CORELLA RESOURCES LTD — Capital/Financing Update 2008

Jan 23, 2008

ADDRESS INFORMATION Ground Floor, 47 Stirling Highway NEDLANDS, Western Australia 6009 PO Box 3445, BROADWAY NEDLANDS, Western Australia 6009 ABN 56 125 943 240

CONTACT INFORMATION Phone: +61 8 9389 9400 Fax: +61 8 9389 8700 E-Mail: info@exoma.net Internet: www.exoma.net

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ASX Release

24 January, 2008

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

1. Anadarko Basin Production Improvement Programme (ABPIP) 2. Kelln 94-2 well to drill in March

Exoma Energy Ltd is pleased to announce the Anadarko Basin Production Improvement Programme (ABPIP). This programme is designed at increasing production levels from its operated Anadarko Basin wells through incremental efficiency drives and production enhancements. Exoma estimates this will increase the Company’s production rates by 20%‐25% and achieve payback within six months.

A summary of the ABPIP initiatives is as follows:

Roy Deal 4‐2. Increase gas production by producing through thin, coiled tubing to achieve a greater gas flow from the existing pressure at the bottom of the well. Currently the amount of water in the existing 2 3/8[th] inch well bore is restricting the volume of gas flowing to the surface;

Roy Deal 3‐11 . Reduce weather‐driven downtime by converting the well to operate on electricity instead of gas. In the cold winters experienced in the Anadarko Basin, gas powered facilities can freeze up and stop producing. The Company sees converting Roy Deal 3‐11 to electricity as a common sense, low risk solution avoiding further disruptions to revenue;

EB King 2‐10. Install a plunger lift system to remove the volume of water in the well bore and allow greater rates of gas production. This is a common local practice and typical for wells with a similar production profile to EB King 2‐10.

The Company is examining further ABPIP initiatives and will announce these when they have been finalised.

Kelln 94‐2 well, Section 95, Anadarko Basin, North Texas (18.925% working interest)

The Company has been advised by the operator Mewbourne Oil Company that the contracted drilling rig for Kelln 94‐2 is due to arrive on site in late February and is expected to start drilling in the first week of March, 2008.

Kelln 94‐2 is a step‐out well from the Company’s Kelln 94‐1 production well, and is expected to achieve production rates similar to the nearby Kelln Trust 5‐1 which produces (gross) in excess of one million cubic feet of gas per day (MMCFD) and 30 barrels of oil per day (BOPD).

This well will also investigate the potential of the Des Moines Formation which was logged as having behind pipe potential in the earlier Kelln 94‐1 well. This information will also be used in designing the Horizontal Well programme planned to commence in the second quarter of 2008.

The Company will release weekly progress reports once drilling commences.

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

Sincerely,

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Brendan Egan Executive Director

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