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info@gulfshoresresources.com
Private Placement Announcement
The private placement is subject to TSX Venture Exchange approval.
ON BEHALF OF THE BOARD
"MICHAEL TURKO"
Michael Turko
President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Gulf Shores closes $152,500 First Tranche PP
Each Unit consists of one common share ("Share") and one-half of one share purchase warrant ("Warrant"). Each whole Warrant is exercisable for a period of two years at a price of $0.15 per share.
The Company has paid finder's fees comprising of 8% cash ($11,000) and 10% finder's fee warrants (68,750 finder's fee warrants) ("Finder's Fee Warrants") in connection with the first tranche closing of its private placement. The finder's fee warrants have the same terms and conditions as the Warrants.
All securities issued with respect to the first tranche closing of the private placement are subject to a hold period expiring November 9, 2008.
Should the closing price of the Company's Shares on the TSX Venture Exchange be at least C$0.25 per share for 20 consecutive trading days (at any time at or following the expiry of the four month resale restriction period), the Company may, by notice to the holder (supplemented by a news release of general dissemination) reduce the remaining exercise period applicable to
the Warrants and Finder's Fee Warrants to not less than 30 days from the date of such notice.
The private placement proceeds will be used for the Company's share of the cost of further development of its North Sea, UK oil and gas prospect Block 15/18a and for working capital purposes.
Gulf Shores Ltd. paid 11.11% of the cost of the recent Maria 15/18a-12 discovery well to earn an 8.33% interest in the entire block 15/18a. The Maria 15/18a-12 discovery well encountered a 60 foot hydrocarbon column in the targeted Paleocene Lower Forties reservoir. The column consists of 45 feet of oil pay and a 15 foot gas cap. Reservoir sands are described as excellent
quality. A modular formation dynamics testing tool provided samples of both oil and gas in the Lower Forties. The oil-water contact in the 15/18a-12 well appears to be the same as the contact established in the 15/18a-8 well drilled one kilometer to the south-east thereby establishing one continuous pool. The pool is within the same Paleocene channel trend as the MacCullough and Brenda fields.
The 145 sq. km. (35,800 acres) Block 15/18a into which the Company has earned also contains a large Jurassic prospect in addition to two fallow Jurassic discoveries, one of which tested 6650 barrels of oil per day and 10,000 MCF of gas per day.
In addition, the 3-D seismic survey in UK North Sea Quad 30 has been completed and will now be processed and interpreted. Gulf Shores is paying 20% of the cost of the 3-D seismic survey and 13.33% of the cost of drilling a test well to earn a 10% interest in a 422 square kilometer (approximately 104,000 acre) block located in Quad 30 in the UK North Sea. Recently acquired seismic indicates the block contains several Jurassic and Permian plays. A well drilled into one of the Jurassic plays logged oil before the well was abandoned due to insufficient zone thickness. 3-D seismic on the block indicates that the Jurassic thickens to the northwest of that well. Lundin Petroleum AB is the operator of this project.
As part of its continuous active exploration program in the North Sea, Gulf Shores continues to review other North Sea exploration projects.
ON BEHALF OF THE BOARD
"MICHAEL TURKO"
Michael Turko
President
For further information, please contact Mr. Gerald Otterman at (604) 683-3309.
Email: gulfshores@net-conex.com; www.gulfshoresresources.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Gulf Shores Follows North Sea Success with $3 million Placement
The private placement shares, any shares acquired upon exercise of the warrants and any securities issued in payment of finder's fees will be subject to a four-month hold period.
The proceeds from this private placement will be used for the Company's share of the cost of further development of Block 15/18a in the UK North Sea and for working capital.
Gulf Shores Ltd. paid 11.11% of the cost of the recent Maria 15/18a-12 discovery well to earn an 8.33% interest in the entire block 15/18a. The Maria 15/18a-12 discovery well encountered a 60 foot hydrocarbon column in the targeted Paleocene Lower Forties reservoir. The column consists of 45 feet of oil pay and a 15 foot gas cap. Reservoir sands are described as excellent quality. A modular formation dynamics testing tool provided samples of both oil and gas in the Lower Forties. The oil-water contact in the 15/18a-12 well appears to be the same as the contact established in the 15/18a-8 well drilled one kilometer to the south-east thereby establishing one continuous pool. The pool is within the same Paleocene channel trend as the MacCullough and Brenda fields.
The 145 sq. km. (35,800 acres) Block 15/18a into which the Company has earned also contains a large Jurassic prospect in addition to two fallow Jurassic discoveries, one of which tested 6650 barrels of oil per day and 10,000 MCF of gas per day.
In addition, the 3-D seismic survey in UK North Sea Quad 30 has been completed and will now be processed and interpreted. Gulf Shores is paying 20% of the cost of the 3-D seismic survey and 13.33% of the cost of drilling a test well to earn a 10% interest in a 422 square kilometer (approximately 104,000 acre) block located in Quad 30 in the UK North Sea. Recently acquired seismic indicates the block contains several Jurassic and Permian plays. A well drilled into one of the Jurassic plays logged oil before the well was abandoned due to insufficient zone thickness. 3-D seismic on the block indicates that the Jurassic thickens to the northwest of that well. Lundin Petroleum AB is the operator of this project.
As part of its continuous active exploration program in the North Sea, Gulf Shores continues to review other North Sea exploration projects.
ON BEHALF OF THE BOARD
"MICHAEL TURKO"
Michael Turko
President
For further information, please contact Mr. Gerald Otterman at (604) 683-3309.
Email: gulfshores@net-conex.com; www.gulfshoresresources.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
GULF SHORES ELABORATES ON STATUS OF NORTH SEA UK WELL 15/18a-12
Preliminary interpretation of logs indicates that a 60 foot hydrocarbon column was encountered in the targeted Lower Forties reservoir, of which 45 feet is interpreted as oil pay and 15 feet is interpreted as gas pay. Reservoir sands are described as excellent quality. A modular formation dynamics testing tool ("MDT") provided samples of both oil and gas in the Lower Forties. The oil/water contact in the 15/18a-12 well appears to be the same as the contact established in the 15/18a-8 well drilled one kilometer away to the south-east, thereby establishing one continuous pool. The Company will integrate well information into geological and geophysical models to determine future operations and commerciality.
As a result of Gulf Shores paying 11.11% of the cost to drill, log, test and plug and abandon the well, the Company has earned an 8.33% interest in block 15/18a which includes a fallow Jurassic discovery that tested 6,650 barrels of oil per day (BOPD) and 10,000 MCF of gas per day.
ON BEHALF OF THE BOARD
"MICHAEL TURKO"
Michael Turko
President
For further information, please contact Mr. Gerald Otterman at (604) 683-3309.
Email: gulfshores@net-conex.com; www.gulfshoresresources.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.