Empire Oil & Gas (ASX:EGO) MORIARY-1, EP 426, Petroleum Drilling Progress Report No 18

Perth, Mar 6, 2008 (ABN Newswire) - Empire Oil & Gas N.L. (ASX: EGO)(PNK: EOLGF) Drilling Progress Report dated 6 March 2008 for the Period 0600 hrs 5 March 2008 to 0600 hrs 6 March 2008. Present depth as of 0600 hours, 6 March 2008 is 2360 metres. During the 24-hour period drilled ahead 8 1/2" hole from 2301m to 2360m. Top Cadda Formation intersected 2156m. Top Cattamarra Formation 2207.5m. 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 5 March 2008 to 0600 WST 6 March 2008

3. This ASX Release Time and Date: 0930 hours 6 March 2008

4. Report No: 18

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

6. Days since Spud: 23

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: 2360 metres at 0600 hours, 6 March 2008.

12. Geological Summary: At 2400 hours, 5 March 2008 for interval 2270 – 2345m (the reporting period)

2270m - 2290m Sandstone
2290m - 2295m Claystone
2295m -2310m Sandstones and shales
2310m - 2345m Shales

Top Cadda Formation 2156.5m
Top Cattamarra Formation 2207.5m

13. Operations since last Report: Drilled ahead 8 1/2" hole from 2301 to 2360m @ 0600 hours, 6 March 2008.

14. Current Operations: Drilling ahead at 2360m @ 0600 hours, 6 March 2008 in the Cattamarra Formation.

15. Future Operations: Drill ahead in 8 1/2" hole from 2360 metres to reservoir objectives in the Cattamarra.

16. Hydrocarbon Indications: Max Gas: 2273m - 2348m, 2.6 units Chromatograph Reading: 2273m - 2348m, 100 to 371 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%

About EMPIRE OIL & GAS NL

Empire Oil & Gas NL is an Australia-based company that is principally engaged in oil and gas production and exploration. The Company has produced and sold to BP Kwinana Australia Pty Ltd, a total of 30,733 barrels of oil. The Company applied for a Production License 1/04-5L over the Rough Range 1B oil well area. The Company, together with farminees, Phoenix Resources Plc, Black Fire Energy Limited and the EP 435 Joint Venture participants, Australian Oil Company Limited and Bounty Oil & Gas N.L. drilled the Parrot Hill-2 well during April 2007. The Company commenced drilling on April 9, 2007, and reached its total depth of 1,232 meters on April 19, 2007. The Company's wholly owned subsidiaries include Empire Services Pty Ltd, Empire Oil Company (WA) Limited, Gulliver Productions Pty Ltd, Rough Range Oil Pty Ltd and St. George Petroleum Limited