26 February 2008 Australian Securities Exchange Limited Company Announcements Office Level 4 20 Bridge Street SYDNEY NSW 2000 Dear Sirs RE: EMPIRE OIL & GAS N.L. ANNOUNCES THE STATE GOVERNMENT�S GRANT OF CARNARVON BASIN APPLICATIONS 5/06-7 AND 6/06-7 AS EP 460 AND EP 461 RESPECTIVELY AS OF 21 FEBRUARY 2008 Please find details of the grant of Petroleum Exploration Permit Applications 5/06-7 and 6/06-7 as EP 460 and EP 461, to Rough Range Oil Pty Ltd. The Star Finch-1 well will be drilled in EP 460 and the Lake MacLeod-1 well will be sited in EP 461 adjacent EP 439. The new petroleum permits EP 460 and EP 461 take in the extent of the Lake MacLeod Structure and also allow for similar Star Finch type structures to be mapped in both EP 460, EP 461 and the EP 439 permits. The participants in the wells are: Company EP 439 and new permit EP 461 New permit EP 460 Empire Oil & Gas N.L. 30.356% 22.856% (Rough Range Oil Pty Ltd) Longreach Oil Limited 9.352% 9.352% Indigo Oil Pty Ltd 4.676% 4.676% Falcore Pty Ltd 2.596% 2.596% Vigilant Oil Pty Ltd 0.52% 0.52% Jurassica Oil & Gas Plc 35.00% 40.00% Black Fire Energy Limited 7.50% 0.00% DVM International Limited 10.00% 20.00% Yours faithfully JL CRAIG MARSHALL Managing Director EMPIRE OIL & GAS N.L. EMPIRE OIL & GAS N.L. STOCK EXCHANGE RELEASE 26 February 2008 EMPIRE OIL & GAS N.L. ANNOUNCES THE STATE GOVERNMENT�S GRANT OF CARNARVON BASIN APPLICATIONS 5/06-7 AND 6/06-7 AS EP 460 AND EP 461 AS OF 21 FEBRUARY 2008 Empire Oil & Gas N.L. is pleased to announce that its wholly-owned subsidiary Rough Range Oil Pty Ltd has satisfactorily settled all native title negotiations regarding its Petroleum Exploration Permit Applications 5/06-7 and 6/06-7 with the new permits granted as Petroleum Exploration Permits EP 460 and EP 461 by the Western Australian Department of Industry and Resources as of 21 February 2008 for an initial First Term Period of 6 years. The EP 460 and 461 permits are located in the Carnarvon Basin, Western Australia. Lake MacLeod is estimated to have up to 150 million barrels of recoverable oil, if oil is present and the structure is filled to its maximum possible spill point. Assuming Star Finch is gas bearing with a 5 metre oil column, estimated potential recoverable reserves are of the order of 50 billion feet of gas and 25 million barrels of oil. For fur ther informat ion, please contact : Mr Craig Marshal l BSc (Hons), F.Aus. IMM, CPGeo Managing Di rector Empi re Oi l & Gas NL Sui te 7 154 Hampden Road NEDLANDS WA 6009 Phone: 61 8 6389 2687 Facsimi le: 61 8 9386 6812 E-mai l : [email protected]
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