EMERALD RESOURCES NL — Director's Dealing 2010

May 12, 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

13 May 2010

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	Michael KRZUS
Date of last notice	11 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 therelevant interest.	Direct(a) Michael KrzusIndirect(b)PBTL – Lifetime Superannuation Fund AsTrustees For Krzus Super Fund
Date of change	13 May 2010
No. of securities held prior to change	Direct(a) Michael Krzus5,000,000 Unlisted Options exercisable at $0.10each expiring on or before 31 March 2014Indirect(b)PBTL – Lifetime Superannuation Fund AsTrustees For Krzus Super Fund304,850 ordinary shares
Class	Ordinary shares
Number acquired	57,000
Number disposed	Nil

• See chapter 19 for defined terms.

Appendix 3Y Page 2

Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$1,710.00
No. of securities held after change	Direct(a) Michael Krzus5,000,000 Unlisted Options exercisable at $0.10each expiring on or before 31 March 2014Indirect(b)PBTL – Lifetime Superannuation Fund AsTrustees For Krzus Super Fund361,850 ordinary shares
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participationin buy-back	On market purchase