Press Release

MBN ANNOUNCES MAXIMUM SALTFLEETBY DISTRIBUTION

Middlefield Bancorp Limited ("MBN") is pleased to announce that on or about May 10, 2001, it will distribute approximately $1,960,000 to those former shareholders of 2M Energy Corp. ("2M") who elected, pursuant to MBN’s takeover offer, to exchange their shares of 2M for MBN Units. Each MBN Unit comprises one MBN share plus a Right to participate to a maximum of $1.35 per Right in the payment received by 2M from Roc Oil Company in respect of the Saltfleetby onshore gas field in the United Kingdom.

Saltfleetby has turned out to be substantially larger than originally estimated and, as a result, the foregoing payment is the maximum possible under the terms of the offer. Certain holders of these Rights elected to receive additional MBN shares rather than cash, as a result of which 56,149 additional MBN shares will be issued at $3.00 per share.

MBN trades on the Toronto Stock Exchange under the symbol "MBN".

For further information, contact:

W. Garth Jestley
President
(416) 362-0714

May 9, 2001