XSTATE RESOURCES LIMITED — Capital/Financing Update 2012

Nov 27, 2012

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ABN 96 009 217 154
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27[th] November 2012 ASX Limited

Electronic lodgement

UPDATE ON TUNISIAN ASSETS SALE

Xstate Resources Limited (ASX: XST) advises the formal execution by all parties of the sale and purchase agreements for the sale of its interests in Tunisian and Italian permits to Gulfsands Petroleum Plc.

The transaction will result in the receipt of approximately US$890,000 cash which will be paid to Xstate in two stages:

• An advance of US$250,000 to be paid immediately now that the formal agreement has been completed.

• The balance to be paid upon various regulatory approvals.

Xstate shareholders approved the Disposal by the Company of its Tunisian Assets at a General Meeting today.

As previously advised Xstate continues to seek and review new oil and gas opportunities.

For and on behalf of the Board

208 Bagot Road, Subiaco WA 6008 Tel + 61 8 9381 4215 Fax +61 8 9381 9386 www.xstate.com.au