FORM 51-102F3 MATERIAL CHANGE REPORT

1. Name and Address of Company

Cap-Link Ventures Ltd. (the “ Company ”) Suite 2688 Bow Valley Square III 255 – 5 Ave S.W. Calgary, AB T2P 2V7

2. Date of Material Change

January 17, 2010

3. News Release

A news release was issued on January 18, 2010 through the facilities of Marketwire.

4.

Summary of Material Change

The Company announced that its wholly owned subsidiary Petrodorado Ltd., has signed a definitive agreement with Pacific Rubiales Energy Corp. to farm-in on its Moriche blockMauritia East prospect in Colombia. In addition, exploration well ME-1, situated in the Los Llanos Basin of Colombia, commenced drilling on January 17, 2010.

5. Full Description of Material Change

A full description of the material change is contained in the press release issued by the Company on January 18, 2010 and attached hereto as Schedule “A”.

6. Reliance on Subsection 7.1(2) of National Instrument 51-102

Not Applicable

7. Omitted Information

No information has been omitted from the Report on the basis that it is confidential information.

8. Executive Officer

For further information please contact Krishna Vathyam, President and Chief Executive Officer or Dan Belot, Vice President Finance and Chief Financial Officer at (403) 235-2804.

9. Date of Report

January 22, 2010

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SCHEDULE “A”

CAP-LINK VENTURES LTD.

PRESS RELEASE DATED JANUARY 18, 2010

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CAP-LINK VENTURES LTD.

Suite 2688 Bow Valley Square III 255 – 5 Ave S.W. Calgary, Alberta, Canada, T2P 2V7 Tel: (403) 235-2804 Fax: (403) 235-2817

PRESS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

PETRODORADO SIGNS DEFINITIVE AGREEMENT WITH PACIFIC RUBIALES ENERGY CORP. AND COMMENCES DRILLING THE FIRST WELL ON THE MORICHE PROPERTY IN LOS LLANOS BASIN, COLOMBIA

Calgary, January 18 , 2010 – Cap-Link Ventures Ltd. (the “Company” or “Cap-Link”) (TSXV-CAV) announces that its wholly owned subsidiary Petrodorado Ltd. (“Petrodorado”) has signed a definitive agreement with Pacific Rubiales Energy Corp. (“PRE”) to farm-in on Moriche block- Mauritia East prospect in Colombia held by PRE. In addition, the exploration well ME-1 commenced drilling on January 17, 2010.

The Moriche block is part of a 5 block joint venture previously announced on November 24, 2009 between PRE and Petrodorado in Colombia and Peru.

Krishna Vathyam, President and CEO of Cap-Link stated:

“We are very pleased to start our first well of 2010 in the Moriche Block (Los Llanos basin) with PRE. We are looking forward to working closely with PRE over the upcoming years and successfully bringing various opportunities to fruition.

Furthermore, the joint ventures between the two companies provide Petrodorado an excellent portfolio of critical mass assets that, when combined with our other projects, provide near term and long term exposure to very large resource projects both in Colombia and Peru”.

Well ME-1 Commenced Drilling on January 17, 2010

The ME-1 well is situated in the prolific Los Llanos Basin of Colombia in the Moriche Block (Mauritia – East prospect). ME-1 was spud on January 17, 2010. The objective is to drill and test multiple light oil (34 degree API) targets in the Tertiary formations of Carbonera and Mirador (primary target).

The well is expected to reach a true vertical depth of 8,370 feet. Drilling and testing is estimated to take 45 days. PRE is the operator of the ME-1 well.

Moriche Block (Mauritia East Prospect)

Petrodorado has acquired a 49.5% working interest in the Moriche Block - Mauritia East Prospect, located in the Llanos Basin of Colombia. In exchange for this working interest, Petrodorado will fund 100% of the total investment for the current exploratory phase for the block, equal to US$5.53 million.

PRE will retain a 37.5% working interest in the Mauritia East Prospect.

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CAP-LINK VENTURES LTD.

Krishna Vathyam, President & CEO

For further information please contact:

Krishna Vathyam, President and CEO or

Dan Belot, VP Finance and CFO

(403) 235-2804

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes “forward-looking statements”. Such forward-looking statements, including but not limited to Colombian or Peruvian governmental and/or regulatory approvals, the potential results of the ME-1 well, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or Petrodorado to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned that the assumption used in the preparation of the forward-looking statements, although considered reasonable at the time of preparation may prove to be imprecise and, as such undue reliance should not be placed on forward-looking statements.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company and Petrodorado disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company and Petrodorado undertake no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.

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