Cleansing Statement Mon, 29 Mar 2010 13:05:00 +1000       2 years, 1 month ago

( A B N 3 4 0 9 0 0 7 4 7 8 5 ) Level 21, Allendale Square 77 St Georges Terrace Perth WA 6000 Australia Telephone: +61 8 9324 1177 Facsimile: +61 8 9324 2171 PO Box Z5184 Perth WA Australia 6831 Email: admin@ggpl.com.au Website: www.ggpl.com.au 29 March 2010 Market Release (via electronic lodgement) CLEANSING STATEMENT BULLSEYE PROSPECT: OPERATIONAL UPDATE Notice under ASIC Class Order [CO 09/425] As previously announced, Golden Gate Petroleum Ltd ("Company") is proposing to conduct an underwritten share purchase plan offer ("Plan"). The Plan offers eligible shareholders the ability to subscribe for fully paid ordinary shares in the capital of the Company through the Plan ("New Shares") in the following parcels: Number of New Shares Dollar value of parcel ($) 30,000 930 80,000 2,480 160,000 4,960 250,000 7,750 483,000 14,973 Pursuant to ASIC Class Order [CO 09/425], the Company gives notice that: 1. The Company will offer New Shares for issue without disclosure to investors under Part 6D.2 of the Corporations Act 2001 (Cth) ("Act").

The Company is giving this notice under ASIC Class Order [CO 09/425]. As at the date of this notice, the Company has complied with: (a) (b) 4. the provisions of Chapter 2M of the Act as they apply to the Company; and section 674 of the Act.

2. 3. As at the date of this notice there is no information: (a) that has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and that investors and their professional advisers would reasonably require for the purpose of making an informed assessment of: i.

the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or the rights and liabilities attaching to the New Shares. (b) ii. ~2~ On behalf of the Board of Directors For further information contact: Steve Graves Managing Director Phone +1 805 469 4656 Golden Gate is an independent oil and gas exploration and production company listed on the Australian Stock Exchange.

Its focus of operations is onshore Texas and Louisiana Gulf Coast region of the USA..