EMERALD RESOURCES NL — Director's Dealing 2010

Sep 20, 2010

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Suite 2, 12 Parliament Place West Perth WA 6005 Ph: 08 9482 0510 Fx: 08 9482 0505 Email: info@emeraldoilandgas.com www.emeraldoilandgas.com

21 September 2010

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

APPENDIX 3Y – CHANGE OF DIRECTORS INTEREST NOTICES x 4

Please find attached four Appendix 3Y “Change in Director’s Interest Notices” for Emerald Oil & Gas NL following the entitlements issue.

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	Michael KRZUS
Date of last notice	13 May 2010

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 & Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Direct Michael Krzus Indirect Plan B Trustees Limited **A/C> ATF Krzus Super Fund
Date of change	17 September 2010
No. of securities held prior to change	Direct Michael Krzus 5,000,000 Unlisted Options exercisable at $0.10 each expiring on or before 31 March 2014 Indirect Plan B Trustees Limited **A/C> ATF Krzus Super Fund 361,850 ordinary shares
Class	(a) Ordinary shares (b) Free attaching listed options exercisable at $0.05 each expiring on or before 31 August 2012

• See chapter 19 for defined terms.

Appendix 3Y Page 2

Number acquired	Michael Krzus (a) 5,000,000 shares (b) 2,500,000 options Plan B Trustees Limited **A/C> ATF Krzus Super Fund (a) 347,376 shares (b) 173,688 options
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Michael Krzus (a) $100,000 (b) Nil Plan B Trustees Limited **A/C> ATF Krzus Super Fund (a) $6,947.52 (b) Nil
No. of securities held after change	Direct Michael Krzus 5,000,000 ordinary shares 2,500,000 listed options exercisable at $0.05 each expiring on or before 31 August 2012 5,000,000 Unlisted Options exercisable at $0.10 each expiring on or before 31 March 2014 Indirect Plan B Trustees Limited **A/C> ATF Krzus Super Fund 709,226 ordinary shares 173,688 listed options exercisable at $0.05 each expiring on or before 31 August 2012
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Participation in entitlements issue and shortfall allotment pursuant to underwriting agreement.

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

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	Jeremy David SHERVINGTON
Date of last notice	8 June 2010

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 (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Securities held byDrumgaghan Pty Ltd Mr Shervington is Director and controlling shareholder of Drumgaghan Pty Ltd.Relevant interest arises under Section 608(3) of the Corporations Act. Securities held byPanga 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	17 September 2010
No. of securities held prior to change	Drumgaghan Pty Ltd: 3,150,977 Ordinary Shares Panga Pty Ltd: 1,100,000 Ordinary Shares 367,577 Director Options exercisable at 17.68c on or before 23/01/11
Class	(a) Ordinary Shares (b) Free attaching listed options exercisable at $0.05 each expiring on or before 31 August 2012

• See chapter 19 for defined terms.

Appendix 3Y Page 4

Number acquired	Drumgaghan Pty Ltd (a) 3,024,938 ordinary shares (b) 1,512,469 options Panga Pty Ltd (a) 1,056,000 ordinary shares (b) 528,000 options
Number disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Drumgaghan Pty Ltd (a) $60,498.76 (b) Nil Panga Pty Ltd (a) $21,300.00 (b) Nil
No. of securities held after change	Drumgaghan Pty Ltd: 6,175,915 Ordinary Shares 1,512,469 options exercisable at $0.05 each expiring on or before 31 August 2012 Panga Pty Ltd: 2,156,000 Ordinary Shares 367,577 Director Options exercisable at 17.68c on or before 23/01/11 528,000 options exercisable at $0.05 each expiring on or before 31 August 2012
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Participation in entitlement issue

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

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	20 May 2010

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 & Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.		Direct Bob Berven Indirect Zadar Holdings Pty Ltd Mr Berven is a Director and shareholder. Relevant interest arises under Section 608(3) of the Corporations Act. Holdings with spouse and/or family member holdings 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		17 September 2010

• See chapter 19 for defined terms.

Appendix 3Y Page 6

No. of securities held prior to change	Direct Bob Berven 20,000 Ordinary Shares Indirect Zadar Holdings Pty Ltd 4,029,054 Ordinary Shares Holdings with spouse and/or family members 120,000 Ordinary Shares Berven Consultants Pty Ltd 20,000 Ordinary Shares
Class	(a) Ordinary Shares (b) Free attaching listed options exercisable at $0.05 each expiring on or before 31 August 2012
Number acquired	Direct Bob Berven (a) 19,200 Shares (b) 9,600 Indirect Zadar Holdings (a) 3,867,892 (b) 1,933,946 Holdings with spouse and/or family members (a) 115,200 (b) 57,600 Berven Consultants Pty Ltd (a) 19,200 ~~b9 600~~
Number disposed	~~() ~~ N/A
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Bob Berven (a) $384.00 (b) Nil Indirect Zadar Holdings (a) $77,357.84 (b) Nil Holdings with Spouse (a) $2,304.00 (b) Nil Berven Consultants Pty Ltd (a) $384 (b) Nil

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change

Direct Bob Berven 39,200 Ordinary Shares 9,600 listed options exercisable at $0.05 each expiring on or before 31 August 2012 Indirect Zadar Holdings Pty Ltd 7,896,946 Ordinary Shares 1,933,946 listed options exercisable at $0.05 each expiring on or before 31 August 2012 Holdings with spouse 235,200 Ordinary Shares 57,600 listed options exercisable at $0.05 each expiring on or before 31 August 2012 Berven Consultants Pty Ltd 39,200 Ordinary Shares 9,600 listed options exercisable at $0.05 each expiring on or before 31 August 2012

Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Participation in entitlement issue

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 8

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	John Andrew HANNAFORD
Date of last notice	2 March 2010

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 & Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.		Direct Held byJohn Hannaford Indirect Held byEmma Hannaford(spouse) Securities held byRiverview Corporation Pty Ltd. Mr Hannaford is a Director and shareholder. Relevant interest arises under Section 608(3) of the Corporations Act.)
Date of change		17 September 2010
No. of securities held prior to change		Direct John Hannaford 1,188,042 Ord Shares Indirect Emma Hannaford (spouse) 1,188,042 Ord Shares Riverview Corporation Pty Ltd 814,844 Ord Shares

Appendix 3Y Change of Director’s Interest Notice

Class		(a) Ordinary Shares (b) Free attaching listed options exercisable at $0.05 each expiring on or before 31 August 2012
Number acquired		John Hannaford (a) 1,140,521 ordinary shares (b) 570,260 listed options exercisable at $0.05 each expiring on or before 31 August 2012 Emma Hannaford (a) 1,140,521 ordinary shares (b) 570,260 listed options exercisable at $0.05 each expiring on or before 31 August 2012 Riverview Corporation Pty Ltd (a) 782,251 ordinary shares (b) 391,125 listed options exercisable at $0.05 each expiring on or before 31 August 2012
Number disposed		N/A
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation		John Hannaford (a) $22,810.42 (b) Nil Emma Hannaford (a) $22,810.42 (b) Nil Riverview Corporation Pty Ltd (a) $15,645.02 (b) Nil
No. of securities held after change		Direct John Hannaford 2,328,563 Ord Shares 570,260 listed options exercisable at $0.05 each expiring on or before 31 August 2012 Indirect Emma Hannaford (spouse) 2,328,563 Ord Shares 570,260 listed options exercisable at $0.05 each expiring on or before 31 August 2012 Riverview Corporation Pty Ltd 1,597,095 Ord Shares 391,125 listed options exercisable at $0.05 each expiring on or before 31 August 2012
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back		Participation in entitlement issue

• See chapter 19 for defined terms. Appendix 3Y Page 10

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