DIGITALX LIMITED — Capital/Financing Update 2008

Nov 20, 2008

ASX Announcement

21 November, 2008

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Eloi Iron Project Brazil Investment in Texas Onshore Oil & Gas Results from initial sampling program & commencement of diamond drilling Early cash flow potential

Verus Investments Limited ABN 55 009 575 035

HIGHLIGHTS

ASX Code: VIL & VILO

Shares on Issue

• 238,794,160 ordinary shares

  • Key investment in Texas onshore oil and gas opportunity

• 164,196,107 options @ 10 cents (30 June 2010)

• Undeveloped discoveries, first well drilled will twin the initial discovery

Directors:

Andrew McIlwain Non-executive Chairman

• Early cash flow potential (within 3 months of drilling)

Michael Montgomery Executive Director

• Low entry cost and low risk

David Calcei Non-executive Director

• Scrip component of deal at 40% premium to current share price

Greg Lee Non-executive Director

Nerida Schmidt Company Secretary

ANNOUNCEMENT

30 Ledgar Rd, Balcatta , WA, 6021

Tel: (08) 9240 2836

Verus Investments Limited (“Verus”) is pleased to announce that it has entered into an agreement to invest in a low risk, high reward onshore oil and gas opportunity in Texas.

Fax: (08) 9240 2406

Email: info@verus.com.au

Website: www.verus.com.au

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Verus has entered into an agreement with Megashine International Ltd (“Megashine”) to acquire a 10.0% Working Interest in the onshore oil and gas prospect (“Lee County Project”) located in south eastern Texas.

Existing production infrastructure is located approximately 4 miles from the Project and can be readily accessed facilitating a low cost and early commencement of production and cash flow following successful drilling.

The Lee County Project will be operated by Buccaneer Resources, LLC a wholly owned subsidiary of ASX listed Buccaneer Energy Limited. Buccaneer Resources has an experienced operations team based in Houston, USA specialising in the development and expansion of “behind-pipe” proved and probable reserves and low-risk high upside exploration plays. Buccaneer has a 43.75% Working Interest participation in the Lee County Project.

It is currently planned to drill an initial two well program by mid first quarter 2009.

LEE COUNTY PROJECT HIGHLIGHTS

• High impact exploration project, onshore south-eastern Texas in the prolific upper Gulf Coast area which contains the same prospective sedimentary section that has produced over 1 billion barrels of oil and 10 trillion cubic feet (TCF) of gas.

• The Project area lies within 25 miles of the giant Giddings Field that has produced some 4.8 TCF gas and 750 million barrels of oil from the Austin Chalk.

• Approximately 2,500 acres of land has been secured in the Project area.

• Recent interpretation of acquired seismic and field data in relation to the Austin Chalk and other plays has further encouraged the board to participate. Initial production rates of 200 – 1000 barrels of oil per day from the Austin Chalk have previously been experienced.

• The Project area lies on a large regional anticline close to Tanglewood, Texas, and is defined by 2D seismic data and three deep exploration wells drilled in the 1940’s.

• These three wells demonstrate the occurrence of multiple reservoir objectives. Recent Log reinterpretation indicates multiple hydrocarbon bearing zones with over 350 feet of potential reservoir thickness between 5500 and 8500 feet.

• The Austin Chalk formation has been a reliable producing reservoir in this trend in recent years.

• One well drilled in 1947, produced gas on a 24-hour test at a rate of 10.8 million cubic feet per day, however was not deemed commercial at the time (due to lack of infrastructure and market). Significant volumes of oil had been reported as being recovered in the drill string.

• A second well drilled east of the initial discovery well also encountered multiple hydrocarbon bearing zones with good porosity and permeability.

• The exploration concept is to drill a new well to approximately 9000 feet (2750 meters) depth in close proximity to the initial 1947 discovery well, in essence “twinning” that well.

• The operational environment has no unusual risks. The area has good access to gas and oil production facilities and services.

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• If the first two wells are successful the project has the potential to become a large scale 20 - 30 well resource project which can be readily funded.

Transaction Terms

Verus has entered into an agreement with Megashine to acquire a 10% Working Interest in the Lee County Project from Megashine’s 17.5% Working Interest.

In consideration for the assignment of the 10% Working Interest, Verus will:

• 1 Reimburse 100% of Megashine’s acquisition and sunk costs in the Lee County Project of approximately AUD$189,000 by way of the issue of 11,139,849 fully paid ordinary shares (at a deemed cost of 1.7c/share) in Verus. Megashine has agreed that the shares will be escrowed.

• 2 Pay 100% of Megashine’s costs to drill and complete the first well, and 100% of Megashine’s costs for only the drilling of the second well. Megashine will be required to fund the cost of completion of its 7.5% working interest in the second well. Verus estimated total cash expenditure to drill and complete the first well to production is US$240,000.

The agreement is subject to the consent of the other parties to the existing operating agreements and other conditions precedent standard in agreements of this type.

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Mr. Andrew McIlwain Chairman

For further information, contact Mr. Andrew McIlwain (03) 9817 5067

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