COMET RIDGE LIMITED — Board/Management Information 2008

Aug 21, 2008

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22 August 2008

COMET RIDGE LIMITED APPOINTS NEW MANAGING DIRECTOR

• Mr David Bradshaw appointed as Managing Director

• Mr Andy Lydyard appointed as Non-executive Director

The Board of Directors of Comet Ridge Limited (" Company ") is pleased to announce the appointment of Mr David Bradshaw to the position of Managing Director effective September 1, 2008. Mr Bradshaw is presently a non-executive director of the Company.

Mr Bradshaw will be based in Brisbane, Queensland. He has an accomplished 30 year career that includes being CEO and Chairman of the Board of US based Tipperary Corporation, a public energy company listed on AMEX, from 1996 through 2005. Tipperary was majority owner of the very significant Fairview coal seam gas field in eastern Queensland that is now being developed by Santos.

During his tenure as CEO and Chairman of Tipperary, the Company’s proved gas reserves grew from 37 BCF to 581 BCF. In 2005, when the company was sold to Santos Limited in a transaction valued at approximately AUD$600 million, the Company had proved plus probable gas reserves in excess of 1.3 TCF. Beginning in early 2002, Tipperary served as operator of the Australian coal seam gas property.

Prior to joining Tipperary in 1986, Mr. Bradshaw was a part-owner and officer of a private oil and gas company that specialized in structuring drilling partnerships. Mr. Bradshaw received his CPA in 1978, an MBA from Texas A&M University in 1977 and a BBA, Accounting from Texas A&M University in 1976 and worked for three major accounting firms including Price Waterhouse.

Mr Bradshaw has a proven track record of developing large oil and gas projects and building highly skilled management teams. While his initial focus will be to develop Comet Ridge’s existing coal seam projects including two large Galilee Basin permits and Mahalo, the Board has charged him with growing the company’s presence in Australia.

Mr Bradshaw currently serves on the board of Triangle Petroleum Corporation, a US public energy company with properties in the US and Canada. In his role as Managing Director he will also maintain his board position with Comet Ridge Resources, LLC (" Comet Ridge Resources ") a US joint venture company in which Comet Ridge Limited has a 43.75% equity position.

Australia Comet Ridge Limited C/- Endeavour Corporate Suite 8,7 The Esplanade Mt Pleasant Western Australia 6153 Phone : +61 8 9316 9100 Fax:- +61 8 9315 5475

USA

Comet Ridge USA Inc 600 17[th] Street Suite 600-S Denver Colorado 80202 USA Phone : +1 303 226 1300 Fax: +1 303 226 1301

Email: comet@cometridge.com.au www.cometridge.com.au

The Company’s past Managing Director, Mr Andy Lydyard, has agreed to remain on the board of Comet Ridge Limited as a non-executive director. Mr Lydyard was recently appointed to the position of President and CEO of Comet Ridge Resources and is focused on building that business.

Commenting on his appointment Mr. Bradshaw said...”The combination of Comet Ridge's quality Coal Seam Gas exploration permits and the number of Queensland LNG projects seeking gas supplies makes this an exciting time to be taking on the role of Managing Director and setting up a Brisbane based team to grow the business. Encouraging results from our initial Florence exploration program in Colorado also give me confidence that the Company is well placed to succeed".

Commenting on the appointment Comet Ridge’s Chairman, Mr Jeff Schneider, said…”That a person of Mr Bradshaw’s experience and record of success has agreed to move to Australia and take on the role of Managing Director is a great result for all shareholders. That we have in the board and management two proven coal seam gas project developers as well as a depth of experience in the LNG industry, positions the company well to take advantage of new opportunities in the Queensland gas industry. On behalf of all shareholders I wish David every success.

The board also acknowledges Andy Lydyard’s energy and leadership as Comet Ridge’s founding Managing Director. The board wishes him every success in building a highly successful US focused oil and gas business for the benefit of shareholders of Comet Ridge Resources, including Comet Ridge Limited.”

Details of the key terms of Mr Bradshaw's employment contract are set out in the attachment.

For further information please contact: Mr. Jeffrey Schneider; Chairman

Jeff Schneider Chairman

Australia

Comet Ridge Limited C/- Endeavour Corporate Suite 8,7 The Esplanade Mt Pleasant Western Australia 6153 Phone : +61 8 9316 9100 Fax:- +61 8 9315 5475

USA

Comet Ridge USA Inc 600 17[th] Street Suite 600-S Denver Colorado 80202 USA Phone : +1 303 226 1300 Fax: +1 303 226 1301

Email: comet@cometridge.com.au www.cometridge.com.au

Summary of Employment Agreement – David Bradshaw

Initial Term : 28 months – [1 September 08 to 31 December 2010], subject to annual review.

Principal Location : Brisbane

Remuneration

The remuneration package will consist of

• A Annual Base Salary of USD $320,000;

• An annual Short Term Incentive in the form of a bonus payment of up to AUD$175,000 per year dependant on the achievement of certain performance criteria which will be finalised by the Board of Directors.

• A Long Term Incentive in the form of 4,500,000 unlisted options, each with an exercise price of AUD$0.25 and a term of 3 years from issue. Vesting in three equal tranches once the COI share price exceeds a set trigger price for 1 calendar month, the trigger has been agreed as being:

Tranche 1 COI shares trade at or above 35 Australian cents for one calendar month Tranche 2 COI shares trade at or above 60 Australian cents for one calendar month Tranche 3 COI shares trade at or above 80 Australian cents for one calendar month

In the event of a change of control of the Company, any unvested options will vest only if the value attributable to a Company share by the change of control transaction is at or above the relevant trigger price for vesting.

The options are subject to approval by shareholders at the next General Meeting.

In addition the Company has negotiated arrangements for Relocation, Travel and Living Away from Home Allowance.

Termination Provisions

In the event that the contract is terminated either because shareholders resolve to remove the Managing Director as a director of the Company or as a result of a breach by the Company of the contract that is not remedied within 10 business days, a payment will be made which is equivalent to the remainder of the annual base salary and all expenses up to the date of termination of the agreement, plus pro rata remuneration from date of termination to the end of the contract term, subject to this pro rata payment not exceeding the then applicable annual base salary.

If the contract is terminated as a result of misconduct then the payment will be restricted to the minimum statutory amounts owing.