Syntroleum Accompanies Trade Delegation to Discuss Gas-to-Liquids Opportunities With African Leaders

         West Africa Has Opportunity to Turn Flared Natural Gas into
                  Engine of Economic Growth, Says Syntroleum

          Syntroleum Signs MoU to Deliver GTL Technology to Nigeria

    TULSA, Okla. and ABUJA, Nigeria, Sept. 6 At meetings with
Nigerian Vice President Atiku Abubakar and several members of the Nigerian
government last week, officials of Syntroleum Corporation
outlined an approach for Nigeria to convert its vast -- but largely
stranded -- natural gas reserves into economic and environmental benefits for
the country.  Syntroleum made its presentations as part of a bipartisan
U.S. congressional and business delegation led by U.S. House Republican
Conference Chairman J.C. Watts, Jr. (R-OK).

    "As the former Chairman of the Oklahoma Corporation Commission, I
understand the importance of energy to any nation -- developed and
developing," stated Representative Watts.  "I applaud the efforts of
Syntroleum as a pioneer in the gas-to-liquids energy field.  I am delighted
that they joined the Trade Aid mission and look forward to learning more about
their efforts in Sub-Saharan Africa."

    Eliminating the so-called "flaring" of Nigeria's natural gas presents
significant opportunities.  Due to a lack of markets, natural gas produced
during oil production in a number of countries, including Nigeria, has
traditionally been burned or vented into the atmosphere.  Current estimates of
flared or vented natural gas in Nigeria exceed 2 billion cubic feet per day,
which equates to approximately 3% of total U.S. daily natural gas consumption.
Using Syntroleum's proprietary technology for converting natural gas into
ultra clean synthetic liquid fuels, Nigeria's oil industry has the opportunity
to monetize its stranded gas reserves to produce approximately 200,000 barrels
per day of sulfur-free, aromatic-free, metal-free, high cetane synthetic fuels
for domestic use or for export to European or U.S. markets.  In addition, an
important benefit of the project may be substantial reduction of greenhouse
gas emissions in Nigeria resulting from natural gas flaring.  Part of
Syntroleum's ongoing development strategy is to identify projects that
contribute to sustainable development in developing countries and also produce
high-quality greenhouse gas emission reductions compatible with the evolving
United Nations Framework Convention on Climate Change (UNFCCC) and Kyoto
Protocol rules for registration and certification.  The Nigeria project seems
an excellent candidate to qualify for carbon credits that can be traded
worldwide under the World Bank's Prototype Carbon Fund.

    The delegation also included Reps. Eva Clayton (D-NC), Pete Hoekstra
(R-MI), William Jefferson (D-LA), John Lewis (D-GA) and Bob Schaffer (R-CO),
as well as representatives from nearly 30 U.S. companies and the Overseas
Private Investment Corporation, Export-Import Bank of the U.S. and the U.S.
Trade and Development Agency.  Delegation members met with government,
business and community leaders in Mali, Ghana, Cote D'Ivoire and Nigeria to
discuss trade, economic development, health care and democracy in the region.
Larry Weick, Syntroleum vice president for licensing and business development,
said, "This trip reaffirms our belief that Africa has great potential and that
the U.S. can both contribute to and benefit from closer economic ties with the
region.  For its part, GTL can help to monetize Nigeria's vast natural gas
reserves by converting them into ultra-clean fuels for export to Europe and
the Americas.  At the same time, by enabling the conversion of flared gas into
clean fuels, Syntroleum's GTL technology can help eliminate flaring and earn
valuable greenhouse gas emission credits, which can be traded worldwide.  The
technology is ready.  The environmental and economic benefits are
extraordinary.  And the spirit of cooperation between the U.S. and Africa
seems to be in place for GTL to make its mark in Africa."

    Mr. Weick also announced the execution of a Memorandum of Understanding
(MOU) with NI-OK, LLC, a U.S. and Nigeria-based investment group, to develop
gas-to-liquids (GTL) projects in Nigeria.  Nigerian National Petroleum Company
and Nigerian Petroleum Development Corporation are expected to identify flared
gas reserves for the project.  Syntroleum anticipates that additional Nigerian
service companies may be invited to join at a later date.  The design and
construction of any mobile marine production facilities would fall under the
planned joint venture between Syntroleum and Petroleum Geo-Services ASA (PGS).

    According to Nigerian Vice President Atiku Abubakar, "The Nigerian
government strongly supports projects to reduce gas flaring in our country.
Syntroleum's proposed project to construct barge-mounted GTL plants utilizing
flared gas represents one of the most promising alternatives for solving our
gas flaring problems."

    Consummation of the project will require the satisfaction of several
conditions, including: final selection of project candidates; execution of
definitive gas supply agreements; completion of more detailed engineering
studies; funding commitments from the partners with respect to equity
financing; completion of FEED (front end engineering design); and debt
financing with lenders.  As a result, the transactions contemplated under the
MOU may not be realized, or may only be realized under terms and conditions
that differ materially from those contemplated by the original MOU.