EMERALD RESOURCES NL — Capital/Financing Update 2008

Feb 25, 2008

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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 www.emeraldoilandgas.com

26 February 2008

Company Announcements Office ASX Limited Electronic Lodgement System

Dear Sir/Madam,

Notice Pursuant to Sec 708A(5)(e)

Notice is hereby given pursuant to Section 708A(5)(e) of the Corporations Act 2001 (“Act”) that on 26 February 2008, Emerald Oil & Gas NL (“EMR”) issued 18,000,000 shares at 9 cents and 18,000,000 options for nil consideration without a disclosure document being issued to investors under part 6D.2 of the Act.

As at the date of this notice:

• The Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company or it has relief from ASIC is respect to any breaches of Chapter 2M;

• The Company has complied with Section 674 of the Act; and

• There is no “excluded information” within the meaning of that term given in the Act which has not been disclosed to the market.

Yours faithfully

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Morgan J Barron

Company Secretary