DIGITALX LIMITED — AGM Information 2010

Nov 25, 2010

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POSITIONED FOR GROWTH

Annual General Meeting November 2010

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Disclaimer

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• This presentation has been prepared by Verus Investments Limited (“ Verus ” or the “ Company ”) and is being provided for the sole purpose of providing preliminary background financial, operational and other information to enable shareholders to review the business activities of the Company. It is not intended as an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any securities.

• The information in this report relating to Exploration Results and Mineral Resources is based on information compiled by Mr Greg Lee who is a Member of the Australian Institute of Geoscientists and has sufficient exploration experience which is relevant to the style of mineralization under consideration to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Lee is a Non-executive Director of Verus. Mr Lee consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

• This presentation should not be relied upon as a representation of any matter that a potential investor should consider in evaluating the Company. The Company and its respective directors, agents, officers or employees do not make any representation or warranty, express or implied, as to or endorsement of, the accuracy or completeness of any information, statements, representations or forecasts contained in this presentation, and they do not accept any liability for any statement made in, or omitted from, this presentation.

• This presentation contains forward looking statements that are subject to risk factors associated with oil and gas businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, resource estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

• Before acting in reliance on any information contained in this presentation, potential investors should conduct their own investigation and analysis in relation to the Company and should check the accuracy, reliability and completeness of the information contained in this presentation and obtain their own independent professional advice.

• All references to dollars, cents or $ in this document are to Australian currency, unless otherwise stated.

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Agenda

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• Welcome – Andrew McIlwain - Chairman

• Ordinary Business – Resolutions

• Adoption of Remuneration Report

• Re-election of Director - Andrew McIlwain

• Election of Director - Mark Freeman

• Ratification of Prior Option Issue

• Placement issue of Securities

• Other Business

• Close of Meeting

• Presentation:

• Andrew McIlwain, Chairman

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Review of 2010 Activities and Investments

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• Fausse Point Prospect Investment and drilling

• Low risk, high impact well

• Successfully drilled December/January 2010 declared a discovery

• Bongo Prospect investment and drilling

• Low risk, high impact well

• Drilled in June, declared a discovery, commercial testing underway

• Equity Placements

• Issue of 312m shares (96m post year end) raising $4.7m

• Proceeds used directly for drilling and development

• Merger with Pass Petroleum

• Identified a significant growth opportunity with complimentary assets in the same geographic area

• Acquisition of Pass’s assets in combination with Verus assets created an exciting portfolio with ongoing production and appraisal and exploration activity.

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Last 12 Months Share Price Performance

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A$
8 Jan 2010 22 Feb 2010 13 Aug 2010 5 Oct 2010
0.09
Fausse Point Third Fausse Point commercial Gas discovery at Pass Petroleum
Gas Show production declared Bongo Prospect merger completed
0.08
0.07 2 Jan 2010 1 Jun 2010 9 Aug 2010
Fausse Point Second Farms into Bongo A$0.6mn share
13 Aug 2010
Gas Show Prospect, Texas placement at A$0.021
0.06
SSPP
A$1.1mn share placement announced
at A$0.022
0.05
0.04
0.03
0.02
29 Dec 2009 8 Feb 2010 7 Jun 2010 2 Aug 2010
0.01
Confirmation of Oil and Fausse Point Well Fausse Point production Announces merger
Gas at Fausse Point Discovery commences with Pass Petroleum
-
Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10
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Verus: Pass Merger Rationale

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Increased exposure to Fausse Point

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• Substantial increase in Fausse Point WI from 45% to 72%

• Gas testing production occurred in June-August 2010

• Big gas/condensate appraisal opportunity being evaluated

• Opportunity to farm out FP#2 to reduce costs

Immediate Cashflow from Bullseye

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• Immediate cash flow from Bullseye Miogyp production (WI: 10%)

• Yet to be developed oil potential in the Camerina & Marg Varg formations

• Additional Bullseye ready to drill appraisal wells with targets at (Miogyp, Camerina & Marg Varg) .

Immediate Silverwood Potential

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• Silverwood (WI: 30%), a relatively low risk but high impact oil and gas exploration project with well completed and presently producing at 50 bbl/d

• Deeper Silverwood potential to be assessed

High Impact Exploration Upside

• Exposure to high quality & impactful projects (e.g. Bowtie West) with minimal capital requirements

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Sidi Daher (10%) – Tunisia

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Excellent Exploration Opportunity

• New project investment – Sidi Daher Prospect, Onshore Tunisia

• Potential un-risked P50 cumulative gas reserves from primary target of 175 billion cubic feet of

• gas and 44 million barrels of oil from the secondary target

• Drilling planned to commence by January 2011

• Drilling Costs $US1.1m with entry of $250k

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Reservoir and Seal Juxtaposition of various intervals of interest

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Combined Asset Portfolio

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TEXAS LOUISIANA
Fausse Point
Silverwood (72.0%)
(30.0%)
Bongo
(9.375%)
Bullseye
(10.0%)
West Bowtie
LEGEND (18.0%)
Producing
GULF OF MEXICO
Exploration
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Following merger, Verus has a high impact exploration & appraisal portfolio which is underpinned by production from three projects.

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Bongo (9.375%) – Wharton County, Texas

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Excellent Exploration Address

• Situated one fault block on trend from West Wharton Field

• Over 4,000 acres on Wilcox Trend

Oil & Gas Discovery (Q3 2010)

• Bongo, OB Ranch #1 Well (“ Bongo #1 ”) well successfully drilled in August 2010

• Initial test results during cleanup following fracture stimulation of the Cook Mountain Formation occurred in November 2010 with initial production rates of 2.65 million cubic feet of natural gas per day and 311 barrels of Oil/condensate on a 10/64ths choke with a flowing tubing head pressure of 6,788 psi.

• Caza, the operator, has previously estimated proved plus probable and possible gross reserves of approximately 45 Bcf (gas) and 0.15 MMbbl (oil) for the Bongo Cook Mountain anomaly. The initial test results indicate potential for significantly higher production rates may be achievable, however, further production testing is required.

Highly Prospective

• Bongo discovery is potentially part of a very large regional accumulation

• Additionally, log and seismic data indicate Bongo #1 penetrated the margins of a Yegua anomaly at approximately 10,200 feet that may be quite extensive and could add significant value.

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Bowtie West Prospect (18%) – Overview

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LOCATION Texas GROSS RESERVE POTENTIAL 1.7 MMBBLS / 50 BCF EST. DRY HOLE COST US$2.5m EST. COMPLETION COST US$0.9m

• Located in a prolific fairway of previously developed shallower large oil and gas fields

• Large gas prospect with follow on drilling potential

• Relatively low risk exploration

• Follow-on to exploration well (Bowtie East) that missed the Vicksburg sandstone reservoir

• Recent discoveries in the immediate area have significantly upgraded Bowtie West

• Recent acquisition of additional acreage could substantially increase potential reserves

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Bowtie West – Vicksburg Amplitude Key to Reservoir

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• Post-drill evaluation showed that reservoir sands are visible on seismic, but that the Bowtie East well was not drilled into an amplitude anomaly

• Strong amplitude anomaly = thick reservoir sand

• Calibrated in nearby prolific Vicksburg producers

• Bowtie West has a strong amplitude anomaly that extends widely over the prospect

• Bowtie Vicksburg is a deeper overlooked play and located near several recent discoveries with large flow rates and per well recoveries

• E.g. Heckendorn well:

• Initial production: 8.1 MMCFPD & 560 BCPD

• Cumulative production: 14.1 BCF + 155 MMBO

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Fausse Point (72%) – Iberia Parish, Louisiana

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Excellent Exploration Address

• Situated on undeveloped segment of Fausse Point salt dome

• Surrounding fields have produced over 44 MMbbls of oil, 2 MMbbls of condensate and 141 BCF of gas

Oil & Gas Discovery (1Q 2010)

• Fausse Point #1 (“ FP #1 ”) well successfully drilled and completed in January 2010

• Encountered three distinct oil and gas formations with numerous zones of interest across all the three major formations with presence of hydrocarbons

• Permanent production facilities completed

Highly Prospective

• Fausse Point discovery is potentially part of a very large regional accumulation

• Although production in the first well was ultimately not commercial primarily due to closeness to the salt dome, there is clear evidence of significant hydrocarbons in the field and the JV is presently undertaking seismic review and geological assessment to define the potential resources and determine the future development strategy.

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Fausse Point - Status

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• Test gas and condensate production in June - Aug 2010

• Extensive testing of several potential hydrocarbon bearing zones

• Deepest zone possibly connected to a much larger hydrocarbon accumulation

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• Initial well has only just penetrated the toe of

• this accumulation, close to salt dome, hence the relatively low flow rates

• Lower zone was not an original target – clearly has potential to represent a new play type

• Tested the primary target objectives - all with hydrocarbons, however limited production due to salt

• Securing of adjacent landholdings has required cautious approach

• Seismic data for geophysical and geological interpretation acquired

• Once reprocessed and analysed a reservoir analysis review will be performed

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Fausse Point - Next Steps

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• Reprocessing and re-interpretation of seismic data to better understand the structural extent and potential

• Reservoir review and further analysis

• This will enable determination of potential and further drilling well locations – 3 months

• Highly prospective land position and information provides opportunity for partial farm out to fund drilling

Fausse Point: Play Concept

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Produced 44 MMBO
from this side of dome
Play concept: Reservoir sandstones
thinning to zero onto flank of salt dome;
truncated at top by unconformity
(cum. production from this play in this
field 44 MMBO, 2 MMBC, 141 BCFG)
Drilling depths
~ 9000 ft
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• Golden Gate Petroleum continue to be operator of Project

• Roads and infrastructure in place

• Drilling and Operational support

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Bullseye Project (10%) – Status

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• Three wells drilled to date which were all oil & gas discoveries in various formations; currently producing from 2 wells and disposing of salt water in 3[rd] .

• Jumonville #1 & #2 wells

• 276,172 BBLS of gross cumulative Miogyp oil production through October 2010. New well plan being prepared for drilling another Miogyp well (see next slide)

• Plan to test the Camerina in Jumonville # 1 well once commercial production ends.

• Camerina estimated resources: 2.2 – 7.1 MMBO and 2-7 BCF of gas (but extent of reservoir unknown).

• Proven producer in the general area.

• Examining shallower interval where possible added production possible. Interval already produced from multiple wells. Appears to be several remaining targets to drill. Seen in Jumonville # 2 well logs.

LOCATION	Onshore Louisiana
AREA	1,700 acres
GROSS RESERVE POTENTIAL	2.2-7.1 MMBBLS / 2-7 BCF

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Bullseye – Potential Extension of Miogyp Reservoir

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• 3-D seismic over

Bullseye project area currently being reprocessed to evaluate possible northeastward “mottled expansion” of the Miogyp Formation

• Locations A and B are in the main Miogyp reservoir

• Locations C and D are in the possible northeastward

extension of Miogyp as seen on the seismic

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The possible extension of the Miogyp reservoir could potentially upgrade resources by 50%.

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Bullseye – Potential in Untested Hydrocarbon Intervals

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• Camerina Sand found to be oil bearing in Jumonville #1, Jumonville #2 and Acosta #1

• Shallower than the Miogyp Formation and a proven producer in the general area

• Plans to test the Camerina will be dictated by current oil production and continued financial benefits coming from Jumonville #1

• Additional untested hydrocarbon interval – Marg Varg Formation

• Proven producer in the general area

• Distribution of reservoir is not well defined at this stage as the depth of oil-water contact is unknown

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Silverwood Prospect (30%) – Status

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LOCATION Jefferson Davis Parish, Louisiana GROSS RESERVE POTENTIAL 7.4 MMBBLS / 13 BCF

• Silverwood Prospect lies beneath producing North Edna Field

• Discovered in 1954

• Produced over 7 BCF of gas & ~1 MMBBLS of oil

• 2-D seismic shot in 1984 & reprocessed in 1989

• Three wells drilled on structure with hydrocarbons produced to surface

• Two high quality targets

• Vicksburg Sand: oil target (9,300 ft)

• Cockfield Sand: oil target (11,600 ft)

• Richardson #1 Well spudded on 19 July 2010

• Commenced production testing Sept 2010

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• Producing approximately 50bbls oil per day

• Golden Gate Petroleum continue to be operator of Project

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Section Six

Conclusion

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Investment Thesis: Low Risk, High Reward

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Minimise Risk

• Stable political and regulatory regime

• Onshore

• Prolific hydrocarbon production address

• Shallow drilling depths

• Qualified operator

• Production analogs

• 3-D seismic coverage

• Infrastructure and services readily available

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Maximise Returns

• Low entry cost

• Low drilling cost and risk

• Attractive fiscal regime

• Premium commodity pricing

• Nearby underutilised infrastructure

• Near-term cashflow

• Small capitalised corporate structure

High probability of success

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High leverage to success

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In Summary

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• Merger with Pass Petroleum

• A company defining amalgamation of portfolios - presenting stable cash flow, reserves, exploration potential and low risk investment opportunities

• Potential to considerably enhanced value

• Continued Opportunistic Portfolio Build-Out Through Next 12 Months

• Fausse Point, Bullseye, Bongo, and Silverwood should generate significant cash flow

• Bowtie West presents and exciting exploration play to be drilled in the short term

• Appraisal and development wells to be drilled

• Seek to utilise capital into existing asset portfolio to further enhance production, increase reserves and increase cash flow

• Strengthened Experienced management and board

• Continue to source and appraise new low risk opportunities and investments

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