Gulf Shores Resources Ltd. - QwikReport

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The North Sea

The North Sea is a very active area for exploration with recent large discoveries of oil and gas. Gulf Shores Resources is participating in a number of high impact projects in this prolific oil and gas producing region. We have partnered up with large, experienced explorer/producers to obtain a portfolio of high quality North Sea projects. The company continues to review other North Sea projects. The list of these projects, to date, follow:

Quad 15 Block 18a, Maria Prospect

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Gulf Shores (UK) Limited, a wholly owned UK subsidiary of Gulf Shores Resources Ltd. has earned an interest in block 15/18a, license P.233 by paying 11.11% of the cost to drill the Maria Paleocene prospect. Upon completion of drilling, Gulf Shores has earned an 8.33% interest in the 145 sq. km. (35,800 acres) block.

By drilling the well the Company also earned an interest in two Jurassic discoveries located in the southern half of the block, one of which tested 6650 barrels of oil per day and 10,000 MCF of gas per day.

The Maria 15/18a-12 well was drilled in Q1, 2008, due to severe winter storms, and uphole well bore stability problems, a full logging suite was not run. The logs that were run indicated a gross reservoir section of 98 feet, consisting of 95% clean sandstone, with an average porosity of greater than 30%. An MDT tool tested 18 different points within the reservoir section, interpretation of wireline logs, combined with MDT test data, established a 60 foot gross hydrocarbon column comprised of a 15 feet of gas pay and a 45 feet of oil pay.

The operator, Petro-Canada UK Ltd (25%), and ENI (50%) have advised Gulf Shores that they do not have any further plans to evaluate the remaining Paleocene prospectivity in the block. To move the Paleocene project further ahead Gulf Shores intends to structure a deal with Petro-Canada (25%) and ENI (50%) to acquire their rights in the Paleocene. When a deal is structured the Company will seek partners to drill an appraisal well offsetting the 15/18a-12 well.

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This page was created on Thu Sep 9, 2010 at 5:23:30 PM Pacific Time.