PATERSON RESOURCES LTD — Capital/Financing Update 2008

Nov 12, 2008

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13 November 2008

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

URANIUM OIL & GAS LIMITED

Sale of Terrain Minerals Options

Uranium Oil and Gas Ltd has sold all of its options in Terrain Minerals Ltd. The options were disposed of because they had limited strategic value.

The number of options sold was 7,014,238 at 0.03 cents each and the sale was finalised on 28 October 2008.

William Bannister Managing Director

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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 matters based on information in the form and context which it appears.