PATERSON RESOURCES LTD — Board/Management Information 2008

May 22, 2008

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Company Announcements Office Australian Stock Exchange Limited

23 May 2008

URANIUM OIL & GAS LIMITED

Company Update UOG purchases 19.77% of Terrain Minerals Ltd

Uranium Oil and Gas Ltd. has become a significant shareholder in Terrain Minerals Ltd by purchasing on market 19.77% of the issued shares in that company.

The board of Uranium Oil and Gas thank the directors that have resigned, Mr Jimmy Lee, Mr Clive Brown and Mr Jason Brewer for their work with Terrain Minerals. The new directors to the board of Terrain Minerals are Mr Keith Wells, Mr David Zohar and Mr William Bannister.

Uranium Oil and Gas have only a small exposure to gold and the opportunity to purchase a significant shareholding in a company that has gold as its main focus was available.

We are also pleased to announce that Mr Keith Wells has been reappointed as Managing Director of Terrain.

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W Bannister

Managing Director 23 May 2008

The information within this report as it relates to geology and mineral resources was compiled by the Managing Director, Mr. William Bannister. . He has sufficient experience which is relevant to the style of mineralization and the type of deposit under consideration to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the JORC Code”. Mr. Bannister consents to the inclusion in the report of the matters based on information in the form and context which it appears.