DIGITALX LIMITED — Capital/Financing Update 2011

May 11, 2011

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( A B N 3 4 0 9 0 0 7 4 7 8 5 )

566 Elizabeth Street, Melbourne 3000 Victoria Australia

Telephone: +61 3 9349 1488 Facsimile: +61 3 9349 1186

PO Box 12883 A’Beckett Street Post Office Melbourne 8006 Victoria Australia

Email: investor.relations@ggpl.com.au Website: www.ggpl.com.au

12 May 2011

Market Release (via electronic lodgement)

FAUSSE POINT PROJECT UPDATE

Fausse Point Prospect, Iberia Parish, Louisiana, Operator 18% WI

The board is pleased to update the market in respect to the company’s Fausse Point project.

Key Points

• First review of reprocessed seismic completed

• Significant structure identified.

• Fausse Pt 2 appraisal well location to be accessed from existing location.

Fausse Point Reprocessing and re‐interpretation

Considerable work has been performed over the past three months in reprocessing and re‐interpretation of the acquired seismic covering the Fausse Point discovery well (TGR‐1) which spudded in 2009, and surrounding region. Data from numerous wells around the salt dome and particularly in the Fausse Point area has also been purchased and used to assist in the overall interpretation and evaluation of the initial discovery.

Although the original 1994 3D seismic data has excellent signal quality, it contains various acquisition design problems. This initially created some minor interpretational issues, however using modern day reprocessing techniques the data has now been adequately reprocessed.

The initial review and assessment of the re‐interpreted seismic has been very encouraging and has determined a well‐defined structure. The TGR‐1 pay appears to be in an upthrown fault block that closes against salt, the updip part of the trap is probably subsalt and the sand is possibly a “stray” channel sand.

Depth map from Seismic interpretation

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2

The structure appears to be of considerable size and could potentially contain a significant volume of hydrocarbons.

The final bottom hole target will be accessible from the existing TGR‐1 location with a sidetrack from the original wellbore. This will significantly reduce the well drilling costs.

A drilling proposal and well cost estimate will be provided by the Company shortly for partner approval.

The company is encouraged by the reprocessing and re‐interpretation work performed to date.

Partners in the Fausse Point Prospect are:

Company	WI
Verus Investments Ltd (ASX:VIL)	72.0%
Golden Gate Petroleum Ltd	18.0%
Oakmont Minerals	10.0%

For further information contact:

Chris Ritchie Financial Controller Phone +61 3 9349 1488 investor.relations@ggpl.com.au

About Golden Gate: Golden Gate is an independent oil and gas exploration and production company listed on the Australian Securities Exchange. Its focus of operations is onshore Texas and Louisiana Gulf Coast region and the Permian Basin region of the USA.

COMPETENT PERSONS STATEMENT : The information in this report has been reviewed and signed off by Mr Mark Decker, Geologist (BS. Geology), with over 34 years respective relevant experience within the oil and gas sector.

This report contains forward looking statements that are subject to risk factors associated with resources 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, reserve 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.