PATERSON RESOURCES LTD — Capital/Financing Update 2007

Jul 25, 2007

24 July 2007

Company Announcements Office Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 2000

ISSUE OF SECURITIES

The Company wishes to advise that it has today issued 1,000,000 listed options exercisable at 20 cents each on or before 4 August 2010 to Bralich Holdings Pty Ltd pursuant to the agreement with Bralich to aquire interest in their Northern Territory Tenements

$\mathbb{Z}$ .

DAVID ZOHAR Company Secretary

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

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 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002.

Name of entity

URANIUM OIL AND GAS LIMITED

45115593005

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

$\mathbf{1}$ +Class of +securities issued or to be $\vert$ Options issued

• Number of +securities issued or to $\overline{2}$ be issued (if known) or maximum number which may be issued
• Principal terms of the "securities (eg, 3 if options, exercise price and expiry date; if partly paid "securities, the amount outstanding and due dates payment; if +convertible for securities, the conversion price and dates for conversion)

1,000,000

Exercisable at 0.20c each and expiring on 04/08/2010 (listed)

+ See chapter 19 for defined terms.

4	Do the "securities rank equally in allrespects from the date of allotmentwith an existing + class of quoted*securities?	exercise.	Options rank equally with existing shares upon
	If the additional securities do notrank equally, please state:the date from which they dowhichextenttotheytheparticipate for the next dividend,of(inthecasetrust,g.distribution) or interest paymentthe extent to which they do notrank equally, other than inrelation to the next dividend,distribution or interest payment
5	Issue price or consideration	NIL
6	Purpose of the issue(If issued as consideration for theacquisition of assets, clearly identifythose assets)	assets	Issued as consideration for the acquisition of
7	Dates of entering + securities intouncertificated holdings or despatchof certificates	23 July 2007
		Number	+Class
8	+classofNumberallandquotedASX+ securitieson(including the securities in clause 2)if applicable)	43,070 353	Ordinary Fully PauidShares
		18,969,300	Options to Expire 2010
		Number	+ Class
۰	+ classоfNumberandall*securities not quoted on ASX(including the securities in clause2 if applicable)
10	Dividend policy (in the case of atrust, distribution policy) on theincreased capital (interests)

$+$ See chapter 19 for defined terms.

Part 2 - Bonus issue or pro rata issue

$\bar{1}$

11	holdersecurityapprovalIsrequired?
12	Is the issue renounceable or non-renounceable?
13	Ratio in which the + securities willbe offered
14	*Class of + securities to which theoffer relates
15	+ Recorddatedeterminetoentitlements
16	Will holdings on different registers(or subregisters) be aggregated forcalculating entitlements?
17	Policy for deciding entitlements inrelation to fractions
18	Names of countries in which theentity has *security holders who willnot be sent new issue documents
	Note: Security holders must be told how theirentitlements are to be dealt with.
	Cross reference: rule 7.7.
19	Closingdateforreceiptofacceptances or renunciations
20	Names of any underwriters
21	Amount of any underwriting fee orcommission
22	Names of any brokers to the issue
23	Fee or commission payable to thebroker to the issue

$\sigma_{\rm{max}}=0.1$

+ See chapter 19 for defined terms.

24 Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of *security holders If the issue is contingent on 25 'sccurity holders' approval, the date of the meeting 26 Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled 27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders Date rights trading will begin (if 28 applicable) 29 Date rights trading will end (if applicable) 30 How do "security holders sell their entitlements in full through a broker? How do +security holders sell part 31 of their entitlements through a broker and accept for the balance? 32 How do "security holders dispose of their entitlements (except by sale through a broker)? 33 *Despatch date

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities (tick one)
• Securities described in Part 1 $\mathbf x$ $(a)$

All other securities $(b)$

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box $34(a)$

Additional securities forming a new class of securities

(If the additional securities do not form a new class, go to 43)

Tick to indicate you are providing the information or documents

35

If the "securities are "equity securities, the names of the 20 largest holders of the additional "securities, and the number and percentage of additional "securities held by those holders

If the +securities are +equity securities, a distribution schedule of the additional 36 *securities setting out the number of holders in the categories $1 - 1,000$ 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over

37

A copy of any trust deed for the additional *securities

(now go to $43$ )

Entities that have ticked box 34(b)

38	Number of securities for which+ quotation is sought
39	Class of + securities for whichquotation is sought

+ See chapter 19 for defined terms.

40 Do the +securities rank equally in all respects from the date of allotment with an existing "class of quoted +securities?

If the additional securities do not rank equally, please state:

• the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
• 41 Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another security, clearly identify that other security)

Number and "class of all "securities 42 quoted on ASX (including the securities in clause 38)

Number	.+Class
A

(now go to $43$ )

All entities

Fees

Payment method (tick one) 43

Cheque attached
Electronic payment madeNote: Payment may be made electronically if Appendix 3B is given to ASX electronically at the same time.
Periodic payment as agreed with the home branch has been arrangedNote: Arrangements can be made for employee incentive schemes that involve frequent issues of securities.

$+$ See chapter 19 for defined terms.

Ouotation agreement

• +Quotation of our additional +securities is in ASX's absolute discretion. ASX may $\mathbf{I}$ quote the 'securities on any conditions it decides.
• We warrant the following to ASX. $\overline{2}$
  • The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.
  • There is no reason why those "securities should not be granted 'quotation.
  • An offer of the "securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this worranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any "securities to be quoted and that no-one has any right to return any "securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the 'securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the 'securities to be quoted, it has been provided at the time that we request that the 'securities be quoted.
• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the 'securities be quoted.
• We will indemnify ASX to the fullest extent permitted by law in respect of any 3 claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• We give ASX the information and documents required by this form. If any 4 information or document not available now, will give it to ASX before 'quotation of the "securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

G Z.

Sign here:

$22$ $\sqrt{2}$ $07$ Date:

Company Secretary

Print name:

DAUID ALAN ZOHAR

+ See chapter 19 for defined terms.