EMERALD RESOURCES NL — Investor Presentation 2011

Mar 31, 2011

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Emerald Oil & Gas NL Green River Basin Opportunity

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Disclaimer

This presentation contains forward looking statements that are subject to risk factors associated with the oil and gas industry. It is believed that the expectation reflected in the statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially to those stated, including but not limited to: product price fluctuations, currency fluctuations, drilling and production results, reserve estimates, loss of market , industry competition , environmental risks , physical risks , legislative, fiscal and regulatory developments, economic and financial market conditions, project delay or advancement, approvals and cost estimates. Investors should undertake their own analysis and obtain i n d epen d en a t d v ce e ore nves i b f i ti ng n mera i E ld s h ares. All re erences o f t dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.

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Acquire 45% of New Frontier Energy Inc’s interests in GRB
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• Approx 65,000 gross acres contiguous mineral leases • Niobrara shale oil play, CBM and conventional gas

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18 mile pipeline to gas sales point
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• nte nergy o ng correspon ng
interest and Operator
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shares options
(million) (million)
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urrent issued it 270 97
equ y
New Frontier consideration 125
Capital raising 375 106
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Total post transaction 785 253 * Anticipated cash position after NFE Transaction Approximate Capital raised $20 million Less NFE Cash Consideration $10 million Working Capital $10 million

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G reen Ri ver as n B i Niobrara Shale Oil Play

Green River Basin Outline

Emerald / Entek Acreage

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• DJ Basin

• Green River Basin Green River Basin

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• l ll A f ew vert ca i l Ni o b rara o il we ll s, ut no b horizontal wells yet drilled to “prove“ the play • Target Niobrara oil zones 10x to 15x

• 2010 thi c k er th an n i th e DJB • Competition for acreage now fierce as attention turns from DJ Basin to GRB • $1300 per acre paid in Feb 2011

• • Fi rs t h or zon a s p anne i t l l d f or Q3 2011

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i n th e DJ B as n i Fi rs t h or zon a s p anne i t l l d f or Q3 2011
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Investors are willing to capitalize companies to acquire undeveloped
acreage positions in high profile shale oil plays in the Rocky Mountains
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Rapidly expanding industry activity in the Niobrara and GRB increasingly
de-risks EMR acreage
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Example: US Listed, Op/Non Op, US Rockies Focused E&P Company
Equity raising Mkt cap
Q1 2010 no shale oil acreage $9m $20m
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Mar 2011 23,000 net acres $123m $331m
Total 30,000 net acres $6,933 EV/acre
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EMR 29,250 net acres $1,432 EV/acre* Consolidating GRBJV interests in a focused Niobrara position would position EMR/ETE to access US capital markets in a similar manner

• Fully Diluted

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GRB Opportunity Status and Forward plans 1. Complete capital raising @ > $0.05 per share a. 375m shares underwritten @ $0.05 ($18.75m) b. Expect to raise approx $20m

2. Close NFE transaction

a. Issue 125m Shares to NFE , $ 10m cash consideration 3. Jointly deliver oil & gas development program to GRB JV a. Execute strategy to generate max value from current assets b . Consolidate and expand GRB position with additional acreage c. Develop technically focused 2011 field activity program 4. Explore ways to combine EMR/ETE GRB assets to access US capita marl kets and fully capitalize the GRB JV a. Maximize the value of the GRB Niobrara for EMR and ETE b. Minimize future dilution of both ASX listed companies

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