EMERALD RESOURCES NL — Regulatory Filings 2007

Nov 14, 2007

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EMPIRE OIL & GAS NL

ABN 55 063 613 730 SUITES 7 & 8 154 HAMPDEN ROAD NEDLANDS 6009 WESTERN AUSTRALIA TELEPHONE 61 8 6389 2687 FACSIMILE 61 8 9386 6812 EMAIL info@empireoil.com.au WEBSITE www.empireoil.com.au\

15 November 2007

Australian Securities Exchange Limited Company Announcements Office Level 4 20 Bridge Street SYDNEY NSW 2000

Dear Sirs

RE: EP 104/R1 CANNING BASIN, WESTERN AUSTRALIA – STOKES BAY-1 WELL TESTING RESUMES

Please find details of the Stokes Bay-1 well testing.

Yours faithfully

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J L CRAIG MARSHALL Managing Director EMPIRE OIL & GAS N.L.

EMPIRE OIL & GAS N.L.

STOCK EXCHANGE RELEASE

15 November 2007

EP 104/R1 CANNING BASIN, WESTERN AUSTRALIA - STOKES BAY-1 WELL TESTING RESUMES

Empire Oil & Gas N.L. advises that the EP104/R1 Joint Venture has re-commenced testing operations at the Stokes Bay-1 well at 09:45 Hrs on 14 November, 2007.

Testing operations are utilising a specialised testing crew that is more cost efficient than having the Century Rig 18 on location, and this small crew is also more able to access the Stokes Bay location should the wet season be early.

At completion of the initial test flow using Rig 18, the well was shut in and down hole pressure measurements taken. Interpretation of these pressure measurements together with surface shut in pressures provided encouragement that the well will flow and cleanup so that the nature of the reservoir fluid can be determined. Because of the vugular and cavernous nature of the porosity in the section and the amount of drilling fluid and lost circulation material lost to the formation, the well may take some time to flow and to clean up. Wells in similar formations can take several days of flow before definitive reservoir fluids are observed.

Following initial setup and pressure testing of the wellhead, the first attempt to flow the fluids in the well to surface has not been successful and will require assistance to commence flow. The mobilisation of swabbing and other specialised equipment to the wellsite will now take place to get the well to flow and assist with the cleanup of the well.

Participants in Stokes Bay 1 (post earning) are:

Empire Oil and Gas NL 14.80% ARC Energy Limited 38.95% (Operator) Emerald Oil & Gas NL 12.75% Pancontinental Oil & Gas 10.00% Phoenix Resources PLC 10.00% First Australian Resources Limited 8.00% Indigo Oil 5.50%

For further information, please contact:

J L CRAIG MARSHALL BSc (Hons), F. Aus. IMM, CPGeo Managing Director Empire Oil & Gas NL Suite 7, 154 Hampden Road, Nedlands WA 6009 Telephone: 61 8 6389 2687 Facsimile: 61 8 9386 6812 Email: cmarshall@empireoil.com.au