PATERSON RESOURCES LTD — Interim / Quarterly Report 2009

Oct 30, 2008

$Rule 5.3$

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

URANIUM OIL AND GAS LIMITED

${\bf ABN}$

45 115 593 005

Quarter ended ("current quarter") 30 September 2008

Year to date

Current quarter

Consolidated statement of cash flows

Cash flows related to operating activities				(3 months)
			$A'000	$A'000
1.1	Receipts from product sales and related debtors		NIL	NIL
1.2	Payments for(a)evaluation	explorationand	(30)	(30)
		(b) development	NIL	NIL
		(c) production	NIL	NIL
		(d) administration	(211)	(211)
1:3	Dividends received		NIL	NIL
1.4	Interest and other items of a similar naturereceived		35	35
1.5	Interest and other costs of finance paid		NIL	NIL
1.6	Income taxes & GST paid / received		$\overline{4}$	$\overline{\mathbf{4}}$
1.7	Other - Option Fees		NIL	NIL
			(202)	(202)
	Net Operating Cash Flows
	Cash flows related to investing activities
1.8	Payment for purchases of:	(a)prospects	NIL	NIL
		(b) equity	NIL	NIL
	investments
		(c)otherfixed	NIL	NIL
	assets
1.9	Proceeds from sale of:	(a)prospects	NIL	NIL
		(b) equity	NIL	NIL
	investments
		(c) otherfixed	NIL	NIL
	assets
1.10	Loans to other entities		NIL	NIL
1.11	Loans repaid by other entities		NIL	NIL
1.12	Other (provide details if material)		NIL	NIL
			NIL	NIL
	Net investing cash flows
1.13	Total operating and investing cash flows		(202)	(202)
	(carried forward)

+ See chapter 19 for defined terms.

Appendix 5B Mining exploration entity quarterly report

1.13	Total operating and investing cash flows(brought forward)	(202)	(202)
1.14	Cash flows related to financing activitiesProceeds from issues of shares, options, etc.	5	5
1.15	Proceeds from sale of forfeited shares	NIL	NIL
1.161.17	Proceeds from borrowingsRepayment of borrowings	NILNIL	NILNIL
1.181.19	Dividends paidOther (provide details if material)	NILNIL	NIL
	Net financing cash flows	5	NIL5
	Net increase (decrease) in cash held	(197)	(197)
1.201.21	Cash at beginning of quarter/year to dateExchange rate adjustments to item 1.20	2,219	2,219
1.22	Cash at end of quarter	2,022	2,022

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

		Current quarter$A'000
1.23	Aggregate amount of payments to the parties included in item 1.2	-80
1.24	Aggregate amount of loans to the parties included in item 1.10	Nil

1.25 Explanation necessary for an understanding of the transactions

Directors Fees paid to Directors.

Non-cash financing and investing activities

$2.1$ Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

$N/A$

$2.2$ Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

$N/A$

Financing facilities available

Add notes as necessary for an understanding of the position.

+ See chapter 19 for defined terms.

		Amount available$A'000	Amount usedA'000
3.1	Loan facilities	NIL	NIL
3.2	Credit standby arrangements	NIL	NIL

Estimated cash outflows for next quarter

	Total
		140
4.2	Development	NIL
4.1	Exploration and evaluation	140
		$A'000

Reconciliation of cash

Reconciliation of cash at the end of the quarter (asshown in the consolidated statement of cash flows) tothe related items in the accounts is as follows.		Current quarter$A'000	Previous quarter$A'000
5.1	Cash on hand and at bank	117	150
5.2	Deposits at call	1,905	2,069
5.3	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	2,022	2,219

Changes in interests in mining tenements

		Tenement	Nature of interest	Interest at	Interest at
		reference	(note (2))	beginning	end of
				of quarter	quarter
6.1	Interests in mining	E52/1864	Surrendered	100%	$0%$
	tenements relinquished,reduced or lapsed	EL 5017	Surrendered	100%	$0%$
		EL 5018	Surrendered	100%	$0%$
		EL 5019	Surrendered	100%	$0%$
		EL 5036	Surrendered	100%	$0%$
		EL 5037	Surrendered	100%	$0%$
		EL 5038	Surrendered	100%	$0%$
		EL 5111	Surrendered	100%	$0%$
6.2	Interests in mining
	tenements acquired or
	increased

+ See chapter 19 for defined terms.

Issued and quoted securities at end of current quarterDescription includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price persecurity (see note$3)$ (cents)	Amount paid up persecurity (see note 3)(cents)
7.1	Preference+ securities(description)
7.2	Changes duringquarter(a) Increasesthrough issues(b) Decreasesthrough returnsof capital, buy-backs,
7.3	redemptions+Ordinarysecurities	64,762,853	43,112,853
7.4	Changes duringquarter(a) Increasesthrough issues(b) Decreasesthrough returnsof capital, buy-	22,500	22,500
7.5	backs+ Convertible
7.6	debt securities(description)Changes duringquarter(a) Increasesthrough issues(b) Decreasesthroughsecuritiesmatured,converted
7.7	Options(description and			Exercise price	Expiry date
	conversionfactor)	38,339,300	18,939,300	20 cents each	04/08/2010
7.8	Issued duringquarter
7.9	Exercised duringquarter	22,500	22,500
7.10	Expired duringquarter
7.11	Debentures(totals only)
7.12	Unsecurednotes (totalsonly)

+ See chapter 19 for defined terms.

Compliance statement

• This statement has been prepared under accounting policies which comply with $\mathbf{1}$ accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
• $\overline{2}$ This statement does give a true and fair view of the matters disclosed.

Sign here: 2008

Date: 31 October

(Director/Company secretary)

Print name:

David Alan Zohar

Notes

• $\mathbf{1}$ The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• $\overline{2}$ The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
• Issued and quoted securities The issue price and amount paid up is not required in 3 items 7.1 and 7.3 for fully paid securities.
• $\overline{4}$ The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

$== == == == == ==$

+ See chapter 19 for defined terms.