Press release.

After 26 years of service, industry stalwart and founding Managing Director John Kopcheff has decided to retire from the Board of Victoria Petroleum N.L. (Vicpet).

Retiring from the Board, Mr Kopcheff praised recent measures by the Vicpet Board to revitalise the 26-year-old business and trigger a new phase of rapid growth based on oil and gas assets in eastern Australia.

"The new management team has settled in quickly and the business' transition from Perth to Brisbane has been extremely smooth. This has accelerated my decision to retire from Vicpet's Board and pursue a more strategic role in the industry." Mr Kopcheff said.

The 2010 recipient of the RIU Good Oil Conference John Doran Lifetime Achievement Award said the time was now right to exit from the Board of Vicpet.

"Looking back, I can say that I have been passionate in the pursuit of oil and gas for the shareholders of Vicpet since its inception in 1984. The Company has a bright future following its recent success in the Cooper Basin, it’s involvement in the CSG industry and the new management team. With the success of the transition to Brisbane and the new management team, the forthcoming Annual General Meeting presented me with a perfect opportunity to retire from the Board" he said.

Vicpet Chairman Denis Patten paid tribute to Mr Kopcheff and his life-long contribution to Australia's oil and gas industry.

"John has been an enduring champion of Australia's petroleum industry. Through his role at Victoria Petroleum, he has demonstrated the perseverance and dedication necessary to keep an independent oil and gas exploration company alive and growing through changing times.

My fellow Directors and I would like to thank John for his loyal contribution to Victoria Petroleum over the last 26 years and wish him all the best in his future endeavours. John will remain engaged in an advisory role so that we can retain access to his skills and experience." Mr Patten said.

About John Trifon Kopcheff
BSc (Hons) (Geology and Geophysics), AEPG, A.I.M.M., SPE & PESA

Adelaide-born John Kopcheff is a geologist with 38 years of experience in petroleum exploration, development and production in Australia, Southeast Asia, United States, South America, and the North Sea, both in field geological and geophysical operations and management.

In September 2010, Mr Kopcheff's significant contribution to the petroleum industry was recognised at the RIU Good Oil Conference in Perth when he was presented with the John Doran Lifetime Achievement Award.

Mr Kopcheff was the founding Managing Director of Victoria Petroleum N.L. and served in that role from 1984 to July 2010, earning him the title of one of the industry's longest- serving leaders.

Mr Kopcheff has been an Independent Director of Greenearth Energy Limited since July 13, 2006 and Independent Non-Executive Director of Great Panther Silver Limited since August 16, 2001.