Fortbridge Media Release

Emerald Oil & Gas NL [ASX: EMR] - Debt re-finance funds Williston Basin Bakken drilling and Sandwash Basin well program

Emerald Oil & Gas NL (ASX: EMR, EMRO) is pleased to advise that its $15 million debt facility with a private US company has been increased to $20m and the term has been extended from August 2012 to November 2012. The increased debt facility will be used to fund the Companys share of the 2012 Sandwash Basin well program in Colorado and Wyoming, USA and non-operated participation interests in Bakken wells in North Dakota, USA.

Highlights:

* Debt facility increased from $US15m to $US20m and term extended to fund 2012 Sandwash Basin and non-operated Bakken well programs;
* Well completion operations involving multi-stage hydraulic fracture stimulation operations in progress on second horizontal Bakken oil well and well permitting initiated for first operated Bakken oil well to be drilled in Dunn Co, North Dakota, USA;
* Preparing to initiate 2012 Sandwash Basin Niobrara oil well program in July, with re-recompletions in existing wells located in Colorado and Wyoming, USA.

Debt Re-finance

Emeralds recent acquisition of its Williston Basin assets was funded through a $US15 million debt facility from a private US company. The loan was fully secured by Emeralds Dunn Co and Green River Basin assets, with interest in the form of a small overriding royalty on the Dunn County leases.

The debt facility has now been amended to increase the available finance to $US20million and to extend the term by 3 months to late November 2012. A small overriding royalty on the Companys Green River Basin leases has been awarded and up to 46m EMR shares will be issued as consideration for this.

Please see more in the attached announcement.

For further information, please contact:
MIKE KRZUS
Managing Director
Emerald Oil & Gas NL
E:
P: +61 8 9482 0510

Media and investor enquiries:

Peter-John Lewis
Fortbridge
E:
P: +61 2 9003 0481
M: +61 416 290 604