Boss Energy to list following A$3.5m IPO

The company will trade under the ASX code BOE.

Boss Energy raised a total of A$3.5m via its IPO, which closed oversubscribed, offering a total of 17,500,000 shares at 20c per share. The options will have a strike price of 20c and will be exercisable by 30 November 2010.

Upon listing the company will progress an aggressive exploration program to upgrade the resource at its Tasmanian Latrobe oil shale project which currently has a JORC Code compliant resource of 72 million tonnes of Tasmanite oil shale.

Boss Energy Chairman Robert Grover said the company had rapidly progressed its exploration program at the Tasmanite oil shale and upon listing planned a significant drilling program to upgrade the resource at the project and determine recovery rates of shale oil from the bulk sample.

"Upon listing we will be continuing our ongoing drilling campaigns at the Tasmanian Latrobe oil shale project. We remain focused on progressing a very aggressive exploration program to upgrade our resources as soon as possible," Mr Grover said.

"Upon the success of our exploration the company will undertake a feasibility study to further develop the project towards production with the mining of oil shale and extraction of an oil product.

"The Tasmanite oil shale deposit is unique to Tasmania and has the advantage over other Australian oil shales in that it can be used as a source of bitumen as well as oil, so the company looks forward to unlocking the potential of the project as soon as possible.

Mr Grover said the Tasmanite oil shale project had already produced 1.13 million litres of oil from underground mining operations and had excellent road and port access being located ten kilometres south-west of the port of Devonport in Tasmania.

The board of Boss Energy is very experienced and brings together technical and corporate experience in the fields of exploration, production and project evaluation and development. The company intends to use this experience to actively review and assess other acquisition opportunities in the resources sector in Australia and overseas which have the potential to add value for shareholders.

For further information contact:

Robert Grover David Tasker/John Williams

Chairman Professional Public Relations

Boss Energy Limited Tel: 61 8 9388 0944

Phone: 618 9389 6600

Background - Tasmanian Oil Shale Project

The Tasmanite oil shale project (Exploration Licence EL20/2004) is located between Latrobe and Railton in northern Tasmania, 10 kilometres south west of the port of Devonport in Tasmania with excellent road and port access.

The Latrobe oil project has a JORC Code indicated resource of 42 million tonnes of Tasmanite oil shale of which approximately 6 million tonnes is at less than 20 metres depth and amenable to open cut mining methods. An additional JORC Code compliant inferred resource of 30 million tonnes of Tasmanite oil shale is estimated.

Historical drilling campaigns have demonstrated a continuity of the deposit over a large area. The Tasmanite oil shale deposit is different from other Australian oil shales and is a variety unique to Tasmania and has the advantage over other Australian oil shales in that it can be used as a source of bitumen as well as oil.

The Tasmanite oil shale horizon within EL 20/2004 has already produced 1.13 million litres of oil from underground mining operations.

The company plans an aggressive infill and extension drilling program to seek to upgrade the resource status of the Project and allow a clearer depth analysis of the resource. In conjunction with the drill program, the Company plans to extract and test a bulk sample of approximately 20 to 50 tonnes in the nature of a scoping study to determine recovery rates of oil.

Dependent on the success of its exploration the company will undertake a feasibility study to develop the Project towards mining of oil shale and extraction of oil.

The economic development of oil product from the oil shale requires two stages of mining and extraction. Firstly, the oil shale must be mined by conventional mining methods whether by open-cut or underground mining. Secondly, the oil needs to be extracted from the oil shale. Any shale oil extracted is likely to be able to be hydrotreated to yield a petroleum equivalent.

Boss Energy Management

Mr Robert Grover - Executive Chairman

Mr Grover is a Fellow of the Australian Institute of Company Directors, member of the Australian Society of Certified Practicing Accountants and holds a Bachelor of Business. Mr Grover's expertise is in corporate and financial management, and he has been involved in the listing of a number of public companies on the ASX, the London Stock Exchange's AIM and the Vancouver Stock Exchange. Mr Grover is also a director of Contact Uranium and Cervantes Seafood Limited. Previously Mr Grover was a director of Redport Limited.

Mr Ross MacLeod - Technical Director

Ross MacLeod is a member of the Australian Institute of Geoscientists and currently serves as a consultant geologist for researching and field prospecting for a variety of commodities including oil shale, nickel, uranium, gold and copper.

Mr MacLeod has extensive global experience in exploration, logistics and project and total operations management within the oil industry spanning more than 35 years. After gaining initial experience within the Australian mining industry he moved offshore to head up several successful consultancies in the United Kingdom, the Middle East and South East Asia working in the oil industry and across a range of other commodity industries.

Mr Joseph Obeid - Non-Executive Director

Mr Obeid has extensive business development, operational and management experience across a wide range of industries. He has particular expertise in identifying business opportunities together with development and implementing effective business strategies to ensure optimum profitability.

Mr Obeid has been awarded an Australia Medal for Services and Diligence.