Carbon Energy is pleased to provide this business development update in response to the increasing volume of queries received from shareholders and other interested parties regarding the Queensland Government review process and other interim business development activities. Further information regarding the Company's recent activities will be available in the Carbon Energy Quarterly Activities Report for the period ending 31 March 2015.

Queensland

The Company has received confirmation the Department of Environment and Heritage Protection (DEHP) has provided its environmental findings and recommendations on the Company's Decommissioning Report and Rehabilitation Plan to the lead agency in this process, the Department of Natural Resources and Mines (DNRM).

The report by DEHP to DNRM is a significant step toward progressing the Company's plans to commence the Environmental Impact Study (EIS) for its proposed Blue Gum Gas Project in the Surat Basin.

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