CORELLA RESOURCES LTD — Capital/Financing Update 2008

Jun 24, 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

25 June, 2008

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

ASX Drilling update

Drilling Report: Brearley 1H-11

Report Date: 24 June, 2008 Project: Anadarko Basin Horizontal Drilling Programme Location: Ellis County, Oklahoma Well: Brearley 1H‐11 Spud Date: 8 June, 2008 Exoma Working Interest: 25.87% (free carried) Operator: Crusader Energy Group LLC. Objective: 1.5 BCF gas and 50,000 barrels of oil Total Vertical Depth (TVD): 8,600 feet Total Measured Depth (TMD): 13,500 feet

Current Measured Depth: 8,981 feet

Progress: The Operator has reported Brearley 1H‐11 has reached casing point within the target Cleveland Formation. Once the well is cased, the horizontal will be drilled 4500 feet due north. At the current rate of progress, the well is not expected to reach target depth and begin testing for another two weeks.

Drilling updates will be reported every Wednesday in accordance with ASX Listing Rule 3.1

Please direct any enquiries to: Brendan Egan on +61 8 9389 9400 or +61 414 816 716

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