Victoria Petroleum Sells Stake in EP 413

Victoria Petroleum will sell to Arc Energy and Roc Oil each a 0.25% interest in EP 413, North Perth Basin, Western Australia. The sale of this 0.5% of Victoria Petroleum's interest in EP 413 and the Jingemia Oil Discovery for a total cash consideration of $300,000 is subject to joint venture and government approvals.

Upon completion of the sale of the 0.5% interest in EP 413 and the 0.5% interest in the Jingemia Oil Field, Victoria Petroleum NL will have a remaining 5.2685% interest in EP 413 and the Jingemia Oil Field.

Victoria Petroleum intends to maintain its interest in the EP 413 and the Jingemia Oil Field at the 5% level. Victoria Petroleum looks forward to the ongoing development of the Jingemia Oil Field through the forth coming extended production testing program currently planned to commence in the first week of May 2003 and ongoing exploration within EP 413, a permit area in which additional future oil and gas discoveries are considered to be present.