DIGITALX LIMITED — M&A Activity 2010

Sep 7, 2010

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ASX Announcement

8 September, 2010

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

Dear Sir,

Verus executes Pass Petroleum merger documentation Silverwood acquisition agreed

Verus Investments Ltd (Verus; ASX-code: VIL ) refers to its announcement dated 2 August 2010 and is pleased to announce that it has completed due diligence and executed final binding documentation to merge with Pass Petroleum Pty Ltd (Pass).

In addition to the previously announced Share Sale Agreement Verus has negotiated the inclusion of Pass’s 30% working interest (WI) in the Silverwood project - previously quarantined from the merged assets. The Silverwood project was this week announced as an oil discovery by the project’s operator.

Post merger, Verus’s assets will include:

• 72% WI in the Fausse Point project;

• 9.375% WI in the Bongo project;

• 10% WI in the Bullseye project; which includes:

• Immediate cash flow from Miogyp formation production

• Undeveloped oil potential in the Camerina and Marg Varg formations

• Additional drill ready prospects - Miogyp, Camerina and Marg Varg

• 18% WI in the potential high-impact Bowtie West - with minimal capital requirements; and

• 30% WI in the Silverwood Project - which yesterday was announced as an oil discovery with 18 feet of potential net oil pay. The significance of this discovery is yet to be determined, with production testing to commence shortly.

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 8645 Fax: +61 (0)8 9240 2406 Email: info@verus.com Web: www.verus.com.au

“The finalisation of this transaction will be a company-transforming step for Verus,” said Andrew McIlwain, Verus’s Chairman.

“Upon the successful acquisition of Pass’s assets, Verus will move from investments in two projects to five, complemented by a significantly expanded participation in the exciting Fausse Point project and immediate cash flow from Bullseye . Additionally, the recently announced oil discovery at Silverwood enhances our portfolio, as well as a number of development properties that require relatively minor capital.

“The inclusion of Pass’s Silverwood interest for nil consideration clearly demonstrates the support and commitment from the Pass group towards Verus in which they will become significant investors.

“As a scrip only deal, the Pass shareholders clearly support the interests and management of Verus.

“Additionally, the Pass team has a successful track record and were responsible for introducing the Fausse Point project to Verus. The opportunity to work closely with this group going forward will no doubt provide other possibilities.”

Shareholder approval for the Pass merger transaction will be sought at a general meeting scheduled for 22 September 2010.

At the conclusion of the transaction, Verus will hold investments in the following projects:

- Fausse Point (72% WI up from 45%)

Fausse Point has been confirmed as a discovery in a deeper section and hence will be subject to further appraisal drilling in the future. Production testing of the shallower intervals is now taking place. Further information will be provided in a separate release when details are available.

Bongo (9.375% WI)

The Bongo well (OB Ranch #1) intersected hydrocarbon bearing sands with potentially significant gas and condensate between 12,400 and 12,900 feet. Additionally, log and seismic data indicate the well may have discovered gas at the shallower Yegua formation. Preparation for testing of the OB Ranch #1 Well is underway. Again, further information will be provided in a separate release when details are available.

Silverwood (30.0% WI)

Recently announced discovery by the project operator where based on the mudlogs, electric logs, sidewalls cores and additional analysis from Schlumberger and others, it has been determined that there is approximately 18 feet of potential net oil pay. This well is being completed and will be production tested over the coming weeks.

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Bowtie West (18.0% WI)

Bowtie West represents a relatively low risk exploration prospect with estimated potential reserves of over 50 BCF of natural gas and around 1.7 MMBBLS of crude oil. The reservoir sands at Bowtie West are visible on seismic with strong amplitude anomaly that extends widely over the prospect and could represent a much larger prospective reserve than current estimates. The strong amplitude anomaly equals thick reservoir sand which has been calibrated in nearby prolific Vicksburg producers.

Bullseye (10.0% WI)

The Bullseye project is located on the crest of the Laurel Ridge anticline onshore South Louisiana. Bullseye is currently producing from the deeper Miogyp Formation and has also discovered oil in another zone known as the Camerina. The Camerina Formation is yet to be tested and the project operator at the Bullseye project estimates that it has the potential to contain 2.2 – 7.1 million barrels of oil and 2.0 – 7.0 billion cubic feet of gas. Pass has a 10% working interest in the project area which includes two producing wells (Jumonville #1 and #2), one water disposal well, as well as substantial production infrastructure. Jumonville produces around 250 barrels of high quality oil (40[o] API gravity) which, under the current sales contract, yields a premium to WTI. These wells also produce 300,000 cubic feet of gas per day.

Yours faithfully,

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Andrew McIlwain Chairman

For further information in respect of the Company’s activities, please contact:

Mr. Andrew McIlwain	Mr. Nathan Ryan	Mr. Paul Jurman / Mr. CraigNelmes
Chairman	NWR Communications Investor Relations	Finance & Administration
Tel:(+61 3)9817 5067	Tel:(+61 0)420 582 887	Tel:(+61 8)9240 8645

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