DIGITALX LIMITED — Capital/Financing Update 2009

Sep 14, 2009

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ASX Announcement

15 September 2009

The Manager Company Announcements Office ASX Ltd 4th Floor, 20 Bridge Street SYDNEY, NSW 2000

Dear Sir,

VERUS INVESTS IN AN OIL AND GAS EXPLORATION PROJECT AND ANNOUNCES CAPITAL RAISING

Verus Investments Ltd (Verus) is pleased to announce that it has entered into an agreement to invest in a low risk, potentially high reward onshore oil and gas play in a known producing hydrocarbon area with the first well scheduled to be drilled this year.

In addition, Verus has entered into an agreement with Alto Capital to raise up to $568,000, before costs, through the issue of 71 million shares at $0.008 per share.

Highlights

• Key strategic investment in an onshore Louisiana oil and gas opportunity

• An attractive and inexpensive oil and gas prospect on a producing salt dome play

• Shallow drilling targets identified with relatively low cost wells

• Two targets - primary shallow oil (7000-8000 ft) and deeper secondary gas (7500-9000 ft)

• Potential oil reserves of 7.4 million barrels of recoverable oil at P50 level

• Potential gas reserves of 24.2 billion cubic feet of gas at P50 level

• Strong potential production rates at 300-500 BOPD per sand

• Multiple sand targets with possible well rates up to 1500 BOPD

• Established local/regional infrastructure and market

• Early cash flow potential

Office Address: Ground Floor, 30 Ledgar Road, Balcatta, Western Australia 6021 Postal Address: PO Box 717, Balcatta, Western Australia 6914 Phone: +61 (0)8 9240 2836 Fax: +61 (0)8 9240 2406 Email: info@verus.com Web: www.verus.com.au

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The Directors are pleased to announce that Verus has entered into an agreement with Pass Petroleum LLC (Pass) to acquire a 50% working interest in the Fausse Point Exploration Project. Pass Petroleum has a 100% working interest rights in the property covered by approximately 280 acres of leases over Fausse Point Project.

The Project is located onshore, approximately 140 kms west of New Orleans, in an existing established oil and gas province of Louisiana where the salt dome complex has previously produced over 44 millions barrels of oil and 141 billion cubic feet of gas. Local market, production facilities and experienced service companies are readily available in the area ensuring that any discovery could be quickly brought into production.

The first well is planned to be drilled in the 4[th] quarter of 2009.

FAUSSE POINT PROJECT HIGHLIGHTS

• Highly prospective and inexpensive onshore oil and gas exploration prospect situated on an undeveloped segment of oil and gas reservoirs flanking the Fausse Point salt dome.

• Overall a moderately low risk assessed prospect with high impact and reward.

• Fausse Point Field, discovered in 1926, is a piercement salt dome producing from the Miocene and Oligocene age sands.

• Fausse Point salt dome surrounding fields have produced to date over 44 millions barrels of oil, 2 million barrels of condensate and 141 Billion cubic ft of gas.

• Fausse Point prospect has both oil and gas targets and is in a trap that is a pinch out of reservoirs onto the flank of the salt dome which is typically an effective trap-seal combination (see diagram ).

• Target reservoirs are Lower Miocene sandstones with good porosity and permeability, with the total thickness experienced in nearby wells of up to 150 ft in shallower oil interval and up to 120 ft in slightly deeper gas interval.

• Good potential oil rates of 300 to 500 Barrels of oil per day per sand with multiple sands per well hence possible rates could be up to 1500 BOPD.

• Development plan would be that upon successful discovery, finance would be sought to develop 3 to 6 additional wells.

• Exploration well and subsequent development wells are relatively inexpensive (less than 9,000 ft)

• Due diligence, including title searches have been conducted encompassing a total lease area of almost 280 acres.

• Drilling program and local approvals have been finalized and the expected drilling time is between 2 to 4 weeks

• The operational environment has no unusual risks. There are many oil fields operating in the area, there is easy access to oil and gas production facilities and service providers.

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ANTICIPATED RECOVERABLE RESERVES

The first location will test a 125 acre radial fault block against the salt dome for two sands. A conservative oil pay is 64 feet or more in the one sand and 90 feet of gas pay in the second sand. Another sand, “The Liebusella”, of around 25 feet may also be productive. However, Paelo and 3-D seismic data indicates the previous completed wells of 1957 were not drilled deep enough to encounter the main field pay sands in the objective fault block.

Excellent oil production is found on the dome’s south side in radial fault blocks on the Texaco Company State Lease. The oil sands found in the Texaco wells have normal Gulf Coast reservoir pressure with 31% porosity, average permeability of 1700 md., API gravity of 35.1 and production capacity of 1,000 BOPD.

A recovery value of 500 BBLS/acre feet across 125 acres and 65 feet of oil pay in just one sand will gross 4.0 Million Barrels of Oil. A dual-completion within the one deeper gas sand may yield 9.0 BCF gas across 90 feet of pay. This prospect has multiple sands. Three additional fault blocks may be developed after a successful completion. A development program will be designed to maximize return on investment.

Transaction Terms

Verus has entered into an agreement with Pass to acquire a 50% working interest in the Fausse Point Exploration Project.

In consideration of the assignment of the 50% working interest, Verus will:

• (i) Reimburse Pass’s acquisition costs and expenses to date to develop the prospect and hold the leases of US $400,000; and

• (ii) Pay 66% of Pass Petroleum’s costs to drill and complete the first well for 50% working interest in the project.

Capital Raising

In addition to the investment described above, Verus is pleased to announce that it has resolved to raise up to $0.568 million through a private placement of shares, primarily to professional and sophisticated investor clients of Alto Capital.

Verus proposes to issue up to 71 million shares at an issue price of 0.8 cents per share.

This placement falls within the Company’s 15% placement capacity under ASX Listing Rule 7.1 and as such is not subject to shareholder approval. The funds raised will be used to finance the development costs associated with the Fausse Point opportunity in Louisiana.

Yours faithfully

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Andrew McIlwain Chairman

For further information, contact either; Mr. Andrew McIlwain (03) 9817 5067, or Mr Greg Lee (08) 9240 2836

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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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Fausse Point Field: Production Data

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Discovered 1926
Production data 0.5 MMBO Productive wells;No data Cumulative production 1926-2007
reported only by lease (colored polygons) 1.4 MMBO0.9 BCFG1952-1974 0.3 BCFG1955-1969 44 MMBO2.1 MMMBC
7.8 MMBO 141.4 BCFG
10.4 BCFG
1951-1985
1.5 MMBO
1.4 BCFG
1954-1987
0.5 MMBO
0.8 BCFG 3.5 MMBO
1955-1967 2.8 BCFG
2.6 MMBO 1953-1993
2.8 BCFG1955-1986 Seven wells1.1 MMBC
Lease area 118.2 BCFG
since 1963
Proposed well location,
1 mile TD 8900’ MD
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