CORELLA RESOURCES LTD — Capital/Financing Update 2008

Jun 17, 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

18 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: 16 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 Vertical Depth: 8,063 feet

Progress: The Operator has reported Brearley 1H‐11 has reached the kick off point (KOP), just above the target Cleveland Formation. From the KOP, the Operator is building the angle of the wellbore so it will achieve its horizontal bearing and enable it to set the casing point (heel) in the Cleveland Formation in the next few days. Once cased, the horizontal (lateral) is proposed to be drilled for 4500 feet to the tip. It is then proposed to frac the Cleveland Formation and flow test the well.

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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