Oil Basins Limited (ASX:OBL) Option Exercise for 20% Backreef Area and Receipt of $2.5M.

Melbourne, Australia, May 1, 2012 - (ABN Newswire) - The directors of Oil Basins Limited (ASX:OBL) are pleased to make the following ASX Announcement.

Green Rock Energy Limited (ASX:GRK) has exercised its option to acquire a 20% beneficial interest in the Backreef Area, Canning Basin through acquisition of an OBL subsidiary, in accordance with a Share Sale Agreement that has been executed by the parties.

The payment of $2,500,000 has been received by OBL from GRK.

About Oil Basins Limited:

Oil Basins Limited (ASX:OBL) is engaged in the investment in selected exploration production and development opportunities in the upstream oil and gas sector. Oil Basins Limited was listed on the ASX on 23 August 2006 and is involved in exploration for oil and gas initially in the offshore Gippsland Basin waters of south-eastern Australia and the onshore Canning Basin of Western Australia. Since listing the Company has increased its leverage across all of its assets and has increased its exposure to attractive and prospective areas with the Canning Basin.

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