PO VALLEY ENERGY LIMITED — Director's Dealing 2010

May 25, 2010

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

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 30/9/2001.

Name of entity PO VALLEY ENERGY LIMITED ABN 33 087 741 571

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Michael Masterman
Date of last notice	11 May, 2010

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

	disclosed in thispart.	disclosed in thispart.
	Dit idit itt		Indirect
	rec or nrec neres		nrec
	Nature of indirect interest		SymmallPtyLtdistrustee	ofaichaely
	(including registered holder)Note: Provide details of the circumstances givinginterest.	rise to the relevant	superannuation fund of which MMasterman is a trustee and a beneficiar
	Date of change		24 May 2010
	No. of securities held prior to chan	ge	Interest in 25,872,569 ordinary sharfollows:	es, assharessharesrusteewhichand aptions011
			Direct interest in 21,163,632held by Michael Masterman
			Indirect interest in 4,708,937held by Symmall Pty Ltd (the tof a superannuation fund ofMichael Masterman is a trusteebeneficiary)
			Interest in 1,000,000 employee oexercisable at $1.75, expiring 31 May 2
	Class		Ordinary shares
	Number acquired		150,000 ordinary shares
	Nb did
	umer spose

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation $53,415 (150,000 ordinary shares at $0.356) No. of securities held after change Interest in 26,022,569 ordinary shares, as follows: Direct interest in 21,163,632 shares held by Michael Masterman Indirect interest in 4,858,937 shares held by Symmall Pty Ltd (the trustee of a superannuation fund of which Michael Masterman is a trustee and a beneficiary) Interest in 1,000,000 employee options exercisable at $1.75, expiring 31 May 2011 Nature of change Example: on-market trade, off-market trade, exercise of options, issue of Purchase of 150,000 shares on-market securities under dividend reinvestment plan, participation in buy-back

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notificable interest of a director” should be disclosed in this part.

Detail of contract	Not Applicable
Nature of interest
Name of registered holder
(if issued securities)
Date of change
No. and class of securities to
which interest related prior to
change
Note: Details are only required for a contract in relation
to which the interest has changed
Interest acquired
Interest disposed

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

• See chapter 19 for defined terms.

Appendix 3Y Page 3

11/3/2002