CORELLA RESOURCES LTD — Interim / Quarterly Report 2009

Apr 29, 2009

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

ADDRESS INFORMATION Ground Floor, 47 Stirling Highway NEDLANDS, Western Australia 6009 PO Box 3445, BROADWAY NEDLANDS, Western Australia 6009

ABN 56 125 943 240

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Exoma Energy March 2009 Quarterly Report

Exoma Energy Limited (ASX code EXE or Exoma) is pleased to present its March 2009 Quarterly Report.

HIGHLIGHTS

During the Quarter:

• Agreement and settlement was reached for the sale of the Company’s U.S. assets.

• Net cash revenue from production for the Quarter was $0.468 million, a 13% increase over the cash revenue for the preceding Quarter.

• The Company secured its first Australian exploration permit in the north eastern portion of the Perth Basin with permit EP 419.

EXOMA’S DEVELOPMENT AND EXPLORATION INTERESTS

Anadarko Basin

At an Extraordinary General Meeting held on the 30 March 2009 the shareholders approved the offer from Innex California Inc. (“Innex”) to purchase the Company’s entire United States oil and gas production and exploration asset portfolio for a total consideration of US$2,550m.

The sale price represented fair value in the current market, given the short to medium term prospects for oil and gas prices in the U.S. and the increasing challenges of generating an acceptable return on investment in the current U.S. economic environment.

The sale was effective 1 February 2009 and the Company finalised operations in the Dallas Office on 31 March 2009.

East Texas

The sale by Sterling’s parent entity of the U.S. subsidiary proved to be a major interruption to the accounting processes and resulted in substantial delays in the notification of the final costs for the Glory Road 1 well. The Company reached a negotiated settlement with Sterling Energy’s operating subsidiary following the unsuccessful drilling in East Texas.

Leasing Activities Australia

The Company’s strategy is to utilize funds received from the abovementioned sale to acquire onshore oil and gas exploration projects in Australia that demonstrate prospects of generating a strong return on investment in the short to medium term.

On 13 February the Company announced it had signed a farm‐in agreement with Advent Energy Ltd., covering 100% of Exploration Permit (EP) 419. The initial focus of the Company will be on its farmin obligations in relation to EP 419, together with other opportunities that the Company is currently pursuing within Australia. The permit is a block consisting of approximately 635km² situated on the north‐eastern side of the Perth Basin, to the east of the Eneabba Fault System.

This permit is located in a known hydrocarbon producing region; it is situated between the Dongara and Woodada Gas Fields. The permit is near excellent infrastructure with the Parmelia Gas Pipeline

and the Dampier to Bunbury Natural Gas Pipeline both in close proximity providing ease of access for future projects.

REVENUES & OPERATIONAL COSTS

Revenue

Net cash revenue from production for the Quarter was $0.468 million as the final receipts for previous months’ production during the final Quarter of 2008 was received. There are no further production revenues for the U.S. operations outstanding at the end of the Quarter.

General & Administration costs

General & Administration (G&A) costs were 7% lower at $0.456m against the previous Quarter’s $0.503m. Cost reductions in the quarter including the closure of the Dallas office, have been partially offset by the associated termination costs and the impact of the weaker Australian dollar.

The final cash balance includes an unfavourable adjustment for foreign exchange rate movements on the U.S. cash holdings.

CORPORATE AND OTHER DEVELOPMENTS.

Change in Financial Year End

The Australian Securities & Investment Commission (ASIC) has approved the Company’s application for a change in financial year end. The current financial year will run e for a period of 6 months from 1 January 2009 to 30 June 2009. The Company applied to ASIC for the change in year end to align Exoma’s financial year with that of the developing opportunities in Australia.

Appropriate disclosure notes relating to the change in financial year will be included in the 30 June 2009 consolidated financial report.

The Company is required to hold its 2009 Annual General Meeting on or before 30 November 2009, with the final date to be announced as soon as it is confirmed by the Board.

Cash Position

Cash held at 31 March 2009 was $3.830 million.

The Company remains free of long term debt.

FURTHER INFORMATION

For further information, interested Parties and Shareholders should contact:

David Rowbottam Managing Director Office +61 8 9389 9400 Mobile +61 (0)403 064 058 Email drowbottam@exoma.net

This release will be available on the Exoma website at: www.exoma.net

Glossary $0.000m Australian dollars in millions