**Exhibit99**

 
| **WATER FLOODING** | **VALUATIONS** | **RESERVOIR STUDIES** |
|--------------------|----------------|-----------------------|

 
| ** ** | ** **                |                             |   |   |
|------------|---------------------------|-----------------------------|--------|--------|
| ** ** | ** **                |                        |   |
| ** ** | Telephone  (940) 723-2166 | 811 Sixth Street, Suite 300 |   |
| ** ** |                      |                        |   |
| ** ** | FAX (940) 723-8113        | Post Office**Box 2249       |   |
| ** ** | ** **                |                        |   |
| ** ** | ** **                |                        |   |

 
| ** ** | ** ** | WICHITA FALLS, TEXAS |   |   |
|------------|------------|----------------------|--------|--------|
| ** ** | ** ** | 76307-2249           |   |   |

 

April 15, 2010

 

Oakridge Energy, Inc.

4613 Jacksboro Highway

Wichita Falls, Texas  76302

 

Re:          Valuation of Oakridge Energy, Inc.

As of February 28, 2010

Oakridge Energy, Inc.’sInterest

Oil and Gas ProducingProperties

Colorado, Mississippi,Oklahoma and Texas

 

Gentlemen:

 

We have prepared theannual Valuation as of February 28, 2010 for the Oakridge Energy, Inc.working interests and overriding royalty interests in certain oil and gasproducing properties in Colorado, Mississippi, Oklahoma and Texas, as yourequested.  Stephens Engineering hasprepared the annual valuation reports for the past twelve years.  This report covers all of the oil and gasproducing properties in which Oakridge Energy, Inc. owns an interest.  The Oakridge Energy, Inc. net oil andgas reserves, future net income, and total present worth values discounted at10 percent compounded annually for this future net income as of February 28,2010 from the proved developed producing and proved undeveloped reservecategories are as follows:

 
| ** **           | ** ** | **Proved**    | ** ** | ** **      | ** ** |
|----------------------|------------|---------------|------------|-----------------|------------|
| ** **           | ** ** | **Developed** | ** ** | **Proved**      | ** ** |
| ** **           | ** ** | **Producing** | ** ** | **Undeveloped** | ** ** |
|                 |       |          |       |            |       |
| Future Net  Reserves |       |          |       |            |       |
| Oil, Barrels         |       | 110,458       |       | 554,636         |       |
| Gas, MCF             |       | 220,082       |       | 0               |       |
| Future Net  Income   |       | $             | 2,904,113  |            |       |   |
| Total Present  Worth |       |          |       |            |       |
| Value                |       | $             | 1,503,881  |            | $          | 17,587,672 |   |
|                      |            |               |            |                 |            |  |  |

 

The proved undevelopedoil and gas reserves also have been scheduled out on a cash flow basis in thisreport, and this valuation tabulation is included in the last section of thisreport.

 

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Also, it has beensummarized on an Estimated Rate of Withdrawal and Valuation Tabulation followingthe summary of the proved developed producing reserves presented after thisletter.  There are no proved developednon-producing, probable or possible oil and gas reserves assigned to any of theproperties in this report.

 

The combined orsummarized Estimated Rate of Withdrawal and Valuation Tabulations followingthis letter include the future net income to Oakridge Energy, Inc. byyears and the present worth of this net income discounted at 10 percentcompounded annually.  Future operatingexpenses have been estimated based on actual, historical expenses.  Oil and gas prices and operating expenseshave been held constant.  Ad valoremtaxes have been included in the operating costs based on the tax percentageapplied to each future year’s net income. No attempt was made to determine the salvage values of the wellsincluded herein, and for all properties the salvage value is presented aszero.  In addition, we have shown thetotal present worth of the future net income to Oakridge Energy, Inc. forfive other present worth factors, these being 5 percent, 15 percent, 20percent, 25 percent and 30 percent.  Thecombined Estimated Rate of Withdrawal and Valuation Tabulations have beencomputed from the individual lease valuation tabulations for each category ofreserves included in this report.

 

The definitions of provedoil and gas reserves presented in this report conform to those required by theSecurities and Exchange Commission (SEC). The basis for estimating oil and gas reserves is consistent with acceptablemethods used in valuation reports of this type. In some cases the reserves were estimated by the extrapolation ofestablished decline trends and in other cases the reserves were determinedvolumetrically and by analogy with other similar, nearby reservoirs.  The reserve estimates presented herein arebased on our best judgment using data available at the time.

 

While the oil and gasindustry may be subject to regulatory changes from time to time that couldaffect an industry participant’s ability to recover its oil and gas reserves,we are not aware of any such governmental actions which would restrict therecovery of the February 28, 2010 estimated oil and gas volumes.  The reserves estimated in this report can beproduced under current regulatory guidelines.

 

Estimates of oil andnatural gas should be regarded only as estimates that may change as furtherproduction history and additional information become available.  Not only are such reserves estimates based onthat information which is currently available,

 

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but such estimates arealso subject to the uncertainties inherent in the application of judgmentalfactors in interpreting such information.

 

Average gross oil and gasprices were used for the 12 month period prior to the effective date of February 28,2010.  These prices include anydifferentials or adjustments due to contractual obligations.  Applicable State severance taxes werededucted from these gross oil and gas prices.

 

Oakridge Energy, Inc.has interests in leases which are currently shut-in and in leases which areproducing but are non-commercial (below the economic limit).  These leases were assigned no reserves andare considered to have no value.  Theseleases have been listed on the General Data Summary Tabulation along with thecommercial properties.

 

This report contains allpertinent data, methods, and discussions used in arriving at the estimates ofrecoverable oil and gas and the valuations of the various properties.  The Oakridge Energy, Inc. ownershipinterests and other pertinent data have been accepted as presented, andStephens Engineering has not attempted to verify them.  Stephens Engineering has not performed leaseinspection trips to the properties included in this report.

 

The total present worthvalues presented in this Valuation should not be construed as the Fair MarketValues or Loan Values of the Oakridge Energy, Inc. interest in theproducing properties valued herein.  TheFair Market Value of an oil and/or gas producing property is considered to bethe present worth of the future net income from the oil and gas zones which arepresently perforated and productive, plus the present worth of the additional potentialrecoverable oil and gas through additional perforations, additional leasedevelopment and workover possibilities plus the salvage value of equipment, allproperly discounted to permit a margin of profit to the purchaser and toconsider the risks involved in obtaining that profit.  The Fair Market Value is further defined as aprice agreed upon between a willing buyer and a willing seller, each inpossession of all known facts.

 

Stephens Engineering hasused all procedures and methods that it considers necessary to prepare thisreport.

 

We will be pleased todiscuss this report with you at your convenience.

 

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|   | Yours very truly,      |
|--------|------------------------|
|   |                   |
|   | STEPHENS ENGINEERING   |
|   | TBPE No. F-2125   |
|   |                   |
|   |                   |
|   | /s/ Bruce L. Robertson |
|   | Bruce L. Robertson     |
|   |                   |
|   |                   |
|   | /s/ Bob Gilmore        |
|   | Bob Gilmore            |

 

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