PATERSON RESOURCES LTD — Capital/Financing Update 2007

Jul 8, 2007

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

45 115 593 005

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).

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

Options Expiring 04/08/2010

• 12,500 Number of +securities issued or to $\mathbf{2}$ be issued (if known) or maximum number which may be issued
• Principal terms of the "securities (eg, $\overline{3}$ 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)

Reversal of Ordinary Fully Paid Shares to Options

+ See chapter 19 for defined terms.

$\overline{4}$ 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 Issue price or consideration 5 6 Purpose of the issue Reversal of 12,500 Ordinary Fully Paid Shares (If issued as consideration for the to Options Expiring 04/08/2010 acquisition of assets, clearly identify those assets) $\overline{7}$ Dates of entering *securities into uncertificated holdings or despatch 05/07/2007 of certificates Number +Class 8 Number and +class of all "securities quoted on $\bf ASX$ 43,070.353 Ordinary Fully Paid (including the securities in clause 2 if applicable) 17,981,800 Options Exp 04/08/2010 Number $+C$ lass $\overline{9}$ Number and +class of all 64,720,353 Ordinary fully Paid *securities not quoted on ASX (including the securities in clause 17,981,800 Options Exp 04/08/2010 2 if applicable) 10 Dividend policy (in the case of a trust, distribution policy) on the $N/A$ increased capital (interests)

+ See chapter 19 for defined terms.

Part 2 - Bonus issue or pro rata issue

11	holderIssecurityapprovalrequired?
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	*Recorddeterminedatetoentitlements
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 the
	entity 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	Closingdateforreceiptof
	acceptances 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 the
	broker to the issue

+ See chapter 19 for defined terms.

24	Amount of any handling fee payableto brokers who lodge acceptancesrenunciationson behalf ofor*security holders
25	If the issue is contingenton"security holders' approval, the dateof the meeting
26	Date entitlement and acceptanceform and prospectus or ProductDisclosure Statement will be sent topersons entitled
27	If the entity has issued options, andthe terms entitle option holders toparticipate on exercise, the date onwhich notices will be sent to optionholders
28	Date rights trading will begin (ifapplicable)
29	Date rights trading will end (ifapplicable)
30	How do "security holders sell theirthroughentitlements in full$\mathbf{a}$broker?
31	How do *security holders sell partof their entitlements through abroker and accept for the balance?
32	How do + security holders dispose oftheir entitlements (except by salethrough a broker)?
33	+Despatch date

+ See chapter 19 for defined terms.

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 $(a)$
• All other securities $(b)$

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incontive 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

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.

Do the "securities rank equally in all 40 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 $\bullet$ 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 $\bullet$ rank equally, other than in relation to the next dividend, distribution or interest payment Reason for request for quotation 41 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	+ Class
Number and "class of all "securitiesquoted on ASX (including thesecurities in clause 38)

(now go to $43$ )

All entities

Fees

42

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.

Quotation agreement

*Quotation of our additional +securities is in ASX's absolute discretion. ASX may quote the 'securities on any conditions it decides. $\mathbf{1}$

• We warrant the following to ASX. $\overline{2}$

  • The issue of the "securities to be quoted complies with the law and is not $\bullet$ 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 ۰

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

• 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 $\bullet$ time that we request that the 'securities be quoted.
• We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the 3 warranties in this agreement.
• We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before "quotation $\overline{4}$ 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.

Sign here:

$\triangle$ all

Company Secretary

Print name:

David Zohar

Date:

$9/7/07$

+ See chapter 19 for defined terms.