Oil Basins Limited (ASX:OBL) Operations Update Backreef-1 Drilling Report No.8

Melbourne, Oct 28, 2010 AEST (ABN Newswire) - Oil Basins Limited (ASX:OBL) wish to make the following ASX announcement relating to the drilling operations at Backreef-1, Backreef Area, Canning Basin, onshore Western Australia (WA):

1. Late afternoon on WST 27 October 2010, the Backreef-1 well reached 1800mRT revised total depth, as approved by the Western Australian Department of Mines and Petroleum.

2. As at 3am WST 28 October 2010 electric logging operations commenced - with particular interest in examining the Basal Grant Sandstone and the Lower Laurel Member potential oil zones.

3. Electric logging operations will continue during 28 October and into 29 October 2010. When complete and after the results have been fully analysed a further report will be released as soon as possible to the ASX.

By funding 100% of the drilling and completion costs of Backreef-1, OBL is earning up to 90% of Backreef-1 and the Backreef Area.

For the complete Oil Basins announcement including figures, please view the following link:

http://www.abnnewswire.net/media/en/docs/64051-ASX-OBL-344623.pdf

Contact

Kim McGrath Chairman Oil Basins Limited Tel: +61-3-9692-7222 Email: admin@oilbasins.com.au http://www.oilbasins.com.au