EMERALD RESOURCES NL — Regulatory Filings 2007

May 16, 2007

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MARKET RELEASE

16 May 2007

Emerald Oil & Gas NL

TRADING HALT

The securities of Emerald Oil & Gas NL (the "Company") will be placed in pre-open at the request of the Company, pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in pre-open until the earlier of the commencement of normal trading on Monday, 21 May 2007 or when the announcement is released to the market.

Security Code:

EMR EMRO

Phillips

Nicholas Ong Senior Adviser, Issuers

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OIL & GAS NL Level 2, 16 Altona Street, West Perth WA 6005 PO Box 902, West Perth WA 6872 Ph: 08 9482 0510 Fax: 08 9482 0505 Web: www.emeraldollandgas.com

16 May 2007

Dear Jill,

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Could you please place Emerald in a Trading halt with immediate effect, pending an announcement.

Emerald is not aware of any reason why a trading halt should not be granted.

Any questions please call myself or Morgan Barron on 9482 0510.

Yours truly,

For and on behalf of Emerald Oil & Gas NL

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John Hannaford Executive Director - Finance