813245 ORBUS PHARMA

Subsequent to the effective date of the Arrangement and after the participation of Orbus in the Chamaelo Arrangement, holders of Orbus common shares ("Shareholders") will hold 100% of Newco, which will hold all of the assets and business and related liabilities formerly held by Orbus, and approximately 3.03% of Chamaelo Exploration Ltd. common shares. Holders of Convertible Debentures and Warrants of Orbus will hold approximately 1.43% of Chamaelo Exploration Ltd. (which will be non-voting shares). The exact percentage participation of securityholders of Chamaelo Exploration Ltd. will be determined on or about May 31, 2005.

Under the Chamaelo Arrangement, Chamaelo Exploration Ltd. will receive the oil and natural gas assets, which comprise certain of Chamaelo Energy Inc.'s producing assets in west-central Alberta, the Peace River Arch area of Alberta and northeast British Columbia and undeveloped lands, most of which are located in west-central Alberta and northeast British Columbia. Chamaelo Exploration Ltd. is expected to have average production of approximately 1,050 barrels of oil equivalent per day (65% natural gas) on closing of the Chamaelo Arrangement. The assets also contain approximately 112,000 (60,000 net) acres of undeveloped land. In addition, Orbus will have the option to farm-in on approximately 41,000 gross acres of option land in west-central Alberta on standard industry terms.

The management team of Chamaelo Exploration Ltd. will be led by Robert Zakresky, as President and Chief Executive Officer, Richard Sereda as Vice President Exploration, Weldon Dueck as Vice President Business Development and Nolan Chicoine as Vice President Finance and Chief Financial Officer. In addition to Mr. Zakresky, the board of directors will include Larry Moeller, Donald Cowie and Daryl Gilbert.

Participation by Orbus in the Chamaelo Arrangement is subject to various conditions including due diligence. The Board of Directors of Orbus may determine to proceed with the Arrangement in any event.

Newco intends to operate under the name Orbus Pharma Inc. and apply for a substitutional listing of its common shares on the Toronto Stock Exchange. The management team will continue to be led by Jeffrey W. Renwick, as President and Chief Executive Officer, Denis Arsenault, C.A. as Vice President Finance and Chief Financial Officer and the current Board of Directors.

An information circular will be provided to all shareholders before the end of May 2005 that will outline the details of the proposed transaction and the benefits