EMERALD RESOURCES NL — Share Issue/Capital Change 2007

Sep 12, 2007

==> picture [197 x 60] intentionally omitted <==

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.emeraldoilandgas.com

12 September 2007

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

APPENDIX 3B

With reference to the ASX announcements made on 25 June 2007 and 5 July 2007, Emerald has now released 500,000 shares from voluntary escrow.

Please find the Appendix 3B Attached.

Yours truly,

For and on behalf of Emerald Oil & Gas NL

==> picture [220 x 55] intentionally omitted <==

Morgan Barron Company Secretary

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

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 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

Emerald Oil & Gas NL ABN 72 009 795 046

We (the entity) give ASX the following information.

Part 1 - All issues You must complete the relevant sections (attach sheets if there is not enough space).

1	+Class of +securities issued or to be
	issued
2	Number of +securities issued or to
	be issued (if known) or maximum
	number which may be issued
3	Principal terms of the +securities
	(eg, if options, exercise price and
	expirydate;ifpartlypaid
	+securities, the amount outstanding
	and due dates for payment; if
	+convertiblesecurities,the
	conversion price and dates for
	conversion)

4Do the +securities rank equally in allrespects from the date of allotmentwith an existing +class of quoted+securities?If the additional securities do notrank equally, please state:• the date from which they do• theextenttowhichtheyparticipate for the next dividend,(inthecaseofatrust,distribution) or interest payment• the extent to which they do notrank equally, other than inrelation to the next dividend,distribution or interest payment5Issue price or consideration6Purpose of the issue(If issued as consideration for theacquisition of assets, clearly identifythose assets)7Dates of entering +securities intouncertificated holdings or despatchof certificates8Numberand+classofall+securitiesquotedonASX(including the securities in clause2 if applicable)9Numberand+classofall+securities not quoted on ASX(including the securities in clause2 if applicable)10Dividend policy (in the case of atrust, distribution policy) on theincreased capital (interests)
	Number	+Class
	Number	+Class

Part 2 - Bonus issue or pro rata issue

		11Issecurityholderapprovalrequired?12Is the issue renounceable or non-renounceable?13Ratio in which the +securities willbe offered14+Class of +securities to which theoffer relates15+Recorddatetodetermineentitlements16Will holdings on different registers(or subregisters) be aggregated forcalculating entitlements?17Policy for deciding entitlements inrelation to fractions18Names of countries in which theentity has +security holders whowillnotbesentnewissuedocumentsNote: Security holders must be toldhow their entitlements are to bedl ih	11Issecurityholderapprovalrequired?12Is the issue renounceable or non-renounceable?13Ratio in which the +securities willbe offered14+Class of +securities to which theoffer relates15+Recorddatetodetermineentitlements16Will holdings on different registers(or subregisters) be aggregated forcalculating entitlements?17Policy for deciding entitlements inrelation to fractions18Names of countries in which theentity has +security holders whowillnotbesentnewissuedocumentsNote: Security holders must be toldhow their entitlements are to bedl ih	11Issecurityholderapprovalrequired?12Is the issue renounceable or non-renounceable?13Ratio in which the +securities willbe offered14+Class of +securities to which theoffer relates15+Recorddatetodetermineentitlements16Will holdings on different registers(or subregisters) be aggregated forcalculating entitlements?17Policy for deciding entitlements inrelation to fractions18Names of countries in which theentity has +security holders whowillnotbesentnewissuedocumentsNote: Security holders must be toldhow their entitlements are to bedl ih	11Issecurityholderapprovalrequired?12Is the issue renounceable or non-renounceable?13Ratio in which the +securities willbe offered14+Class of +securities to which theoffer relates15+Recorddatetodetermineentitlements16Will holdings on different registers(or subregisters) be aggregated forcalculating entitlements?17Policy for deciding entitlements inrelation to fractions18Names of countries in which theentity has +security holders whowillnotbesentnewissuedocumentsNote: Security holders must be toldhow their entitlements are to bedl ih
		eat wt.
		Cross reference: rule 7.7.
		19Closingdateforreceipt			of
		acceptances or renunciations
		20Names of any underwriters21Amount of any underwriting fee orcommission22Names of any brokers to the issue23Fee or commission payable to thebroker to the issue
		24Amopayaaccepbehal	untofanyhandlingfeel t bk h ld
			e o roerstances or renunf of +security hold	wo ogeciations oners
		25If t+sec	he issue is conurity holders’ ap	tingent onproval, the
date		date	of the meeting

26	Date entitlement and acceptance
	form and prospectus or Product
	Disclosure Statement will be sent to
	persons entitled
27	If the entity has issued options, and
	the terms entitle option holders to
	participate on exercise, the date on
	which notices will be sent to option
	holders
28	Date rights trading will begin (if
	applicable)
29	Date rights trading will end (if
	applicable)
30	How do +security holders sell their
	entitlements in full through a
	broker?
31	How do +security holders sell part
	of their entitlements through a
	broker and accept for the balance?
32	How do +security holders dispose
	of their entitlements (except by sale
	through a broker)?
33	+Despatch date

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities (tick one)

• (a) Securities described in Part 1

• (b) Y All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

• 35 If the +securities are +equity securities, the names of the 20 largest holders of the additional +securities, and the number and percentage of additional +securities held by those holders

36 If the +securities are +equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories 1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over 37 A copy of any trust deed for the additional +securities

Entities that have ticked box 34(b)

	38Number of securities for which+quotation is sought	38Number of securities for which+quotation is sought	38Number of securities for which+quotation is sought	500,000	500,000	500,000	500,000	500,000	500,000
	39Class of +securities for whichquotation is sought
				Ordinary Shares
	40Do the +securities rank equally in all			Fully paid Ord Shares ranking equally with
		respects from the date of allotmentwith an existing +class of quoted		existing		Ord shares.
		+securities?
		If the additional securities do notrank equally please state:
		,• the date from which they dothttthihth
	• eexenowceyparticipate for the next dividend,ith f tt
	(nedistributio• the extentrank equrelation to		caseoarus,n) or interest paymentto which they do notally, other than inthe next dividend,
	distributio		n or interest payment
	41Reason for rnow		equest for quotation	End of	Restriction period.
	Example: Insecurities, end		the case of restrictedof restriction period
	(ifissued another securiother security)		upon conversionofty, clearly identify that
	42Number and+quoted onsecurities in cl		class of all+securitiesASX (including theause 38)
				Num	ber		+Clas	s
				50,97635,605	,255,739		OrdListed	Options
							exercieach o	sable at 20 centsn or before 31
							May 2	008

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the[+] securities on any conditions it decides.

• 2 We warrant the following to ASX.

  • The issue of the[+] securities to be quoted complies with the law and is not for an illegal purpose.

  • There is no reason why those[+] securities should not be granted +quotation.

  • An offer of the[+] securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any[+] securities to be quoted and that no-one has any right to return any[+] securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.

• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the[+] securities be quoted.

• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here: ...... (Company secretary) Print name: Morgan Barron =======================

Date: 12 September 2007