METGASCO LTD — Capital/Financing Update 2009

Dec 2, 2009

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ASX / MEDIA RELEASE 3[rd] December 2009

METGASCO COMPLETES PURCHASE OF CLARENCE MORETON INTERESTS FROM MOLOPO LIMITED

Please see below:

Further to our ASX release on 2 October, 2009 announcing that Molopo Energy Limited had entered into a conditional agreement to sell its non-operating interests in the Clarence Moreton Basin, NSW, to Metgasco Limited for $7 million, we are pleased to confirm settlement has occurred in line with the agreement.

The Clarence Moreton Basin interests comprised Molopo’s 43.4% interest in each of the coalbed methane (CBM) and conventional gas resources in PEL 426, and 25% and 50% interests in the CBM and conventional gas resources, respectively, in PEL 13.

For further information contact: David Johnson Glenda McLoughlin Managing Director Chief Financial Officer

Metgasco Limited ACN 088 196 383 Level 9, 77 Pacific Highway, North Sydney NSW 2060 Tel:+61 2 9923 9100 Fax: +61 2 9923 9199 Web: www.metgasco.com.au

Metgasco Limited

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