COMET RIDGE LIMITED — Capital/Financing Update 2007

Apr 26, 2007

The Company Announcements Officer Australian Stock Exchange Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000 By Electronic Lodgement

COAL SEAM GAS RESOURCE DRILLING STARTED

Main Points

• Drilling operations on first of four holes commenced 25 April
• Program aimed at establishing a significant gas resource in shallow coals and sandstone reservoirs close to major pipeline infrastructure

The Directors of Comet Ridge Limited (ASX Code COI) are pleased to provide the following operational update on the coal seam gas resource drilling program on the Vader prospect in southern Washington State.

Project manager and operator Cascadia Energy Corp (a wholly owned subsidiary of Torrent Energy Corp – OTCBB symbol TREN), advises that operations on the first of three holes to be drilled on the Vader prospect, the 3-36-13-3 well, commenced on 25 April (US time). This hole is programmed to drill to a total depth of 2,570 feet (838m) and is expected to take 7 days to drill.

The objective of this initial hole is to gather key coal thickness and gas content data for as many as 10 coal seams (ranging in thickness from 2 to 35 feet (0.6 to 10m)) to help confirm the presence of a potentially economic coal seam gas resource. Additional potential for gas accumulations exists in a series of sandstone reservoirs within the coal bearing section. After evaluation the well will be abandoned.

Internal resource estimates indicate that potential exists for over 140 BCF of recoverable gas in the Vader project area. Strong gas shows have been recorded in water wells and previously drilled coal and oil and gas exploration wells in the immediate area. One well tested gas at 700 mcfd from a sandstone reservoir at 700 feet (213m).

A fourth well is being permitted on the Cedar Creek project to the east of the Vader area as a test of a younger sequence of coals.

The presence of a major gas pipeline less than 10 miles (16km) away from both project areas will allow for rapid commercialization of successful developments.

Comet Ridge, via its 100% owned St. Helens Energy LLC, owns a 40% non-operated interest in the Chehalis Basin project.

USA 600 17th Street, Suite 600-S Denver, Colorado 80202 Phone: +1 (303) 226 1300 +1 (303) 226 1301 Fax:

Comet Ridge Limited ABN 47 106 092 577 Email: comet@cometridge.com.au Website: www.cometridge.com.au

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Yours sincerely

1 dy - d

ANDREW LYDYARD Managing Director

Figure 1 – Location of Vader/Cedar Creek Prospects, Chehalis Basin,
Southwest Washington State