EMERALD RESOURCES NL — Capital/Financing Update 2010

Mar 21, 2010

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Suite 2, 12 Parliament Place West Perth WA 6005 Ph: +618 9482 0510 Fax: +618 9482 0505 Email: info@emeraldoilandgas.com www.emeraldoilandgas.com

22 March, 2010

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

Oil Production and Additional Interests acquired in NOXXE Oil and Gas assets

Highlights:

• Initial NOXXE LLC production of 1600 barrels oil produced from midFebruary 2010;

• Additional Working interests acquired by NOXXE LLC in Humble and Dickinson fields

NOXXE LLC, onshore Texas, (Emerald interest 31.5%)

Emerald is pleased to advise that NOXXE LLC, a producing oil company with interests in 3 oil fields in Texas USA has produced a total of 1600 barrels of oil from the Humble and Dickinson fields since resuming production from these fields in February and has increased its working interests in these fields to 83.75% and 100% respectively.

On March 11, Emerald announced execution of a Memorandum of Understanding securing an option to acquire 31.5% foundation equity interest in a newly formed company, NOXXE LLC, which holds interests in producing oil and gas leases in Harris and Galveston counties, Texas USA.

NOXXE LLC is a company formed specifically to acquire and develop oil and gas assets purchased from the bankruptcy of Daystar Oil & Gas Corp.

NOXXE is currently implementing a program to assess the condition of the 28 existing wells on its leases and to return as many wells as possible to production after a period of neglect by the previous owner. Initial production of 1600 barrels of oil has been achieved, since production was re-established from 4 wells in the Humble and Dickinson fields in February. A total of approximately 2200 barrels is expected to be produced by end March 2010.

NOXXE LLC has also increased its working interests in the Humble field leases from 63.5% to 83.75% and in the Dickinson field from 50% to 100%. This gives NOXXE effective control of the joint ventures governing these leases and will allow it to aggressively pursue its program to return existing wells to production and to recomplete and deepen existing wells to maximise oil production and recovery from the fields over the coming months.

Emerald expects to conclude final agreements and formally acquire its 31.5% equity interest by end March.

For more information please contact:

Emerald Oil & Gas NL

Tel: +618 9482 0510

MIKE KRZUS Managing Director mkrzus@emeraldoilandgas.com

About Emerald Oil & Gas NL

Emerald Oil & Gas NL (ASX: EMR), listed on the ASX in June 2006, is an oil and gas exploration and production company with project interests in Kentucky and Texas in the USA and in the Canning Basin of Western Australia. Emerald’s focus is on both conventional and non-conventional reservoir targets for oil and gas prospects. Its primary objective is to achieve near term production and cashflow to build shareholder value and provide funds to fuel further growth.

Statements regarding Emerald’s plans with respect to its petroleum properties are forward-looking statements. There can be no assurance that Emerald’s plans for development of its petroleum properties will proceed as currently expected. There can be no assurance that Emerald will be able to confirm the presence of additional petroleum deposits, that any discovery will prove to be economic or that an oil or gas field will successfully be developed on any of Emerald’s petroleum properties.