X0202 4 2007-05-15 0 0000891389 SPECTRE GAMING INC SGMG 0000936713 OLAH D BRADLY 101 PRIMROSE LANE MEDINA MN 55340 1 1 1 0 CEO and President Common Stock 255000 D Common Stock 21000 I By Trust for benefit of the Reporting Person's minor children Common Stock 2007-05-15 4 P 0 160000 A 160000 I By Arcola Holdings, LLC Common Stock 2007-05-15 4 O 0 320000 0.25 A 480000 I By Arcola Holdings, LLC Warrants 2.2 2005-06-21 2010-06-21 Common Stock 150000 150000 D Warrant 1 2005-09-30 2010-09-30 Common Stock, $.01 par value 500000 500000 D Warrant 1.00 2005-10-27 2010-10-27 Common Stock 287500 287500 D Warrants 1.00 2006-05-09 2011-05-09 Common Stock 552000 552000 D Stock Options 0.88 2006-09-12 2014-06-30 Common Stock 100000 100000 D Stock Options 0.88 2015-12-31 Common Stock 500000 500000 D Warrant 1 2006-08-17 2011-08-17 Common Stock 377200 377200 D Warrant 0.25 2007-05-15 4 P 0 320000 A 2007-05-15 2010-10-28 Common Stock 320000 320000 I By Arcola Holdings, LLC Warrant 0.25 2007-05-15 4 O 0 320000 0 D 2007-05-15 2010-10-28 Common Stock 320000 0 I By Arcola Holdings, LLC The Reporting Person is not a trustee of such trust and disclaims beneficial ownership of these shares. Pursuant to participation in a financing transaction involving a warrant repricing, the Reporting Person received certain warrants and additional common stock. A limited liability company, of which the Reporting Person is a principal. Issued in connection with a loan to the Company, the exercise price and shares issuable are subject to adjustment under the terms of the Convertible Promissory Note. An adjustment occurred on 8/17/06. Pursuant to Rule 16b-3 (right to buy). Under the 2004 Stock Option Plan. 166,666 shares vest immediately; 166,667 shares vest on each of 8/1/07 and 8/1/08. /s/ D. Bradly Olah 2007-05-16