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Fireball Creek-1 Drilling Progress Report

COMPANY ANNOUNCEMENT
For Immediate Release
Tuesday, 8 April 2008

Fireball Creek-1 Drilling Progress Report

L&M Petroleum Limited (LMP) is pleased to announce that drilling of the Fireball Creek-1 well recommenced yesterday afternoon. Drilling recommenced from 56m which was the depth that had been reached prior to suspending drilling operations on 25 February pending a safety inspection of the drilling equipment. As at 0600 hours a depth of 122m had been reached.

The well, located within Petroleum Exploration Permit (PEP) 38521 in the onshore Westland Basin of the South Island of New Zealand, is programmed to drill to a total depth of 450m to test an Omotumotu Sandstone structure containing potential gas resources of up to 40 Bcf.

LMP has entered into a farmin agreement with several of the PEP 38521 Joint Venture parties under the terms of which LMP will earn 32.5% equity in PEP 38521 and become Operator to the joint venture by funding a portion of the cost to drill the Fireball Creek-1 well.

ends

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