Fortbridge Media Release

Emerald Oil & Gas [ASX: EMR] - Acquisition of new shale oil production assets; update on operated Bakken drilling program plans

Emerald Oil & Gas NL (ASX: EMR, EMRO) has advised that the Company has signed a non-binding Letter of Intent (LOI) with a private US company to acquire approximately 9000+ net lease acres with production, reserves and an active nonoperated development drilling program in the Williston Basin Bakken/Three Forks shale oil play, located in North Dakota and Montana, USA. Any potential transactions would be subject to negotiating and executing purchase and sale agreements and securing funding from private capital markets through Emerald�s wholly owned US subsidiary, Emerald Oil & Gas USA Holdings Inc. Discussions are ongoing regarding specific terms and further information will be provided as appropriate. Upon successful completion, aggregate financing, inclusive of a component for refinancing,
would be approximately $US150 million.

Highlights:

* Non-binding LOI signed with a private US company to acquire approximately 9000+ net lease acres with Bakken and Three Forks oil production, reserves and active development drilling program, located in the Williston Basin in North Dakota and Montana, USA;
* Aggregate financing of the proposed transactions is approximately US$150m, subject to due diligence and negotiation of purchase and sale agreements and funding arrangements;
* Transactions expected to be fully funded through Emeralds US subsidiary from private capital markets;.

In other news from the company, its US subsidiary is now in the process of building the necessary internal operating capability to successfully run a single rig continuous drilling program commencing around end 2012 or early 2013. The Company intends to leverage its Transition Services agreement with North Plains Energy, under which North Plains will provide operating support during 2012, up to and including contract drilling of initial wells on behalf of Emerald, if appropriate.

Highlights:

* Emerald operated Bakken/Three Forks drilling program in Dunn County planned to commence around year end;
* Delivering significant progress with Emeralds US shale strategy to become an active US shale oil company and grow through value accretive US oil shale acquisitions

Please find more in the attached announcement.

For further information, please contact:

Mike Krzus
Managing Director

Tel: +61 8 9482 0510
Fax: +61 8 9482 0505

Email:

Media/investor enquiries:

Peter-John Lewis
Fortbridge
+61 2 9003 0477
+61 416 290 604