INTRODUCTI ON

Overview. Syntroleum Corporation (NASDAQ: SYNM) is the developer and owner of the proprietary
Syntroleum Process for catalytically converting natural gas and other hydrocarbon feed stocks into
synthetic liquid fuels and specialty products. With its gas-to-liquids (GTL) and product upgrading
technologies (Synfining
TM
), the company participates with others in developing oil and gas projects.
Integration of its technologies into these projects enables otherwise stranded assets such as flared gas,
associated/remote gas and natural gas liquids to be monetized. The company also licenses its GTL and
product upgrading technologies to others and provides technical support to those licensees involved in
developing their own GTL projects. On August 21, 2003, Syntroleum announced its plans to
commercialize a small barge-mounted GTL plant (GTL Barge).
SYNTROLEUM GTL BARGE
The GTL Barge is designed to develop offshore natural gas assets in the 1-3 TCF range where there is
currently no infrastructure to produce and transport the stranded reserves since the fields are not large
enough to support an LNG facility. By employing the barge the owner/operator of the field will get the
added benefit of being able to book the reserves. The barge solution builds on the strengths and safety
advantages of Syntroleums air-blown gas-to-liquids conversion process, which has taken more than $100
million and 20 years to develop. The company believes that the use of air instead of pure oxygen in the
process is a much less capital-intensive approach that reduces the size of the plant and facilitates the barge-
mounted solution.
The mobile plant enables an exploration and production company to produce and thus monetize stranded
gas fields. These reserves are stranded because they are too far from markets to be economic using
pipelines and other transportation methods. The GTL Barge will focus on offshore gas reserves in shallow
water or onshore gas reserves that are near the coastline. Assuming a benchmark West Texas Intermediate
crude price of $20/Bbl, the GTL Barge is expected to produce annual cash flow of $70 to $100 million and
will target a pre-tax, unlevered internal rate of return of between 20% and 30%. Driving the development
and commercialization of the GTL Barge is Jack Holmes, President and Chief Operating Officer of
Syntroleum. Holmes, previously President and Chief Operating Officer of Zilkha Energy Company from
1986 until it was merged into Sonat, Inc. in 1998, successfully orchestrated Zilkhas early adoption of 3D
seismic technology to develop gas reserves in the Gulf of Mexico. Syntroleums GTL Barge could
revolutionize the way oil and gas companies deal with gas in their international portfolios. It allows them
to book 1 to 3 TCF (representing 100-300 million barrels of liquid products) with minimal geologic risk.
Also, it enables producers to do this at projected finding, development and production costs comparable to
industry average levels. Another benefit is that a GTL Barge would produce these reserves over a 20-year
life, reducing the uncertainty of future production levels.
Of the estimated 5,500 TCF of gas reserves worldwide, nearly one-half is stranded, with over 50% of those
reserves being offshore. Syntroleum is focused on fields in the 1 to 3 TCF range, which are too small to
justify LNG plants, or large land based GTL plants. With specific screening criteria, such as a fields
proximity to shore and its geographic location, Syntroleum has identified more than 40 uncontracted gas
fields as initial targets for development, representing an 8 billion Bbl opportunity. This barge mounted
plant provides an excellent opportunity for E&P companies to enhance net asset value and produce stable,
long-lived cash flow at very attractive rates of return.
New regulatory changes in developed countries and market forces worldwide are driving demand for
cleaner fuels and alternatives to flaring gas. The plant is ideally suited to process associated rich gas that
might otherwise be flared or re-injected. Estimated worldwide flared gas is enough to feed approximately



60 Syntroleum GTL barges. A single GTL barge is designed to produce 20,000 barrels per day (Bpd) of
total liquid products. This includes 12,000 Bpd of GTL products of which 8,000 Bpd is zero sulfur diesel
fuel and 4,000 Bpd of GTL Naphtha. The balance is a mix of traditional natural gas liquids consisting of
3,000 Bpd of Naphtha and 4,300 Bpd of LPG.
Syntroleums GTL Barge plant design represents a significant advancement in GTL technology. Based on
Syntroleums internal estimates, the GTL Barge will cost approximately $300 million, which reflects much
lower up front capital costs. The Companys engineers explored every possible way to reduce cost, without
compromising safety. The concept is driven by a proprietary design that uses a simplified air based GTL
process with less equipment and somewhat lower process efficiency. Given the large up front capital cost
of GTL plants, Syntroleum has focused on plant capital efficiency and the net result is much higher overall
rates of return over the life of the project. On a $/Bbl of daily capacity basis, the GTL Barge should
achieve unit cost efficiencies previously attainable only with much larger plants, typically above 50,000
Bpd. The compact configuration builds on the economy of construction methods versus economy of scale.
The plant sits on a barge 250 feet by 450 feet weighing approximately 35,000 metric tons. Given the safety
issues of dealing with pure oxygen, the Company believes air based systems have a significant advantage in
a marine environment. In addition, the mobility of a barge-mounted plant would enable the operator to
mitigate long-term project and financial risk by having the ability to relocate the barge. The barges will be
constructed in shipyards, in areas of the world with high quality, low cost labor.
Other process industry companies have proven that decreasing plant capital and operating costs are directly
related to successive construction of multiple plant units of similar engineering design. Syntroleum intends
to capitalize on this experience-curve concept as multiple GTL Barges are deployed over the next 10 years.
With each new GTL Barge managed and built in world-class, cost-competitive shipyards, capital costs are
expected to decline even further from the initial GTL Barge plant. This continuing experience factor
should also improve scheduled delivery times and help meet the expected increasing demand for the GTL
Barge by the E&P industry.













TRANSACTION
Syntroleum is actively seeking strategic and financial partners to construct its first of several GTL Barges.
The first barge will cost approximately $300 million, not including gas field development costs. We
anticipate the capital to be reduced significantly as subsequent barges are built.

2


GTL BARGE ECONOMI CS
GTL BARGE SUMMARY CASH FLOW
(1)


(200)
(150)
(100)
(50)
-
50
100
2004 2007 2010 2013 2016 2019 2022 2025
M
i
l
l
i
o
n

$


GTL BARGE IRR SENSITIVITIES BASED ON VARYING WTI CRUDE PRICES
2 GPM
3 GPM
15%
25%
35%
45%
55%
15.00 20.00 25.00 30.00 35.00
WTI $/Bbl
I
R
R


Source: Syntroleum Corporation
(1) Cash Flows are on a pre-tax, unlevered basis. Product prices are based on a reference price of WTI Crude = $20/Bbl. Cost of purchasing
natural gas is assumed to be $0.50/mcf. The NGL Content of the natural gas is assumed to be 2.0 gallons per mcf (GPM).

This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, statements relating to
the capabilities, costs, economics of projects using and financing plans for the GTL Barge, possible reserve additions by oil and gas producers, testing, certification,
characteristics and use of synthetic fuels and alternative fuels, the Syntroleum Process and related technologies and products, GTL plants based on the Syntroleum
Process (including the development of planned plants), the economic use of such plants and the continued development of the Syntroleum Process. When used in this
document, the words "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "plan" "should," and similar expressions are intended to be among the
statements that identify forward-looking statements. Although Syntroleum believes that its expectations reflected in these forward-looking statements are reasonable,
such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. For discussion
of these risks and uncertainties we refer you to the risks described under Risk Factors in our Annual Report on Form 10-K.
3


4
SUMMARY INVESTMENT HI GHLI GHTS
GTL Barge Revolutionizes the
Management of Natural Gas
Reserves Internationally
Enables the economic production of stranded gas reserves from 1 to 3 Tcf in size
(too small for viable LNG plants) with very little geologic risk at very competitive
finding, development and production costs
Long life secure reserves balance an E&P companys portfolio against lower R/P
ratios and declining production
Solves flaring problem to allow production of associated oil reserves.
Enormous Potential Market Greater than 2,500 Tcf of discovered, stranded gas reserves, globally, which
represents approximately 250 billion barrels of GTL fuels
Over 1,300 gas fields with reserves between 0.5 and 5 Tcf means ample
opportunity to deploy Syntroleum technology with limited competition
Very large worldwide middle distillates market (>25 million Bpd) means new GTL
capacity will be easily absorbed into such a sizable market
Air Blown Process Yields
Significant Competitive
Advantage
Air blown process can economically scale down to 10,000 Bpd of capacity vs
35,000 to 50,000 Bpd for more expensive oxygen based processes
Air based systems much safer than oxygen in a marine environment
The barge solution builds on the strengths and the safety advantages of
Syntroleums air-blown gas to liquids conversion process which has taken more
than $100 million and 20 years to develop.
GTL Barge Targeting an 8+
Billion Barrel Opportunity
Detailed screening of over 600 fields yielded high-graded target list of 40
uncontracted stranded gas fields containing 60+ Tcf of gas (represents
approximately 8 billion barrels of clean diesel, naphtha, natural gas liquids and
condensate)
Very Attractive Returns for GTL
Barge
At WTI crude oil price of $20/barrel, the GTL Barge is expected to produce annual
cash flow of $70 to $100 million and pre-tax, unlevered internal rate of return
between 20% and 30%
Environmental Regulations
Driving Adoption of Cleaner
Fuels
Impending low sulfur and other regulations in the U.S., Europe and Japan are
driving the adoption of cleaner fuels. Ultra clean GTL diesel fuel contains zero
sulfur and zero aromatics and performs significantly better than conventional diesel
Anti gas flaring regulations create advantageous environment for GTL Barge.
Producers could also earn valuable carbon credits by extinguishing flared gas
Experienced and Focused
Management Team
Founder, Chairman and CEO Ken Agee has an extensive technical background and
is listed as inventor on several U.S. and foreign GTL patents with several more
pending
President and COO Jack Holmes, who joined the Company in October 2002, has a
proven track record of building sizable oil and gas companies. In addition to
successfully building and selling Zilkha Energy, Mr. Holmes was CEO of Sonat
Exploration, COO of El Paso Merchant Energy, and spent ten years at Exxon
Management and technical team includes members with many years of experience
in the industry, most with major oil companies and over 24 with advanced degrees,
including 8 PhDs.
Substantial Intellectual
Property Protection
Approximately 100 patents issued or pending. Several patents filed on GTL Barge
process and method.
The company is up to date on the intellectual property within the GTL industry and
applies a strict corporate policy to respect the intellectual property of other
companies.

For more information, please contact: Ken Roberts, Senior Vice President, Business Development,
Syntroleum Corporation, Tulsa, Oklahoma, USA
Email: gtlbarge@syntroleum.com Tel: +1-918-592-7900 Fax: +1-918-592-7979
www.syntroleum.com/gtlbarge