CORELLA RESOURCES LTD — Capital/Financing Update 2008

Sep 4, 2008

Phone: +61 8 9389 9400 Fax: +61 8 9389 8700 Email: info@exoma.net Web: www.exoma.net

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Ground floor, 47 Stirling Hwy, NEDLANDS, Western Australia 6009 PO Box 3445 BROADWAY NEDLANDS, Western Australia 6009 ABN 125 943 24

5 September, 2008

Mr Greg Coulson Australian Stock Exchange Level 8, Exchange Plaza 2 The Esplanade, Perth Western Australia 6000

ASX / Media release

Exoma Boosts Reserves Five Fold

Exoma Energy Limited (“Exoma” or “The Company”) (ASX: EXE/ EXEO) today announces a five‐fold increase in its Proven and Probable (2P) oil and gas reserves.

The risked value of the Company’s exploration and production assets has increased from US$3.5 million, as determined during the IPO in January 2008, to US$19 million.

Managing Director David Rowbottam said, “These independently calculated reserves demonstrate our ability to create value from oil and gas exploration, and validates our strategy to acquire land and drill wells in the highly prospective Anadarko Basin.”

The reserve upgrade was prepared by independent petroleum consultants, confirming Exoma’s Proven (1P) net reserves have increased to 240,000 barrels of oil equivalent (Boe) and its risked 2P net reserves have increased to 588,000 Boe. This gives Exoma combined 1P & 2P net risked reserves in excess of 828,000 Boe.

“Based on current commodity prices, this upgrade in our reserves gives Exoma a risked Net Present Value (NPV) in excess of A$19 million. When you compare our upgraded NPV with our current market capitalization of less than A$10 million, it makes a strong case for a market re‐rating.”

On the basis of these new reserves, Exoma has commissioned RM Capital to prepare a detailed research report on the Company ahead of a series of presentations to analysts and investors.

The Company is also in the final stages of negotiations to increase its landholdings in the Anadarko Basin and expects to be in a position to announce the acquisition of new acreage within the next few days.

Ends

Please direct any shareholder enquiries to: Media enquiries to: Brendan Egan on Tony Dawe on +61 8 9389 9400 or +61 414 816 716 +61 413 322 110

Exoma Energy Limited listed on the ASX in January 2008 and is cash flow positive while producing approximately 110 barrels of oil equivalent per day from operations in the Anadarko Basin in Texas and Oklahoma. Exoma is targeting further growth through increased land holdings and horizontal drilling of high impact multi‐formation targets in Texas and Oklahoma.

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