MATSA RESOURCES LIMITED — Capital/Financing Update 2006

Aug 16, 2006

Louisiana Petroleum Limited ACN 109 059 181

Advisers Level 25 Exchange Plaza 2 The Esplanade Perth WA 6000

Contained Addition PO Box 75460 St Georges Terrace Perth WA 6831

Santasi Debabbu Telephone +61 8 9223 9844 Facsimile +61 8 9267 4202 www.louisianapetroleum.com.au

17^th August 2006

Australian Stock Exchange Companies Announcement Centre 20 Bond Street Sydney NSW 2000

APPOINTMENT OF TECHNICAL CONSULTANTS AND PLACEMENT

The Directors of Louisiana Petroleum Limited ("the Company" or "Louisiana) are pleased to announce the appointment of Corporate & Resource Consultants Pty Ltd ("CRC") as Technical Consultants to the Company.

This relationship will be managed by Mr. Klaus Eckhof (MAusIMM) a Senior Exploration Geologist who has global contacts and has been instrumental in sourcing successful projects in Australia, Africa, Russia, South America and the Philippines. He is currently a Director of Moto Goldmines Limited (ASX Code MOE) and Tiger Resources Limited (ASX Code TGS).

CRC, its Directors or nominees, have agreed to subscribe to a placement for 4,500,000 shares in Louisiana at an issue price of 10 cents per share to raise \$450,000. Each share will have a free attaching option on the same terms as the Company's existing listed options (ASX Code LOUO). The issue of these options will be subject to shareholder approval. The monies will be used for ongoing working and development capital.

With the additional capital and the experience of Mr. Eckhof the Company is confident of acquiring a suitable new project within the energy sector to compliment its existing assets in the USA.

WILSON PROSPECT ACQUISITION - TERMINATION

The Directors also wish to advise, that by mutual consent, the proposed transaction for Louisiana to acquire the 75% Working Interest in the Wilson Prospect, beneficially held by Kalgoorlie Boulder-Resources Limited (ASX Code KAL) and announced in previous Company ASX releases, has been terminated. As such a Notice of Meeting will no longer be required.

Yours faithfully.

Mathew Walker Executive Director

For further information please contact: Mathew Walker, Louisiana Petroleum Limited, Tel: (08) 9223 9844 Louisiana Petroleum website: www.louisianapetroleum.com.au