EMERALD RESOURCES NL — AGM Information 2007

Nov 26, 2007

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Level 2, 16 Altona Street West Perth WA 6005 Ph: 08 9482 0500 Fx: 08 9482 0505 Email: info@emeraldoilandgas.com

27 November 2007

Centralised Company Announcements Platform Australian Stock Exchange 10[th] floor, 20 Bond Street Sydney NSW 2000

RESULTS OF ANNUAL GENERAL MEETING

The company advises that all Resolutions put to today’s Annual General Meeting of Shareholders were passed without amendment.

Proxy results for the Annual General Meeting are set out below:

	Resolutions	For	Against	Chairman’s Discretion	Abstaining
1	ADOPTION OF REMUNERATION REPORT (NON-BINDING)	8,666,181	3,269	2,967,834	-
2	RE-ELECTION OF MR JOHN HANNAFORD AS A DIRECTOR	5,964,300	9,062	2,967,834	2,696,088
3	RE-ELECTION OF MR BOB BERVEN AS A DIRECTOR	8,654,540	14,906	2,967,834	4
4	CANCELLATION OF SHARES	8,663,861	3,056	2,967,834	2,458
5	CANCELLATION OF SHARES	250,000	-	-	-

All Resolutions were carried on show of hands.

The AGM presentation is attached.

Yours faithfully,

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JOHN HANNAFORD

Executive Director – Finance

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Emerald Oil & Gas NL

November 2007

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Company Overview

• Perth based company, listed on the ASX in June 2006

• 12.75% interest earned in ARC operated EP104 in the Canning Basin (WA) – Valentine 1 and Stokes Bay 1 wells

• Assets in US (South Texas, North Dakota)

• 62.35m shares on issue

• 35.63m listed options

• AUS$2.0 million in cash (Sept 30)

• Market cap $10.0m (undiluted @ 16 cps)

• ASX codes: EMR & EMRO

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Business Strategy

To establish and develop positions in low risk onshore exploration assets in WA and the US

• Partner with established local operators • Exposure to multiple wells • Advance quickly to producer status

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Drilling Program - completed

•	Greenbush #1	Aug 06
•	NW Alice	Mar 07	Discovery
•	Glamour Girl	April 07
•	Greenbush #2	May 07
•	Pandura	Aug 07
•	Valentine 1	Aug 07
•	Palito Blanco	Sept 07	Discovery
•	Stokes Bay 1	Oct 07	Testing
•	Hope	Nov 07

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Share price performance

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ASX - US Gas Sector, price comparison Jan 07 - Nov 07

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1.20
Jan 07 Share
1.00
price
Current Share
0.80 Price
0.60
0.40
0.20
-
ASX Company
HorizonAmadeusMarionOrchardAntaresGolden StateAuroraAdelphiLafayetteFirst AustralianStrike SamsonVictoriaPrymeSundanceAdvanceComet RidgeRed ForkLivingstoneTomahawkEureka Sun Icon ElkNuenco AltoFall RiverEmeraldAustralian Oil
Share Price A$
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	Drilling Program Drilled (Oct 07)– Testing Nullara formation 18 BCF 1.2 MMBO 12.75% EP104/R1* – (Canning Basin WA) - Stokes Bay well Drilled (Oct 07), 80+ foot net gas pay, developed Nov 07 10 BCF 15% Palito Blanco (Texas USA) - Jaime Garcia GU # 2 well Q1 08 18.75 BCF 25% Steamboat(Texas USA) – seismic acquisition then drilling Q1 08 10 BCF 15% Palito Blanco* (Texas USA) - Development well Q1-Q2 08 7 BCF 10.0% NW Alice (Texas USA) – seismic acquisition, further drilling Timing Emerald attributable potential resource (unrisked) Emerald Interest Project*	Drilling Program Drilled (Oct 07)– Testing Nullara formation 18 BCF 1.2 MMBO 12.75% EP104/R1* – (Canning Basin WA) - Stokes Bay well Drilled (Oct 07), 80+ foot net gas pay, developed Nov 07 10 BCF 15% Palito Blanco (Texas USA) - Jaime Garcia GU # 2 well Q1 08 18.75 BCF 25% Steamboat(Texas USA) – seismic acquisition then drilling Q1 08 10 BCF 15% Palito Blanco* (Texas USA) - Development well Q1-Q2 08 7 BCF 10.0% NW Alice (Texas USA) – seismic acquisition, further drilling Timing Emerald attributable potential resource (unrisked) Emerald Interest Project*	Drilling Program Drilled (Oct 07)– Testing Nullara formation 18 BCF 1.2 MMBO 12.75% EP104/R1* – (Canning Basin WA) - Stokes Bay well Drilled (Oct 07), 80+ foot net gas pay, developed Nov 07 10 BCF 15% Palito Blanco (Texas USA) - Jaime Garcia GU # 2 well Q1 08 18.75 BCF 25% Steamboat(Texas USA) – seismic acquisition then drilling Q1 08 10 BCF 15% Palito Blanco* (Texas USA) - Development well Q1-Q2 08 7 BCF 10.0% NW Alice (Texas USA) – seismic acquisition, further drilling Timing Emerald attributable potential resource (unrisked) Emerald Interest Project*	Drilling Program Drilled (Oct 07)– Testing Nullara formation 18 BCF 1.2 MMBO 12.75% EP104/R1* – (Canning Basin WA) - Stokes Bay well Drilled (Oct 07), 80+ foot net gas pay, developed Nov 07 10 BCF 15% Palito Blanco (Texas USA) - Jaime Garcia GU # 2 well Q1 08 18.75 BCF 25% Steamboat(Texas USA) – seismic acquisition then drilling Q1 08 10 BCF 15% Palito Blanco* (Texas USA) - Development well Q1-Q2 08 7 BCF 10.0% NW Alice (Texas USA) – seismic acquisition, further drilling Timing Emerald attributable potential resource (unrisked) Emerald Interest Project*
	Project	Emerald Interest	Emerald attributable potential resource (unrisked)	Timing
	*** EP104/R1** – (Canning Basin WA) - Stokes Bay well	12.75%	18 BCF 1.2 MMBO	Drilled (Oct 07)– Testing Nullara formation
	*** Palito Blanco** (Texas USA) - Jaime Garcia GU # 2 well	15%	10 BCF	Drilled (Oct 07), 80+ foot net gas pay, developed Nov 07
	*** NW Alice** (Texas USA) – seismic acquisition, further drilling	10.0%	7 BCF	Q1-Q2 08
	*** Palito Blanco** (Texas USA) - Development well	15%	10 BCF	Q1 08
	*** Steamboat**(Texas USA) – seismic acquisition then drilling	25%	18.75 BCF	Q1 08

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Australian Projects - Canning Basin WA

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Stokes Bay #1 well was
deepened to the Nullara
formation at 2,755m.
Tested in November
Valentine #1 vertical
well tested the Virgin
Hills formation
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EP104 - Stokes Bay Prospect

• Location: EP104, Canning Basin, WA

• Objectives: All sands within Anderson formation / Nullara Carbonates

• Emerald interest: 12.75% WI Royalties: 10% Government

• Hydrocarbon potential: Top Deltaic member: Unit ‘A' Sand: Unit ‘B’ Sand: Unit ‘C’ Sand:

4.3 Mmbo

33.5 Bcf gas

6.0 Mmbo 47.4 Bcf gas

• Operator: ARC Energy

• Valentine 1 – Drilled Sept 07 - dry hole

• Stokes Bay 1 - Drilled Oct 07 – Testing Nullara Carbonates, Anderson testing to follow.

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Canning Basin - EPA 4/05-6

• Location: EPA 4/05-6, Canning Basin, WA

• Objectives: All sands within Anderson formation / Nullara Carbonates

• Emerald interest: 100%

• Royalties: 10% Government, 2% other

• Hydrocarbon potential (Eve Rose Prospect): Top Deltaic member: Unit ‘A’ Sand: Unit ‘B’ Sand: Unit ‘C’ Sand:

20 Mmbo

200 Bcf gas 25 Mmbo 250 Bcf gas

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US Exploration South Texas

“Texas has known petroleum deposits of about 8 billion barrels, approximately 1/3 of known US supply. It is the largest gas producing state in the US with onshore production increasing by 258 Bcf (approx. 5%) in 2006.” Natural Gas Year-In-Review, Energy Information Administration, Office of Oil and Gas, March 2007

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Benefits of Doing Business in USA

• Above average market prices for West Texas Intermediate (WTI) crude oil

• Fluid deal flow available in the US for acquiring oil & gas leases

• World’s biggest pool of petroleum industry expertise and established infrastructure

• • Availability of 3D seismic data allowing exploration beneath long established oil and gas fields

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USA: South Texas Project Locations

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US Partners

Noble Energy Noble Energy ranks as one of the largest independent exploration and production companies in the U.S. Noble Energy has had success expanding internationally in non-traditional markets with significant economic potential and long reserve lives. Noble Energy is based in Houston, Texas and employs over 700 people.

Main Energy Main Energy is a US oil and gas exploration and production company that was founded in 1987. Main has owned both operated and nonoperated properties in fourteen US states. Main is interested in property acquisitions and drilling prospects in value of up to $30 million.

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Palito Blanco Project

• Jim Wells & Duval Counties, South Texas

• Objectives: Yegua Sands

• Emerald interest: 15% WI in project

• • Royalties: 23% NRI: 77%

• Reserve potential: - 10 Bcf gas, +/- condensate

• Operator: OSO Exploration

• • First well drilled September 07, discovered 80+ feet of net gas pay. Well tested and Yegua 18, 19 & 20 zones put on production in November 2007.

• Follow up well anticipated in Q1 2008.

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Regional trend map
showing the Palito
Blanco development
NW Alice
and the NW Alice
Discovery
discovery in close
proximity on Yegua
trend in Duval and
Palito Blanco Jim Wells Counties
Development
Texas, surrounded
by producing fields.
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NW Alice Project

• Jim Wells County, South Texas

• • Objectives: Yegua Sands

• • Emerald interest: 10% WI in project

• • Royalties: 23% NRI: 77%

• • Reserve potential: - 100 Bcf gas, 2.5 million bbls condensate

• • Operator: Noble Energy

• • First well drilled March 07, discovered >50 feet of gas interval, technical issues hampered completion and flow testing. Well suspended. Operator to carry out 3-D seismic acquisition prior to next well.

• Follow up well anticipated in Q1 2008.

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RJ Hunter #1 well location

Delta-Gulf well drill in 1954

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Hope Prospect

• Lavaca County, South Texas

• Objectives: Wilcox Sands

• Emerald interest: 6.87% WI in project

• • Royalties: 23% NRI: 77%

• Reserve potential:

• 65 Bcf gas, 1 million bbls condensate

• Operator: Main Energy • First well drilled November 07, encountered uneconomic quantities of hydrocarbons and plugged & abandoned

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Conclusion

To establish and develop positions in low risk onshore exploration assets in WA and the US

• Proven management team

• Targeting specific high potential areas • Focusing on low cost underdeveloped reserves • Leveraging relationships with local operators • Capitalising on strong commodity prices

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Contacts

• Office Address:

• Level 2, 16 Altona Street, West Perth WA 6005

• Phone: (+61 8) 9482 0510

• Fax: (+61 8) 9482 0505

• Web:

www.emeraldoilandgas.com

• Email:

• Bob Berven - Executive Director, Technical bberven@emeraldoilandgas.com John Hannaford - Executive Director, Finance jhannaford@emeraldoilandgas.com

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Thank you

Disclaimer This presentation contains forward looking statements that are subject to risk factors associated with the oil and gas industry. It is believed that the expectation reflected in the 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 to those stated, including but not limited to: product price fluctuations, 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, project delay or advancement, approvals and cost estimates.Investors should undertake their own analysis and obtain independent advice before investing in Emerald shares.All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.

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