METGASCO LTD — Director's Dealing 2010

Feb 24, 2010

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	GLENDA McLOUGHLIN
Date of last notice	30 NOVEMBER 2009

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	INDIRECT
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	MAXA PTY LTD – DIRECTOR
Date of change	A) 19 FEBRUARY 2010B) 24 FEBRUARY 2010

• 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

6,277,818 FULLY PAID ORDINARY SHARES (HELDBY GLENDA MCLOUGHLIN)3,288,215 FULLY PAID ORDINARY SHARES (HELDBY MAXA PTY LTD – DIRECTOR)550,682 FULLY PAID ORDINARY SHARES HELDBY WILLIAM HARTNELL – SPOUSE)*70,000 OPTIONS EXERCISABLE AT $0.3438EACH AND EXPIRING 01/01//2012 (each option is tosubscribe to one fully paid ordinary share);*70,000 OPTIONS EXERCISABLE AT $0.3938EACH AND EXPIRING 01/01/2012 (each option is tosubscribe to one fully paid ordinary share);*110,000 OPTIONS EXERCISABLE AT $0.4938EACH AND EXPIRING 01/01/2012 (each option is tosubscribe to one fully paid ordinary share);*92,358 OPTIONS EXERCISABLE AT $0.8938EACH AND EXPIRING 30/06/2012 (each option is tosubscribe to one fully paid ordinary share);*27,987 OPTIONS EXERCISABLE AT $0.8938EACH, VESTING 30/06/2008, EXPIRING 30/6/2012(each option is to subscribe to one fully paid ordinaryshare);*29,159 OPTIONS EXERCISABLE AT $0.9938EACH, VESTING 30/06/2008, EXPIRING 30/6/2012(each option is to subscribe to one fully paid ordinaryshare);*60,650 OPTIONS EXERCISABLE AT $1.0938EACH, VESTING 30/06/2009, EXPIRING 30/6/2012(each option is to subscribe to one fully paid ordinaryshare).*46,830 OPTIONS EXERCISABLE AT $1.1938EACH, VESTING 1/7/2008 (each option is tosubscribe to one fully paid ordinary share);*77,810 OPTIONS EXERCISABLE AT $1.1938EACH, VESTING 1/7/2009 (each option is tosubscribe to one fully paid ordinary share)*40,847 OPTIONS EXERCISABLE AT $1.3938EACH, VESTING 1/7/2009 (each options is tosubscribe to one fully paid ordinary share)85,578 OPTIONS EXERCISABLE AT $1.5938EACH, VESTING 1/7/2010 (each option is tosubscribe to one fully paid ordinary share)277,778 OPTIONS EXERCISABLE AT $0.50 EACH,VESTING 1/9/2011 AND THE COMPANY’S SHAREPRICE REACHING $0.60 (each option is tosubscribe to one fully paid ordinary share)277,778 OPTIONS EXERCISABLE AT $0.50 EACH,VESTING 1/9/2012 AND THE COMPANY’S SHAREPRICE REACHING $0.70 (each option is tosubscribe to one fully paid ordinary share)= CONSEQUENT UPON THE APRIL 2009 RIGHTSISSUE THE EXERCISE PRICE OF OUTSTANDINGOPTIONS DECREASED BY A UNIFORM 0.0062(ROUNDED TO 4 DECIMAL PLACES) TO THEPRICES SHOWN ABOVE

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Class	FULLP PAID ORDINARY SHARES
Number acquired	NIL
Number disposed	A) 90,000B) 29,538
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	A) $0.612 PER SHAREB) $0.625 PER SHARE

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change

6,277,818 FULLY PAID ORDINARY SHARES (HELDBY GLENDA MCLOUGHLIN)3,168,677 FULLY PAID ORDINARY SHARES (HELDBY MAXA PTY LTD – DIRECTOR)550,682 FULLY PAID ORDINARY SHARES HELDBY WILLIAM HARTNELL – SPOUSE)*70,000 OPTIONS EXERCISABLE AT $0.3438EACH AND EXPIRING 01/01//2012 (each option is tosubscribe to one fully paid ordinary share);*70,000 OPTIONS EXERCISABLE AT $0.3938EACH AND EXPIRING 01/01/2012 (each option is tosubscribe to one fully paid ordinary share);*110,000 OPTIONS EXERCISABLE AT $0.4938EACH AND EXPIRING 01/01/2012 (each option is tosubscribe to one fully paid ordinary share);*92,358 OPTIONS EXERCISABLE AT $0.8938EACH AND EXPIRING 30/06/2012 (each option is tosubscribe to one fully paid ordinary share);*27,987 OPTIONS EXERCISABLE AT $0.8938EACH, VESTING 30/06/2008, EXPIRING 30/6/2012(each option is to subscribe to one fully paid ordinaryshare);*29,159 OPTIONS EXERCISABLE AT $0.9938EACH, VESTING 30/06/2008, EXPIRING 30/6/2012(each option is to subscribe to one fully paid ordinaryshare);*60,650 OPTIONS EXERCISABLE AT $1.0938EACH, VESTING 30/06/2009, EXPIRING 30/6/2012(each option is to subscribe to one fully paid ordinaryshare).*46,830 OPTIONS EXERCISABLE AT $1.1938EACH, VESTING 1/7/2008 (each option is tosubscribe to one fully paid ordinary share);*77,810 OPTIONS EXERCISABLE AT $1.1938EACH, VESTING 1/7/2009 (each option is tosubscribe to one fully paid ordinary share)*40,847 OPTIONS EXERCISABLE AT $1.3938EACH, VESTING 1/7/2009 (each options is tosubscribe to one fully paid ordinary share)85,578 OPTIONS EXERCISABLE AT $1.5938EACH, VESTING 1/7/2010 (each option is tosubscribe to one fully paid ordinary share)277,778 OPTIONS EXERCISABLE AT $0.50 EACH,VESTING 1/9/2011 AND THE COMPANY’S SHAREPRICE REACHING $0.60 (each option is tosubscribe to one fully paid ordinary share)277,778 OPTIONS EXERCISABLE AT $0.50 EACH,VESTING 1/9/2012 AND THE COMPANY’S SHAREPRICE REACHING $0.70 (each option is tosubscribe to one fully paid ordinary share)= CONSEQUENT UPON THE APRIL 2009 RIGHTSISSUE THE EXERCISE PRICE OF OUTSTANDINGOPTIONS DECREASED BY A UNIFORM 0.0062(ROUNDED TO 4 DECIMAL PLACES) TO THEPRICES SHOWN ABOVE

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Nature of change ON MARKET TRADE Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

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	N/A
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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