METGASCO LTD — Director's Dealing 2011

Apr 4, 2011

Appendix 3Z Final Director’s Interest Notice

Rule 3.19A.3

Appendix 3Z

Final 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 24 088 196 383

We (the entity) give ASX the following information under listing rule 3.19A.3 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	3 DECEMBER 2010
Date that director ceased to be director	1 APRIL 2011

Part 1 – Director’s relevant interests in securities of which the director is the registered holder

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.

Number & class of securities

11,826,322 FULLY PAID ORDINARY SHARES (HELD BY DAVID JOHNSON);

*70,000 OPTIONS EXERCISABLE AT $0.3438 EACH AND EXPIRING 01/01/2012 (each option is to subscribe to one fully paid ordinary share);

*70,000 OPTIONS EXERCISABLE AT $0.3938 EACH AND EXPIRING 01/01/2012 (each option is to subscribe to one fully paid ordinary share);

*110,000 OPTIONS EXERCISABLE AT $0.4938 EACH AND EXPIRING 01/01/2012 (each option is to subscribe to one fully paid ordinary share);

*92,358 OPTIONS EXERCISABLE AT $0.8938 EACH AND EXPIRING 30/06/2012 (each option is to subscribe to one fully paid ordinary share);

*27,987 OPTIONS EXERCISABLE AT $0.8938 EACH AND EXPIRING 30/06/2012 (each option is to subscribe to one fully paid ordinary share);

29,159 OPTIONS EXERCISABLE AT $0.9938 EACH AND EXPIRING 30/06/2012 (each option is to subscribe to one fully paid ordinary share); 60,650 OPTIONS EXERCISABLE AT $1.0938 EACH AND EXPIRING 30/06/2012 (each option is to subscribe to one fully paid ordinary share); 46,830 OPTIONS EXERCISABLE AT $1.1938 EACH AND EXPIRING 01/07/2013 (each option is to subscribe to one fully paid ordinary share); 77,810 OPTIONS EXERCISABLE AT $1.1938 EACH AND EXPIRING 01/07/2013 (each option is to

• See chapter 19 for defined terms.

Appendix 3Z Page 1

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Appendix 3Z Final Director’s Interest Notice

subscribe to one fully paid ordinary share);

• *40,847 OPTIONS EXERCISABLE AT $1.3938 EACH AND EXPIRING 01/07/2013 (each option is to subscribe to one fully paid ordinary share); AND

• *85,578 OPTIONS EXERCISABLE AT $1.5938 EACH AND EXPIRING 1/07/2013 (each option is to subscribe to one fully paid ordinary share).

• *= CONSEQUENT UPON THE APRIL 2009 RIGHTS ISSUE THE EXERCISE PRICE OF OUTSTANDING OPTIONS DECREASED BY A UNIFORM 0.0062 (ROUNDED TO 4 DECIMAL PLACES) TO THE PRICES SHOWN ABOVE

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

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.

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

Name of holder & nature of interest Number & class of securities Note: Provide details of the circumstances giving rise to the relevant interest DEANP INVESTMENTS PTY LTD 461,688 SHARES

Part 3 – Director’s interests in contracts

Detail of contract	N/A
Nature of interest
Name of registered holder (if issued securities)
No. and class of securities to which interest relates

• See chapter 19 for defined terms.

Appendix 3Z Page 2

11/3/2002