EMERALD RESOURCES NL — Director's Dealing 2008

May 18, 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

19 May 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 an 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

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	Robert James BERVEN
Date of last notice	12 May 2008

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	Direct or indirect interest	Indirect	Indirect	Indirect	Indirect
	Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to therelevant interest.		Direct(a) Bob BervenIndirect(b) Zadar Holdings Pty LtdMr Berven is a Director and shareholder. Relevantinterest arises under Section 608(3) of the CorporationsAct.(c) Holdings with spouse and/or familymember holdings(d) Berven Consultants Pty LtdMr Berven is a Director and shareholder. Relevantitt i d Sti 6083 f th Cti
			neres arses uner econ () o e orporaonsAct.
Date of change	Date of change		16 M	ay 2008

• See chapter 19 for defined terms.

Appendix 3Y Page 2

No. of securities held prior to change	Direct(a) Bob Berven10,000 Ordinary Shares10,000Listed OptionsIndirect(b) Zadar Holdings Pty Ltd3,149,054 Ordinary Shares20,000Listed Options500,000 Options exercisable at 25 cents eachexpiring at or before 31 December 2008500,000 Options exercisable at 30 cents eachexpiring at or before 31 December2009.(c) Holdings with spouse and/or familymembers holdings200,000 Ordinary Shares60,000Listed Options(d) Berven Consultants Pty Ltd10,000 Ordinary Shares10,000Listed Options
Class	Ord Shares
Number acquired	100,000 Ord Shares via the exercise of 100,00020 cent May 31 2008 options.
Number disposed	100,000 Listed 20 cent May 31 2008 options.
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$20,000

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change	Direct(a) Bob Berven20,000 Ordinary SharesIndirect(b) Zadar Holdings Pty Ltd3,169,054 Ordinary Shares500,000 Options exercisable at 25 cents eachexpiring at or before 31 December 2008500,000 Options exercisable at 30 cents eachexpiring at orbefore 31 December 2009.
	(c) Holdings with spouse and/or familymembers holdings260,000 Ordinary Shares(d) Berven Consultants Pty Ltd20,000 Ordinary Shares
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participationin buy-back	Exercise of Options

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.

Detail of contract	N/A
Nature of interest
Name of registered holder(if issued securities)
Date of change
No. and class of securities towhich 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, provide details and anestimated valuation
Interest after change

• See chapter 19 for defined terms.

Appendix 3Y Page 4