamu Watanabe, Representative Director – President
Japan Petroleum Exploration Co., Ltd. (JAPEX)
1-7-12 Marunouchi, Chiyoda-ku, Tokyo

Notification of Resolutions
at the 38 Ordinary General Meeting of the Shareholdersth

We are pleased to inform you that the following matters were reported and resolved at the 38th
Ordinary General Meeting of the Shareholders held on June 25, 2008.

Announcements: 1) Business report and consolidated financial report of the 38th Term (fromApril 1, 2007 to March 31, 2008), and audit reports from the accounting
auditor and Board of Statutory Auditors on the consolidated financial
reportJAPEX reported the foregoing items to the shareholders present at themeeting.
2) Financial reports of the 38th Term (from April 1, 2007 to March 31, 2008)
JAPEX reported the foregoing items to the shareholders present at themeeting.

Resolution Items :Item 1: Appropriation of surplus
This item was approved and adopted as proposed. It was decided to pay the year-end
dividend of 20 yen per share.
Item 2: Amendments to the Articles of Incorporation
This item was approved and adopted as proposed. JAPEX shall amend its Article ofIncorporation regarding the takeover defense measures based on the resolution at theGeneral Meeting of Shareholders.
Item 3: Election of two (2) Directors
This item, which was approved and adopted as proposed, called for the election of two (2)Directors, Junichi Matsumoto and Nobuyuki Ogura, who were newly elected and assumed
their offices.
Item 4: Awarding of Retirement Benefits to Retiring Director
This item was approved and adopted as proposed. Retirement benefits shall be awarded-1-[Translation for Reference and Convenience Purposed Only]

according to the standards specified by JAPEX in recognition of services during his tenure,and the specific amount, period and method of awarding, etc. shall be entrusted to the Boardof Directors.
Item 5: Payment of Bonuses to Directors and Auditors
This item was approved and adopted as proposed. A total amount of bonus of 87,000,000
yen (82,934,000 yen to Directors, 4,066,000 yen to Auditors) will be paid.
Item 6: Introduction of Measures to Prevent Large-scale Acquisition of JAPEX Shares(Takeover Defense Measures)This item was approved and adopted as proposed that JAPEX shall introduce Takeover
Defense Measures.

------------------------------------------------------------------------------------------------------------------------At the Meeting of the Board of Directors held after the 38th Ordinary General Meeting of theShareholders was closed, Directors with Titles and Executive Officers were elected and assumed
offices as follows;
Representative Director- Chairman
Representative Director- President
Representative Director- Executive Vice President
Senior Managing Director
Managing Director
Managing Director
Executive Officer
Executive Officer

Yuji Tanahashi(Representative Director- President)(Representative Director- Executive Vice President)

Chief Executive Officer

Osamu Watanabe

Executive Officer

Norihiko Sawara(Senior Managing Director)

Executive Officer
Executive Officer
Executive Officer

Yoichi Ohta
Junichi Matsumoto
Nobuyuki Ogura
Toyohiko KanekiyoToru Kuroda(Managing Director)(Managing Executive Officer)(Executive Officer)-------------------------------------------------------------------------------------------------------------------------<Dividend Payments>
Shareholders who have requested that dividend payments be made by transfer to a bankare asked to confirm the enclosed Dividend Calculation Form and Dividend Transfer Recipient
Confirmation.
Shareholders who have not requested the bank transfer may receive their dividend
payments at their nearby the branch of JAPAN POST BANK Co., Ltd. and post office as indicatedin the enclosed Receipt Year-end Dividends. The period of receiving payments is from June 26, 2008
to July 28, 2008.

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