DIGITALX LIMITED — Investor Presentation 2011

Jan 27, 2011

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POSITIONED FOR GROWTH

General Meeting January 2011

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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 an 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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Review of 2010 Activities and Investments

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• Sidi Daher – Investment and preparation for drilling

• Low risk, multiple target, large reserve potential, high impact well

• Drilling to commence in February 2011

• Fausse Point - Investment resulting in the drilling of a discovery

• Drilled December/January 2010 – Declared a discovery

• Currently reprocessing & reinterpreting recently acquired seismic to determine extent of discovery and best location to drill an appraisal well.

• Bongo – Investment resulting in the drilling of a discovery

• Drilled in June 2010, declared a discovery in the Cook mountain sand, currently producing oil and gas.

• Continue with clean up and extended well test to gather information in preparation for full field development plan.

• Merger with Pass Petroleum

• Pass acquisition created an exciting portfolio with production, appraisal and exploration

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Tunisia – Chorbane Permit and Sidi Daher prospect

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Tunisia Sid Daher Prospect (10%) – Status

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LOCATION South East Onshore Tunisia MULTIPLE TARGETS 5 targets in total P50 RESERVE POTENTIAL 44 million bbls of Oil & 175 BCF gas

• Sidi Daher Prospect lies in the Chorbane permit onshore Tunisia, Multiple high quality shallow targets

• Well to Spud February 2011

• • Excellent location - Prospect is surrounded by producing fields and significant infrastructure

• • Attractive prospect size with good economics in producing area

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Reservoir and Seal Juxtaposition of various intervals of interest

• Good local drilling contractors and service support

• ADX operator of Project

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Chorbane Exploration – Status

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• Chorbane Block is 2,428 sq Km in size and has large undrilled structures identified

• Current prospect and leads inventory includes two matured prospects and 5 multiple target leads

• The Block has a ready to drill multi target with a DHI supported Sidi Daher prospect with 175 Bcf of gas and 44 mmbbls of oil

• There is high quality seismic definition available over prospects and leads

• Short distances to access onshore processing facilities and a strong gas market with good pricing conditions

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Maps showing Chorbane block outlines and infrastructure (left map) and Sidi Daher Prospect (see star symbol on right map) in relation to proven reservoir fairways inside which the DHI over Sidi Daher was mapped.

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Combined USA Asset Portfolio

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

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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 & 141 BCF of gas

Oil & Gas Discovery

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

• Well encountered three distinct hydrocarbon (oil & gas) formations with multiple zones of interest

• Permanent production facilities installed.

Highly Prospective

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

• Production in the first well was ultimately not commercial due to tight formations and geological irregularities – there are significant hydrocarbons in the field presenting a major opportunity.

Current Strategy

• The JV have secured, for minimal cost, a significant amount of seismic data.

• Currently reprocessing & reinterpreting data in conjunction with FP 1 well data to prepare field development strategy

• Once appraisal prospect location has been identified FP 2 well will be drilled

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Fausse Point - Status

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• Extensive well testing completed Aug/Sept 2010

• Geology/drilling/test results currently being used to refine seismic to determine resource potential

• Deeper exciting regional hydrocarbon play being developed

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• Initial well appears to have just penetrated the

• edge of this regional accumulation.

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

• Securing of adjacent landholdings has required cautious approach

• Currently reprocessing and re-interpreting recently acquired Seismic data to assist in a full field appraisal and development program.

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Fausse Point - Next Steps

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• Re-interpretation of seismic data to better understand the structure extent and reservoir characteristics

• 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

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Bongo (9.375%) – Wharton County, Texas

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Exploration Location

• Situated one fault block on trend from West Wharton Field

• JV has over 4,000 acres on Wilcox Trend

Oil & Gas Discovery

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

• Post Fracture stimulation results and ongoing appraisal of the Cook Mountain Formation ongoing.

• Initial production rates on a 10/64ths choke were 2.65 million cubic feet of gas per day (mmscf/d) & 311 barrels of oil per day (Bopd). Production rates are still stabilising.

• 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 testing is continuing.

Highly Prospective

• Bongo discovery is potentially part of a very large regional accumulation, a drilling appraisal program is currently being finalised expect to drill 1[st] well in the 1[st] quarter of 2011.

• Potential of the extensive Yegua anomaly still to be determined.

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Bongo Discovery – Location Map

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Wharton West
Bongo 3-D Area
Bongo
Prospect
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Verus - Pass Merger Assets

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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 to reduce cost of FP#2

Immediate Cashflow from Bullseye

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

• Undeveloped oil potential in the Camerina & Marg Varg formations

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

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 .

• 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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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 being dictated by current oil production and continued cash flow from Jumonville #1 production

• Additional untested hydrocarbon interval – Marg Varg Formation

• Proven producer in the general area

• Distribution of reservoir is not well defined at this stage due to uncertainty of oil-water contacts

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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 Sept 2010

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• Current Production is declining slowly and production rates are trying to be stabilised

• Wells and structures production potential currently being analysed.

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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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Section Six

Conclusion

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Investment Thesis: Low Risk, High Reward

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Minimise Risk

• Stable commercial and regulatory regime

• Onshore

• Prolific hydrocarbon address

• Shallow drilling depths

• Qualified operator

• Production analogs

• Good seismic coverage

• Prospect s with high chance of success

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High probability of success

Maximise Returns

• Low entry cost

• Low drilling cost

• Attractive fiscal regime

• Premium commodity pricing

• Nearby underutilised infrastructure

• Near-term cashflow

• Lean corporate structure

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High leverage to success

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In Summary

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• In the short term – Sidi Daher and Bongo for anticipated drilling in Q1 2011 and Development of appraisal well targets in Fausse Pt

• Continued Opportunistic Portfolio Build-Out Through Next 12 Months

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

• Sidi Daher is a multiple target prospect with large resource potential, and the Chorbane block has another 6 prospects and leads to drill up.

• Seek to redeploy capital into existing asset portfolio to further enhance production rates

• Experienced management and board

• Continue to look at new project opportunities

• Merger with Pass Petroleum

• A company defining merger of portfolios presenting cash flow and low risk investment opportunities

• Value creation potential

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