COMET RIDGE LIMITED — Capital/Financing Update 2010

Oct 13, 2010

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ASX ANNOUNCEMENT

GREENPOWER ENERGY SELLS 20% INTEREST IN GUNNEDAH BASIN PERMIT

Greenpower Energy Limited (ASX:GPP) announces that it has signed a binding Heads of Agreement with Comet Ridge Limited (ASX:COI), one of GPP’s joint venturers in Gunnedah Basin PEL 428, to set out the terms on which it will transfer all its shares in 100% owned subsidiary Davidson Prospecting Pty. Ltd. to Comet Ridge.

The sole asset of this GPP subsidiary is its 20% interest in the joint ventures exploring Gunnedah Basin PEL 428 for coal seam and conventional gas. The consideration is subject to a confidentiality agreement but is not material to GPP’s financial position.

Greenpower has coal and gas exploration interests in Victoria, South Australia and Western Australia and wants to rationalise its interests to concentrate on those 100% owned properties.

Enquiries:

Gerard King Rudi Michelson Greenpower Energy Monsoon Communications 0418 852 700 03 9620 3333 Alan Flavelle Ron McCullough Greenpower Energy Greenpower Energy (08) 9252 0424 0409 680 772

About Greenpower Energy Limited

Greenpower Energy is an Australian public listed explorer and developer of greenhouse friendly energy sourced from fossil fuels. This includes coal seam gas [CSG] , enhanced coal seam gas [ECSG], coal to liquids [CTL], tight gas and shale gas Greenpower Energy has approximately two million hectares of commercially-attractive tenements in three Australian states – Gippsland Basin in Victoria, the Eromanga and Willochra Basins in South Australia and the Perth Basin in Western Australia. The company is also developing very promising geothermal tenements near Esperance, Western Australia.