ASX ANNOUNCEMENT

2 April 2012

Company Announcements Platform Australian Securities Exchange Level 4

20 Bridge Street

SYDNEY NSW 2000

By E-Lodgement Elixir Petroleum Ltd Employee Share Plan - Lapse of options

Elixir Petroleum Limited (ASX: EXR) advises that two million two hundred and fifty thousand (2,250,000) unlisted $0.30 options granted under the Elixir Petroleum Limited Employee Share Plan lapsed as of 31 March 2012 pursuant to the terms and conditions of the Elixir Petroleum Limited Employee Share Plan.

Yours sincerely,

ELIXIR PETROLEUM LIMITED

Julie Foster

Company Secretary

For further information on Elixir Petroleum please visit the Company's website at www.elixirpetroleum.com

ASX CODE: EXR www.elixirpetroleum.com

Elixir Petroleum Limited

ABN 51 108 230 995

Level 20, 77 St George's Terrace

PERTH WA 6000, AUSTRALIA

T: +61 8 9440 2650 F: +61 8 9440 2699 E: info@elixirpetroleum.com

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This press release was issued by Elixir Petroleum Limited and was initially posted at http://www.elixirpetroleum.com/docs/asx/2012/EXR20120402.pdf . It was distributed, unedited and unaltered, by noodls on 2012-04-02 09:13:38 AM. The issuer is solely responsible for the accuracy of the information contained therein.