EMERALD RESOURCES NL — Director's Dealing 2011

Dec 19, 2011

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 30/09/01 Amended 01/01/11

Name of entity Emerald Oil & Gas 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.

We (the entity) give ASX the followingthe director for the purposes of section	information under listing rule 3.19A.2 and as agent for205G of the Corporations Act.
Name of Director	McAndrew Rudisill
Date of last notice	5 October 2011

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 relevantinterest.
Date of change	See attached Annexure A
No. of securities held prior to change	13,534,000 Ordinary Shares held indirectlythrough Pelagic Capital Investments Ltd(PCIL), and28,920,000 Options held indirectly throughPCIL
Class	Ordinary shares
Number acquired	716,000
Number disposed	nil
Value/ConsiderationNote: If consideration is non‐cash, provide details and estimatedvaluation	See attached Annexure A

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

N	o. of securities held after change		14,2	50,000 Shares held	indirectly through
			Pela	ic Caital Investme	ts Ltd (PCIL) and
			28,9	g p20,000 Options hel	,d indirectly through
			PCI	L
NEisb	ature of changexample: on‐market trade, off‐market traf ii d diidd i	de, exercise of options,l iii i	On	k d
				aret trae
	sue o securtes uner ven renvestm	ent pan, partcpaton n
	uy‐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	Detail of contract	N/A	N/A	N/A	N/A
Nature of interest		N/A
Name of registered holder(if issued securities)		N/A
Date of change		N/A
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed		N/A
Interest acquired		N/A
Interest disposed		N/A
Value/Consideration		N/A
Note: If consideand an estimated	ration is non‐cash, provide detailsvaluation
Interest afte	r change	N	/A
Part 3 –+Closed period
Were the interests in the securities oabove traded during a+closed periodl id?			r contracts detailedwhere prior written	No
cearance w	as requre
If so, was pto proceed	rior written clearance providduring this period?		ed to allow the trade	N/A
If prior writtprovided?	en clearance was provided, o		n what date was this	N/A

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed No above traded during a[+] closed period where prior written clearance was required? If so, was prior written clearance provided to allow the trade N/A to proceed during this period? If prior written clearance was provided, on what date was this N/A provided?

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Annexure A

This is Annexure A of 1 page referred to in Appendix 3Y "Change of Director's Interest Notice" by McAndrew Rudisill

Change of director’s relevant interests in securities

Date of change	Number of securitiesacquired	Value/consideration
16 Dec 2011	459,140	$11,386.67
19 Dec 2011	256,860	$6,138.95

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3