COMET RIDGE LIMITED — Regulatory Filings 2007

Feb 26, 2007

COMET RIDGE LIMITED ASX ANNOUNCEMENT 27 FEBRUARY 2007

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

OPERATIONS UPDATE - BEAR RIVER PROJECT, ROUTT COUNTY, COLORADO, USA

MAIN POINTS

• Peltier 11-12 on production test
• Well is currently recovering the oil used to displace the drilling fluid
• It will take a few days of testing to assess the productivity of the well

The directors of Comet Ridge Limited (ASX Code: COI) are pleased to provide the following operational update for the Peltier 11-12 well drilled on the Bear River prospect in Routt County, Colorado, USA.

As of report time (3pm, 26 February Denver time - 7am, 27 February Perth time) the well was on production test and producing the "load oil" (oil pumped into the well bore to circulate out the drilling fluid). At this time the down hole submersible pump is being deliberately operated at a low rate to allow the well to clean up and to mitigate the potential for damage to the reservoir from waxes and paraffins precipitating in the fractures. Production from the well will be intermittent over the coming days until various reservoir parameters are assessed. Depending on the well's performance, the production rate will be gradually increased over the coming weeks.

Comet Ridge and partner Strike Oil Limited (ASX Code: STX) jointly funded the drilling of the Peltier well. All earning requirements on the Bear River prospect have been completed and both companies now own a 33.75% working interest. In light of the encouraging results of the first two wells, Comet Ridge is permitting a number of additional locations for drilling later in the year and is evaluating a number of opportunities to further expand its position in the play.

The Company will provide an update to shareholders once the well has recovered the load oil and its production performance has been assessed.

Yours sincerely

ranger

ANDREW LYDYARD Managing Director

AUSTRALIA Level 9, Wesfarmers House 40 The Esplanade, Perth WA 6000 Phone: 61 8 6464 0499 61 8 6464 0498 Fax:

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

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

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