FOR IMMEDIATE RELEASE. Lonestar Resources, Ltd. Announces Eagle Ford Shale Acquisitions

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1 FOR IMMEDIATE RELEASE Lonestar Resources, Ltd. Announces Eagle Ford Shale Acquisitions February 24 th, Fort Worth, Texas-based Lonestar Resources, Ltd. ( Lonestar, ASX: LNR) is pleased to announce that it has entered into a series of agreements to acquire an additional 15,232 gross / 13,156 net acres in the Eagle Ford Shale trend. The transactions are scheduled to close in mid-march, The acquired assets are located in LaSalle, Frio, Wilson, Brazos and Robertson Counties. Lonestar will pay a total of $71.3 million to acquire an additional 13,156 net acres in the Eagle Ford Shale trend, which contain Proved and Probable reserves of approximately 10.7 million barrels of oil equivalent, 93% of which is liquids, with PV-10 of $187.3 million. Significant possible reserves also exist, and are disclosed in the tables included in this release. Net production rates on the properties for the month of December, 2013 was 664 BOEPD, of which 98% was crude oil and NGL s. The average working interest in the acquired properties is 91.1%, and virtually of the properties will be operated by Lonestar. The property acquisitions announced today are expected to yield significant increases in all of Lonestar s operational metrics: Adds 7.4 MMBOE, or 41% to Lonestar s Proved Reserves, to 25.6 MMBOE Adds 10.6 MMBOE, or 42% to Lonestar s Proved & Probable Reserves, to 36.0 MMBOE Adds $138.3 million, or 32% to Lonestar s Proved PV-10, increasing Proved PV-10 to $566.4 million, equating to A$0.57 per share Adds $187.3 million, or 38% to Lonestar s Proved & Probable PV-10, to $678.1 million Adds 13,156 net acres, or 130% to Lonestar s net leasehold in the Eagle Ford Shale trend, to 23,079 net acres Adds 56 gross / 53 net engineered Eagle Ford Shale drilling locations, increasing its total engineered Eagle Ford Shale locations to 136 gross / 131 net Increases Eagle Ford Shale drilling inventory from 5 to 7 years Raising 2014 EBITDAX guidance by $15 to $20 million, or 17-19% to $105 to $125 million Frank D. Bracken III, Lonestar s Managing Director, commented, The acquisition of these properties represents an exciting step forward for Lonestar. In January, 2013, Lonestar outlined a plan to reach its initial net leasehold objective of 20,000 net acres in the proven areas of the Eagle Ford Shale trend within 24 to 36 months. Today, less than 14 months later, I am pleased to announce that we have exceeded our initial objective, and in doing so, have materially augmented the scale of the Company, and perhaps more importantly, we have significantly deepened and diversified the Company s drilling inventory, positioning it for more sustained growth while making it less dependent on any single property. Lonestar Resources, Ltd Lonestar Resources, Inc. Mitchell Wells, Company Secretary Frank D. Bracken III, Managing Director 31 Carrington Street 509 Pecan Street, Suite 200 Nedlands, Western Australia 6009 Fort Worth, Texas

2 We believe that these properties are an excellent fit for Lonestar s business model. The acreage on which Lonestar intends to focus its drilling is 100% in the Crude Oil / Volatile Oil Window, at depths ranging from 7,400 to 8,500 feet, very much in keeping with our historical focus, Bracken added, The La Salle / Frio County acreage (4,001 net acres) is very familiar to us, and strongly analogous to our Beall Ranch and Asherton properties. The Wilson County acreage (4,133 net acres) directly offsets our Pirate leasehold, and expands our position in southwest Wilson County to a hub of 10,984 net acres. The acquisitions will also give Lonestar a position in the Eastern Eagle Ford, adding 5,022 net acres in Brazos and Robertson Counties, much of which is surrounded by many of the most prolific producers in the burgeoning Aguila Vado (Eagle Ford) Field, also referred to as the El Halcon area of the Eagle Ford Shale trend. Bracken added, These acquisitions add 56 operated Eagle Ford Shale locations that are associated with 7,648 of the 13,156 net acres being acquired. There is potential for additional drilling locations via: 1) downspacing on the engineered leasehold; and 2) current industry activity offsetting several of our lease tracts may prove up some or all of our 5,508 net acres of non-engineered leasehold, particularly in Brazos County. Bracken elaborated, These acquisitions give Lonestar a depth and diversity to our portfolio that the Company has never had. In total, Lonestar now has 136 engineered drilling locations, which at expected rates of drilling, gives Lonestar more than 7 years of drilling inventory in one of the most profitable unconventional shale plays in the world. The acquisitions also bolster the Company s production, adding 664 BOEPD of recent production. In keeping with Lonestar s core strategy, roughly 90% of the Eagle Ford locations are on leasehold which is operated by Lonestar. This feature, in combination with the fact that roughly two-thirds of the 13,156 net acres being acquired are already held by production (HBP), means that Lonestar will be able to largely dictate the pace of capital spending, which has always been critical to our ability to grow without stretching our available liquidity. In keeping with Lonestar s objectives of achieving high rates of growth while maintaining financial flexibility, Lonestar has set a revised capital budget of $92 to $125 million, with an eye to drilling and completing 16 to 19 Eagle Ford Shale wells in The range in the budget allows for flexibility in spending based on commodity price movement and cash flows, as well as the typical oilfield delays that can defer completions, potentially pushing a percentage of the capital spending into early Based on these capital plans, Lonestar is increasing guidance for EBITDAX from a range of $90 to $105 million to a range of $105 to $125 million, indicating that over the course of the year, Lonestar s drilling program should be fully funded via internally generated cash. Considering that Lonestar will not assume full operational control until April, 2014, the acquisition can be expected to have a greater impact on EBIDAX for the full year of In aggregate, the acquisitions are scheduled to close in mid-march, 2014, with an effective date of January 1, The purchase will be funded by Lonestar s existing Senior Secured Credit Facilities, which are led by Wells Fargo. Proforma the acquisitions on December 31, 2013, Lonestar will have net debt of $177.0 million. The Company has received an interim borrowing base from its lenders, and its proforma borrowing capacity is now $205.0 million. The Company anticipates that its borrowing capacity will continue to expand at its regularly scheduled April, 2014, and October, 2014 redetermination dates as new producing wells are placed onstream. Further, the acquisition remains consistent with Lonestar s long-term policy of maintaining conservative levels of leverage. Proforma the acquisition, Lonestar estimates its proforma debt equates to a range of 18 to 20 months of its 2014 projected EBITDAX. As it has with each acquisition, Lonestar seeks to protect its cash flows, and Lonestar has added new crude oil price hedges to protect the existing cash flows associated with the acquisitions. The Company has hedged approximately 85% of the projected oil volumes associated with the acquired properties at average Louisiana Light Sweet prices of $97.00 per barrel for the remainder of 2014.

3 Figure 1: Lonestar s Acreage Position In The Eagle Ford Shale Trend

4 Table 1: Impact of Acquisition on Reserves (as of December 31, 2013) LONESTAR RESOURCES ACQUIRED PROPERTIES PROFORMA Total Total Total Catgegory (MBOE) PV-10 (MBOE) PV-10 (MBOE) PV-10 Proved Developed Producing Eagle Ford Shale 5,167 $182,030 1,038 $38,391 6,205 $220,421 Conventional 2,896 $62,565 0 $0 2,896 $62,565 Proved Developed Producing 8,063 $244,595 1,038 $38,391 9,101 $282,986 Proved Developed Non Producing Eagle Ford Shale 0 $0 0 $0 0 $0 Conventional 153 $3,653 0 $0 153 $3,653 Proved Developed Non Producing 153 $3,653 0 $0 153 $3,653 Proved Undeveloped Eagle Ford Shale 9,276 $172,564 6,324 $99,932 15,601 $272,496 Conventional 731 $7,253 0 $0 731 $7,253 Proved Undeveloped 10,008 $179,817 6,324 $99,932 16,332 $279,749 Total Proved Eagle Ford Shale 14,443 $354,594 7,362 $138,323 21,806 $492,918 Conventional 3,781 $73,470 0 $0 3,781 $73,470 Total Proved 18,224 $428,065 7,362 $138,323 25,586 $566,388 Probable Undeveloped Eagle Ford Shale 7,151 $62,724 3,265 $49,000 10,416 $111,724 Conventional 0 $0 0 $0 0 $0 Probable Undeveloped 7,151 $62,724 3,265 $49,000 10,416 $111,724 Proved & Probable Eagle Ford Shale 21,594 $417,319 10,628 $187,323 32,222 $604,642 Conventional 3,781 $73,470 0 $0 3,781 $73,470 Proved & Probable 25,375 $490,789 10,628 $187,323 36,003 $678,112 Possible Undeveloped Eagle Ford Shale 0 $0 4,752 $94,689 4,752 $94,689 Conventional 0 $0 0 $0 0 $0 Possible Undeveloped 0 $0 4,752 $94,689 4,752 $94,689 Proved, Probable & Possible Eagle Ford Shale 21,594 $417,319 15,380 $282,012 36,974 $699,331 Conventional 3,781 $73,470 0 $0 3,781 $73,470 Proved, Probable & Possible 25,375 $490,789 15,380 $282,012 40,754 $772,801

5 Table 2: Reserves for Acquired Properties (as of December 31, 2013) Crude Oil NGL's Natural Gas Total Future Net Revenues Catgegory (Mbbls) (Mbbls) (MMcf) (MBOE) Undiscounted PV-10 Proved Developed Producing Eagle Ford Shale ,038 $92,321 $38,391 Proved Developed Producing ,038 $92,321 $38,391 Proved Developed Non Producing Eagle Ford Shale $0 $0 Proved Developed Non Producing $0 $0 Proved Undeveloped Eagle Ford Shale 5, ,926 6,324 $541,714 $99,932 Proved Undeveloped 5, ,926 6,324 $541,714 $99,932 Total Proved Eagle Ford Shale 6, ,182 7,362 $634,035 $138,323 Total Proved 6, ,182 7,362 $634,035 $138,323 Total Probable Undeveloped Eagle Ford Shale 2, ,392 3,265 $282,347 $49,000 Probable Undeveloped 2, ,392 3,265 $282,347 $49,000 Proved & Probable Eagle Ford Shale 9, ,574 10,628 $916,382 $187,323 Proved & Probable 9, ,574 10,628 $916,382 $187,323 Possible Undeveloped Eagle Ford Shale 4, ,142 4,752 $431,040 $94,689 Possible Undeveloped 4, ,142 4,752 $431,040 $94,689 Proved, Probable & Possible Eagle Ford Shale 13, ,716 15,380 $1,347,422 $282,012 Proved, Probable & Possible 13, ,716 15,380 $1,347,422 $282,012

6 Table 3: Proforma Reserves By Asset Type (as of December 31, 2013) Crude Oil NGL's Natural Gas Total Future Net Revenues Catgegory (Mbbls) (Mbbls) (MMcf) (MBOE) Undiscounted PV-10 Proved Developed Producing Eagle Ford Shale 4, ,611 6,205 $393,842 $220,421 Conventional 2, ,474 2,896 $147,754 $62,565 Proved Developed Producing 7, ,085 9,101 $541,596 $282,986 Proved Developed Non Producing Eagle Ford Shale $0 $0 Conventional $6,913 $3,653 Proved Developed Non Producing $6,913 $3,653 Proved Undeveloped Eagle Ford Shale 12,155 1,575 11,225 15,601 $905,226 $272,496 Conventional $29,725 $7,253 Proved Undeveloped 12,755 1,575 12,014 16,332 $934,951 $279,749 Total Proved Eagle Ford Shale 16,900 2,266 15,836 21,806 $1,299,068 $492,918 Conventional 2, ,722 3,781 $184,393 $73,470 Total Proved 19,894 2,266 20,558 25,586 $1,483,460 $566,388 Total Probable Undeveloped Eagle Ford Shale 9, ,138 10,416 $475,213 $111,724 Probable Undeveloped 9, ,138 10,416 $475,213 $111,724 Proved & Probable Eagle Ford Shale 26,086 2,807 19,975 32,222 $1,774,281 $604,642 Conventional 2, ,722 3,781 $184,393 $73,470 Proved & Probable 29,079 2,807 24,697 36,003 $1,958,673 $678,112 Possible Undeveloped Eagle Ford Shale 4, ,142 4,752 $431,040 $94,689 Possible Undeveloped 4, ,142 4,752 $431,040 $94,689 Proved, Probable & Possible Eagle Ford Shale 30,502 2,952 21,117 36,974 $2,205,321 $699,331 Conventional 2, ,722 3,781 $184,393 $73,470 Proved, Probable & Possible 33,496 2,952 25,839 40,754 $2,389,713 $772,801 Footnotes

7 All amounts are in US dollars, unless otherwise stated. Lonestar s presentation currency in US dollars Reserves Reporting: In accordance with Australian Securities Exchange ( ASX ) Listing Rule 5 and the new reporting requirements for oil and gas companies which applied from 1 December, 2013, please be advised that: Lonestar s Proved Probable and Possible reserves have been estimated in accordance with the classification and reporting requirements of the Society of Petroleum Engineers Petroleum Resources Management System (SPE PRMS). Lonestar s reserves are reported according to Lonestar s economic interest in each of the reserves, in accordance with LR In accordance with LR , Lonestar advises that its reserves estimates are calculated using a deterministic approach, under SPE-PRMS. Lonestar operates virtually all of its Eagle Ford Shale and Conventional properties, other than its Conventional properties in South Texas and East Texas, which are non-operated. All of Lonestar s properties are held by standard oil and gas lease arrangements. The Company s Working-Interest ownership (WI%) and Net-Revenue-Interest ownership (NRI%) in relation to each of its material projects are included in the Company s investor presentations, which are available on either the ASX website or the Company s website ( Well-cost assumptions are based on historical costs achieved by Lonestar and/or other operators in areas proximate to Lonestar s acreage. The reasonableness of these costs is assessed by the independent reserve evaluators. Indicative drilling timing on the Company s projects is included in the Company s investor presentations, which are available on the ASX website. The following well spacing assumptions and other details apply to the Company s Eagle Ford Shale Properties: Property Net Acres Well Locations Well Spacing WI NRI Operator Beall Ranch: 2, % 73.3% Lonestar Asherton: % 73.2% Lonestar Centavo % 9.1% Chesapeake Gonzo: 3, % 75.0% Lonestar Pirate: 3, % 73.1% Lonestar La Salle Frio 4, % 57.2% Various Wilson County 4, % 77.8% Lonestar Brazos/Robertson 5, % 78.8% Lonestar Qualifications of Petroleum Reserve Evaluators:

8 The Proved, Probable and Possible reserves on the Company s Eagle Ford Shale properties have been independently estimated as at December 31, 2013, by Mr. William D. Von Gonten, Jr., P.E., and, Mr. Taylor D. Matthes, of W. D. Von Gonten & Co. ( Von Gonten ). Messrs. Von Gonten and Taylor are licensed professional petroleum engineers and maintain active membership of the Society of Petroleum Engineers. They are employees of Von Gonten. Von Gonten is an independent petroleum-engineering firm. Messrs. Von Gonten and Taylor consent to the inclusion in this report of the information and context in which it appears. The Proved reserves on the Company s Conventional properties have been independently estimated as at December 31, 2013, by Mr. William M. Kazmann, of La Roche Petroleum Consultants, Ltd. ( La Roche ). Mr. Kazmann is a licensed professional petroleum engineer and maintains active membership of the Society of Petroleum Engineers. He is an employee of La Roche. La Roche is an independent petroleum-engineering firm. Mr. Kazmann consents to the inclusion in this report of the information and context in which is appears. Definitions for Reserves: Proved Reserves are those quantities of petroleum, which by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under defined economic conditions, operating methods, and government regulations. Proved Reserves generally have a 90% probability that the quantities actually recovered will equal or exceed the estimate. Probable Reserves are those additional Reserves which analysis of geoscience and engineering data indicated are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves. Probable Reserves generally have a 50% probability that the actual quantities recovered will equal or exceed the estimate. Possible Reserves are those additional reserves which analysis of geoscience and engineering data indicated are less likely to be recoverable than Probable Reserves. Possible Reserves generally have a 10% probability that the actual quantities recovered will equal or exceed the estimate. Other Definitions: BOE is barrel of oil equivalent. For purposes of computing such units, a conversion rate of 6,000 cubic feet of natural gas to one barrel of oil equivalent (6:1) is used. The conversion ratio of 6:1 is based on an energy equivalency conversion method which is primarily applicable at the burner tip and does not represent value equivalence at the wellhead. MMBOE is million barrels of oil equivalent. Net Revenue is calculated net of royalties, production taxes, lease operating expenses, and capital expenditures, before Federal Income Taxes. PV-10 or NPV10 is defined as the future Net Revenues of the Company s Proved or Probable Reserves, discounted at 10% per annum. The estimated future net revenue values do not necessarily represent the fair market value of Lonestar s reserves. Commodity Pricing Used:

9 Lonestar s estimated Proved, Probable and Possible Reserves, PV-10 were determined using index prices determined in accordance with US SEC guidelines for oil and natural gas, without giving effect to derivative transactions, and were held constant throughout the life of the properties. The unweighted arithmetic averages of the first-day-of-themonth prices for the year ended December 31, 2013 were $96.94 per Bbl for oil and $3.66 per MMBtu for natural gas. These prices were adjusted by lease for quality, energy content, regional price differentials, transportation fees, marketing deductions and other factors affecting the price received at the wellhead. Cautionary & Forward Looking Statements Lonestar has presented petroleum and natural gas production and reserve volumes in barrel of oil equivalent ( boe ) amounts. For purposes of computing such units, a conversion rate of 6,000 cubic feet of natural gas to one barrel of oil equivalent (6:1) is used. The conversion ratio of 6:1 is based on an energy equivalency conversion method which is primarily applicable at the burner tip and does not represent value equivalence at the wellhead. Readers are cautioned that boe figures may be misleading, particularly if used in isolation. Statements in this press release which reflect management s expectation relating to target dates, expected drilling program, and the ability to fund its development plans are forward-looking statements, and can be generally be identified by words such as will, expects, intends, believes, estimates, anticipates, projects or similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Statements relating to reserves are deemed to be forward looking statements as they involve the implied assessment, based on certain estimates and assumptions that that some or all of the reserves described can be profitably produced in the future. These statements are not historical facts but instead represent the expectations of management and/or its independent petroleum consultants, regarding future events. Although management believes the expectations reflected in such forward-looking statements are reasonable, forward-looking statements are based on the opinions, assumptions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward- looking statements. These factors include risks related to exploration, development and production; oil and gas prices, markets and marketing; acquisitions and dispositions; competition; additional funding requirements; changes in access to and the costs of energy services; reserve estimates being inherently uncertain; incorrect assessments of the value of acquisitions and exploration and development programs; environmental concerns; reliance on key personnel; title to assets; expiration of leases; hedging activities; litigation; government policies; unforeseen expenses; and contractual risk. Additionally, if any of the assumptions or estimates made by management prove to be incorrect, actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward- looking statements contained in this document. Such assumptions include, but are not limited to, general economic, market and business conditions and corporate strategy. Accordingly, investors are cautioned not to place undue reliance on such statements. All of the forward-looking information in this press release is expressly qualified by these cautionary statements. Forward-looking information contained herein is made as of the date of this document and Lonestar disclaims any obligation to update and forward-looking information, whether as a result of new information, future events or results or otherwise, expect as required by law.