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palito blanco production update., page-3

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    PALITO BLANCO PROJECT – PRODUCTION UPDATE
    Emerald Oil & Gas NL (“Emerald”) is pleased to provide an update on Production
    activities at the Jaime Garcia Gas Unit #2 well at Palito Blanco project in Jim
    Wells and Duval Counties, Texas.
    PALITO BLANCO PROJECT
    DUVAL AND JIM WELLS COUNTIES, TEXAS
    (Emerald earning 15% Working interest, Operator: Oso Exploration.)
    Progress report on production operations at the Jaime Garcia Gas Unit #2 well as
    at 10.00am 15 November 2007 (Texas time).
    Current Activity: The well has being hooked up to production
    facilities and commenced production from the
    lower Yegua sands following fracture stimulation.
    Fracture fluid is currently being recovered at a
    rate of 175 BBL per day. The well is steadily
    increasing flow rate to a current 480 MCF per
    day using as fluid recovery declines with a
    7/64ths inch choke at the wellhead and an
    adjustable choke coming in to the production
    equipment set at about the same size.
    Future Plans: Continue to recover fracture fluid and monitor
    flow rate until all fluid has been recovered and
    the flow rate stabilizes.
    Emerald Interest: Emerald has a 15% working interest in this
    prospect.
 
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