EMERALD RESOURCES NL — Director's Dealing 2011

Jan 24, 2011

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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

24 January 2011

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

EXPIRY OF OPTIONS/APPENDIX 3Y – CHANGE OF DIRECTORS INTEREST NOTICE

Emerald Oil & Gas NL (ASX:EMR) hereby advises that 661,639 unlisted options exercisable at 17.68 cents each have expired on 23 January 2011.

Please find attached an Appendix 3Y “Change in Director’s Interest Notice” for the expiry.

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	Jeremy David SHERVINGTON
Date of last notice	21 September 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	23 January 2011
No. of securities held prior to 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 onorbefore 31 August2012

• See chapter 19 for defined terms.

Appendix 3Y Page 2

Class	Director Options exercisable at 17.68c on or before 23/01/11
Number acquired	N/A
Number disposed	367,577 (expiry of options)
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	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 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	Expiry 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 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 **

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailed above traded during a+closed period where prior written clearance was required?	N/A
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A