Empire Oil & Gas (ASX:EGO) MORIARY-1, EP 426, Petroleum Drilling Progress Report No 15

Perth, Mar 3, 2008 (ABN Newswire) - Empire Oil & Gas N.L. (ASX: EGO) Drilling Progress Report dated 3 March 2008 for the Period 0600 hrs 29 February 2008 to 0600 hrs 3 March 2008. Present depth as of 0600 hours, 3 March 2008 is 2152 metres. During the 72-hour period drilled ahead 8 1/2" hole from 1996m to 2095m. Pulled out of hole for a new drill bit. Pressure tested all blow out prevention equipment. Drilled ahead to 2152m @ 0600 hours, 3 March 2008. Gas Peak: 2117m, 7.8 units. Future Operations: Drill ahead to the Cattamarra reservoir objectives.

MORIARY-1 PETROLEUM EXPLORATION WELL EP 426 NORTH PERTH BASIN WESTERN AUSTRALIA

1. Well Name/Permit Moriary-1/EP 426, North Perth Basin, Western Australia

2. This Report is for the Period: The 24 hour period 0600 hours WST 29 February 2008 to 0600 WST 3 March 2008

3. This ASX Release Time and Date: 0930 hours 3 March 2008

4. Report No: 15

5. Spud Date/Rig: 1300 hours 12 February 2008/ADS Rig 6

6. Days since Spud: 20

7. Location of Well: Latitude 290 17' 01.469" S/Longitude 1150 20' 19.081" E

8. Elevation: G.L. 178.32 metres RKB: 182.64m

9. Total Depth: 2550m RKB

10. Targets: Cattamara Coal Measures.

11. Present Depth: 2152 metres at 0600 hours, 3 March 2008.

12. Geological Summary: At 2400 hours, 2 March 2008 (the reporting period) 1980m - 2125m - Sandstone and claystones (Slow drilling in claystones)

13. Operations since last Report: Drilled ahead from 1996m to 2095m at 0600 hours, 1 March 2008. Tripped for a new drill bit and pressure tested all equipment on 2 March 2008 and drilled ahead to 2152m at 0600 hours, 3 March 2008.

14. Current Operations: Drilling ahead at 2152m @ 0600 hours, 3 March 2008.

15. Future Operations: Drill ahead in 8 1/2" hole from 2152 metres to reservoir objectives in the Cattamarra.

16. Hydrocarbon Indications: Gas Peak: 2117m, 7.8 units Chromatograph Reading: 2095m - 2125m, 100 to 1082 ppm C1.

17. Prospect Description: The Moriary Prospect is an anticlinal structure, similar to the Mt Horner Oilfield with reservoir objectives the 'F', 'J' and 'L' Sands of the Jurassica-aged Cattamarra Coal Measures. Potential recoverable oil reserves are estimated to be 'F' Sands 3 million barrels, 'J' Sands 4 million barrels and 'L' Sands 4 million barrels.

18. Participants in the well:

Empire Oil & Gas N.L. (Operator) - 40%
Allied Oil & Gas Plc - 25%
Black Fire Energy Limited - 10%
ERM Gas Pty Ltd - 25%