EMERALD RESOURCES NL — Regulatory Filings 2007

May 13, 2007

Level 2, 16 Altona Street West Perth WA 6005 Ph: +618 9482 0500 Fx: +618 9482 0505 Email: jhannaford@emeraldoilandgas.com www.emeraldoilandgas.com

14 May 2007

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

GREENBUSH PROJECT UPDATE

Emerald Oil & Gas NL hereby advises the commencement of drilling operations at the Greenbush Project.

GREENBUSH PROSPECT, EGEBERG #1 WELL WARD COUNTY, NORTH DAKOTA, USA

(Emerald 15% Working interest, Operator: Golden Eve Resources LLC.)

Emerald has been advised by Operator, Golden Eye Resources LLC, that site preparation has commenced for the drilling of the Egeberg #1 well.

• Current Depth: 40 feet.
• Current Activities: Drilled 18 inch conductor hole to 40 feet, cemented conductor to surface. Drilled rat hole and mouse hole. Blade location, install pit liner, surface casing and wellhead.
• Contractor Redhawk Drilling anticipates the rig to move onto Forward activities: location on 14^th or15^th May to spud late evening of the 15^th May, Central USA time.
• Well prognosis: The Eqeberg $#1$ well is a vertical exploration well to a proposed total depth of 6,215 feet. The well location and targets have been identified based on results of 3D seismic data recently acquired, processed and interpreted by the Operator. The primary target is the Kisbey sandstone (oil) at approximately 6,025 feet. The secondary target Sherwood formation (oil) is anticipated at approximately 5,955 feet. Drilling is expected to take approximately 10-12 days. The well may be completed as a horizontal well pending testing results. The potential resources are estimated to be up to 250,000 to 500,000 barrels of oil.

About Emerald Oil & Gas NL

Emerald Oil & Gas NL (ASX: EMR; EMRO) was listed on the ASX in June 2006, raising \$4 million. Emerald is an oil and gas exploration and production company with project interests in North Dakota and Texas in the USA and in the Canning Basin of Western Australia. Emerald's focus is on conventional reservoir targets for oil and gas prospects and its primary objective is to achieve near term production and cashflow to build shareholder value and provide funds to fuel further growth. Emerald's strategy is to take modest but meaningful positions in low risk exploration projects that can be swiftly brought into production.

For more information please contact:

Emerald Oil & Gas NL Tel: +618 9482 0510

JOHN HANNAFORD Executive Director - Finance jhannaford@emeraldoilandgas.com

BOB BERVEN Executive Director - Technical bberven@emeraldoilandgas.com

Information in this announcement pertaining to exploration potential was compiled by Robert Berven, Emerald Oil & Gas NL's Technical Director who is a Member of the Australasian Institute of Mining and Metallurgy and the American Association of Petroleum Geologists CPG # 2498.

Statements regarding Emerald's plans with respect to its petroleum properties are forwardlooking statements. There can be no assurance that Emerald's plans for development of its petroleum properties will proceed as currently expected. There can be no assurance that Emerald will be able to confirm the presence of additional petroleum deposits, that any discovery will prove to be economic or that an oil or gas field will successfully be developed on any of Emerald's petroleum properties.