EMERALD RESOURCES NL — Director's Dealing 2008

Jun 1, 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

2 June 2008

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

APPENDIX 3Y – CHANGE OF DIRECTORS INTEREST NOTICE

Please find attached Appendix 3Y “Change in Director’s Interest Notice” for Emerald Oil & Gas NL.

Yours faithfully,

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Morgan Barron Company Secretary

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity EMERALD OIL & GAS NL ABN 72 009 795 046

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Jeremy David SHERVINGTON
Date of last notice	07/07/2006

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	INDIRECT
Nature of indirect interest	(a) Securities held by Drumgaghan Pty
(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Ltd. Mr Shervington is Director andcontrolling shareholder of Drumgaghan
	Pty Ltd. Relevant interest arises under
	Section 608(3) of the Corporations Act.
	(b) Securities held by Panga Pty Ltd. Mr
	Shervington is Director and controlling
	shareholder of Panga Pty Ltd. Relevant
	interest arises under Section 608(3) of
	the Corporations Act.
Date of change	30/05/08

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

	No. of securities held prior	to change	(a) Drumgaghan Pty Ltd:1,812,995 Ordinary Shares1,337,982 Listed Options exercisable at 2cents on or before 31/5/08.(b) Panga Pty Ltd:100,000 Ordinary Shares367,577 Director Options exercisable a17.68c on or before 23/01/11600,000 Management Options exercisablat 25c on or before 31/12/08600,000 Management Options exercisablat 30c on or before 31/12/09	(a) Drumgaghan Pty Ltd:1,812,995 Ordinary Shares1,337,982 Listed Options exercisable at 2cents on or before 31/5/08.(b) Panga Pty Ltd:100,000 Ordinary Shares367,577 Director Options exercisable a17.68c on or before 23/01/11600,000 Management Options exercisablat 25c on or before 31/12/08600,000 Management Options exercisablat 30c on or before 31/12/09	0tee
	Class		Ordinary	shares
	Number acquired		1,337,982of 1,337,	Ordinary Shares via the exercis982 cent May 31 2008 options.	e
	Number disposed		1,337,982options	Listed 20 cent May 31 200	8
	Value/ConsiderationNote: If consideration is non-cash, provid	e details and estimated valuation	$267,596.5
	No. of securities held after	change (Cont.)	(c) Drumgaghan Pty Ltd:3,150,977 Ordinary Shares(d) Panga Pty Ltd:100,000 Ordinary Shares367,577 Director Options exercisable a17.68c on or before 23/01/11.600,000 Management Options exercisablat 25c on or before 31/12/08.600,000 Management Options exercisable a30c onorbefore 31/12/09.		tet
	Nature of changeExample: on-market trade, off-market tr	ade, exercise of options, issue of	Exercise of Options
	securities under dividend reinvestment pla	n, participation in buy-back
Part 2 – Change of direNote: In the case of a company, interests win this part.
		ctor’s interests in contractshich come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y Page 3

Appendix 3Y Change of Director’s Interest Notice

	Detail of contract	Detail of contract	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
	Nature of interest
	Nam f ritrd hldr
	e o egsee o(if issued securities)	e
	Date of change
	No. and class of se	curities to
	which interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changed
	Interest acquired
	Interest disposed
	Value/ConsiderationNote: If consideration is non-cash, prestimated valuation	ovide details and an
	Interest after change

• See chapter 19 for defined terms. Appendix 3Y Page 4

11/3/2002