METGASCO LTD — Director's Dealing 2009

May 4, 2009

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

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	NICHOLAS HEATH
Date of last notice	12 MAY 2008

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 relevantinterest.
Date of change	29 APRIL 2009

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	72,768FULLYPAIDORDINARYSHARES(HELDBYNICHOLASHEATH)57,057FULLYPAIDORDINARYSHARES (HELD BY AURIDIUM PTYLTDATFTHEHEATHFAMILYSUPERANNUATION FUND)100,000 OPTIONS EXERCISABLE AT$0.30 UP TO 1 JANUARY 2012 (Eachoption is to subscribe to one fully paidordinary share)150,000 OPTIONS EXERCISABLE AT$0.50 UP TO 1 JANUARY 2012 (Eachoption is to subscribe to one fully paidordinary share)
Class	FULLY PAID ORDINARY SHARES
Number acquired	32,039
Number disposed	NIL
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$0.40 PER SHARE
No. of securities held after change	81,864FULLYPAIDORDINARYSHARES(HELDBYNICHOLASHEATH)80,000FULLYPAIDORDINARYSHARES (HELD BY AURIDIUM PTYLTDATFTHEHEATHFAMILYSUPERANNUATION FUND)100,000 OPTIONS EXERCISABLE AT$0.30 UP TO 1 JANUARY 2012 (Eachoption is to subscribe to one fully paidordinary share)150,000 OPTIONS EXERCISABLE AT$0.50 UP TO 1 JANUARY 2012 (Eachoption is to subscribe to one fully paidordinary share)
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	PARTICIPATION IN RIGHTS OFFER

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

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 whichinterest related prior to changeNote: Details are only required for a contract in relationto which the interest has changed
Interest acquired
Interest disposed
Value/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuation
Interest after change

• See chapter 19 for defined terms.

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