METGASCO LTD — Director's Dealing 2007

Feb 5, 2007

Appendix 3Y

Rule 3.19A.2

Change of Director's Interest Notice

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 30/9/2001.

Name of entity METGASCO LTD
ABN 088 196 383

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	DAVID JOHNSON
Date of last notice	22 DECEMBER 2006

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	DIRECT
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	1 FEBRUARY 2007
No. of securities held prior to change	12,285,024 FULLY PAID ORDINARY SHARES (HELD BY DAVID JOHNSON) 4,480,575 OPTIONS EXERCISABLE AT
	\$0.30 UP TO 30 JUNE 2009 (Each option is to subscribe to one fully paid ordinary share)
Class	FULLY PAID ORDINARY SHARES
Number acquired	NIL
Number disposed	2,200,000
Value/Consideration Note: If consideration is non-eash, provide details and estimated valuation	\$0.60 PER SHARE

⁺ See chapter 19 for defined terms.

No. of securities held after change	10,085,024 FULLY PAID ORDINARY SHARES (HELD BY DAVID JOHNSON)
	4,480,575 OPTIONS EXERCISABLE AT \$0.30 UP TO 30 JUNE 2009 (Each option is to subscribe to one fully paid ordinary share)
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	ON MARKET TRADE

Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	NA
Nature of interest
Name of registered holder (if issued securities)
Date of change
No. and class of securities to which
interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration Note: If consideration is non-eash, provide details and an estimated valuation.
Interest after change

⁺ See chapter 19 for defined terms.