CORELLA RESOURCES LTD — Capital/Financing Update 2008

Apr 6, 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

4 April, 2008

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

ASX Drilling update

Kelln 94-2 drilling report

Report Date: 2 April 2008

Project: Anadarko Basin Development Drilling Programme Location: Lipscomb County, Texas Lease/permit: Section 93, Block OS2 Well: Kelln 94‐2 Spud Date: 25 February, 2008 Exoma Working Interest: 18.92% Operator: Mewbourne Oil Company Target Depth: 10,300 feet

Current depth: 10,300 feet

Progress: Since the last report, production testing of the Kelln 94‐2 well has resulted in a stabilised daily flow rate averaging 950,000 standard cubic feet of gas from the Atoka Formation, and production is being sold into the existing gas pipeline network. Condensate (light oil) production averaging 50 barrels per day was recorded before the well clean‐up work was undertaken. A final report is now expected next week.

Exoma Comment: “This initial result is an extremely positive outcome in Exoma’s maiden well. While the condensate production still needs to be stabilised as the well cleans‐up, these early figures are very encouraging for the Company. If condensate levels remain at around 50 barrels per day, Kelln 94‐2 will be producing above the levels achieved at the Kelln Trust 5‐1 well."

ABPIP update: Roy Deal 4-2 workover (final)

Final Report Date: 2 April, 2008 Project: Anadarko Basin Production Improvement Programme (ABPIP) Location: Ellis County, Oklahoma Lease/permit: Section 2, 19N‐26W Well: Roy Deal 4‐2 Exoma Working Interest: 99.42%

Operator: Hadaway Engineering Inc on behalf of Exoma Energy Company

Progress: Production has stabilised at 80,000 cubic feet of gas per day and 25‐30 barrels of water.

Exoma Comment: “This is a pleasing result for the Roy Deal 4‐2 as previous interruptions to production have now been arrested. Coupled with the higher stabilised flow of 80,000 cubic feet per day, the post workover result has effectively tripled the output from this well. With a 99.42% Working Interest this adds to Exoma’s cash flow and annual revenue. We now look forward to reporting further positive results from the other wells in Exoma’s Anadarko Basin Production Improvements Programme (ABPIP).

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.