EMERALD RESOURCES NL — Director's Dealing 2008

May 11, 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

12 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	25 January 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	Indirect
Nature of indirect interest	Direct
(including registered holder)Note: Provide details of the circumstances giving rise to the	(a) Bob Berven
relevant interest.
	Indirect
	(b) Zadar Holdings Pty Ltd
	Mr Berven is a Director and shareholder. Relevant
	interest arises under Section 608(3) of the Corporations
	Act.
	(c) Holdings with spouse and/or family
	member holdings
	(d) Berven Consultants Pty Ltd
	Mr Berven is a Director and shareholder. Relevant
	interest arises under Section 608(3) of the Corporations
	Act.
Date of change	8 May 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 holdings180,000 Ordinary Shares60,000Listed Options(d) Berven Consultants Pty Ltd10,000 Ordinary Shares10,000Listed Options
Class	Ordinary Shares
Number acquired	(a) Nil(b) Nil(c) 10,000 ordinary shares(d)Nil
Number disposed
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$1760
No. of securities held after 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 eachexpiringat or before 31 December 2009.

Appendix 3Y Change of Director’s Interest Notice

	(c) Holdings with spouse and/or family
	members holdings
	190,000 Ordinary Shares
	60,000Listed Options
	(d) Berven Consultants Pty Ltd
	10,000 Ordinary Shares
	10,000Listed Options
Nature of change	On market trade
Example: on-market trade, off-market trade, exercise of options,
issue of securities under dividend reinvestment plan, participation
in buy-back

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 to
which interest related prior to
change
Note: Details are only required for a contract in relation
to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration
Note: If consideration is non-cash, provide details and an
estimated valuation
Interest after change

• See chapter 19 for defined terms.

Appendix 3Y Page 4