HYDROCARBON DYNAMICS LIMITED — Capital/Financing Update 2009

Apr 16, 2009

==> picture [589 x 111] intentionally omitted <==

17 April 2009

Next Round of Drilling Begins in Four Rivers Project

Drilling of the fourth scheduled well in the Four Rivers Project, the Smith No.1 in the Wallace Lake Prospect has commenced. The well will be drilled to a target depth of 4,600 feet. Drilling and logging are expected to be completed early next week.

The Smith No.1 well is targeting the Tew Lake Sand interval which is an oil producing horizon in the Middle Wilcox Trend. The Wallace Lake Field has produced over 5 million barrels of oil to date with the Tew Lake sand being the major contributor.

“The Smith No.1 is the first of three wells in the second round of Four Rivers Project drilling,” said Justin Pettett, Pryme’s Managing Director. “We are pleased with the drilling pace set by the operator and are on track to meet this year’s drilling target for the project. Success in the Four Rivers Projects adds to revenue and builds our reserve base.”

Project Description

Pryme has a 25% Working Interest (18.75 - 20% Net Revenue Interest (NRI)) in the Four Rivers Project which extends from Winn, Concordia and Catahoula Parishes in Louisiana to Adams and Jefferson Counties in Mississippi. The project is targeting multiple “stacked” oil zones throughout the Middle-Wilcox formation and, to a lesser extent, shallow Frio natural gas zones at depths ranging from approximately 3,000 to 6,000 feet. Pryme's partner in this project is Tridimension Energy of Dallas, Texas, a successful regional explorer and producer which has drilled more than 40 wells in the region over the past twelve months with a success rate above 70%.

For further information please contact:

Justin Pettett Ryan Messer Managing Director COO Pryme Oil and Gas Limited Pryme Oil and Gas Limited Telephone: +61 7 3371 1103 Telephone: +1 713 401 9806 Email: justin@prymeoilandgas.com Email: ryan@prymeoilandgas.com

Pryme Oil and Gas Limited is an Australian oil and natural gas producer and explorer with interests in the U.S., the world’s biggest oil market. The company has an exceptional suite of exploration projects focused on Louisiana, the fifth-largest oil-producing state in the U.S. These projects are funded in part by existing cash flow. Pryme’s management team has over 75 years of energy industry experience and has uniquely focused local knowledge, underscored by the proven track records of its managers and directors. Directors of the company are George Lloyd (Non Executive Chairman), Justin Pettett (Managing Director), Ryan Messer (Executive Director) and Ananda Kathiravelu (Non Executive Director).

==> picture [404 x 58] intentionally omitted <==