PATERSON RESOURCES LTD — Interim / Quarterly Report 2008

Oct 29, 2007

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URANIUM OIL AND GAS LIMITED

QUARTERLY REPORT (First Quarter) JULY-SEPTEMBER 2007

HIGHLIGHTS

• The initial results are available for the airborne radiometric survey over the

• Lucky U prospect in the Harts Range of The Northern Territory.

Western Australia

Mt Vernon and Collier (E52/1863, E52/1864)

The two prospects have been soil sampled and the samples are in the laboratory. The results are awaited.

Horseshoe- Nabberu Basin (E52/2016)

Research into passed exploration in the vicinity is in progress.

Bungalow Well (E36/549)

The licence has been granted, however the project is in a joint Venture with Red River Resources Ltd whereby Uranium Oil and Gas has a free carried interest for the first two years. In the past Le Nickel discovered uranium mineralisation in the area with results up to 4000 ppm U within the calcrete channel

Northern Territory

Lucky U (E25329)

The initial results show several areas of elevated radiometric response. The data is being fully evaluated and contoured in detail to show better specific targets before ground inspection. One area of interest that will be visited has coincident magnetic and radiometric highs. The project area covers part of the metamorphic Harts Ranges.

Florence Creek

This exploration licence situated next to and to the north of Lucky U has recently been granted.

Ethel Creek (E25382)

Drilling will commence when the respective clearances are granted for Ethel Creek. Gold is the target and recent soil sampling has confirmed the presence of an arsenic and gold soil anomaly

Victoria

Two additional tenements have been applied for in Victoria bringing the total to eight. All are within the Murray Basin and prospective for Heavy Mineral Sands. Research is continuing whereby past exploration reports are examined and results plotted. This will give a good data base to continue the exploration where deemed necessary.

W Bannister

Managing Director 30 October 2007

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.