On track to drill and test up to 6 wells over next 6 months Tue, 30 Mar 2010 13:15:00 +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 30 March 2010 MEDIA RELEASE GOLDEN GATE ON TRACK TO DRILL & TEST UP TO SIX WELLS OVER NEXT 6 MONTHS Next month will see the start of an extensive drilling “season” for oil and gas player Golden Gate Petroleum (ASX: GGP). Managing Director Steve Graves said; “from April the company plans to drill or participate in the drilling of up to a well a month for the next six months – all in the oil-rich American states of Texas and Louisiana. In addition, two existing wells will be further tested”.

Funding for the drilling program will come from a fully-underwritten placement by Novus Capital and an underwritten Share Purchase Plan offer to shareholders which all up will add $4.5million to GGP’s cash position. “We are targeting production and further testing at the Fausse Point project with cash flow to start in the April/May timeframe” Mr Graves said. At Bowtie West, seismic evaluation confirmed a potential resource of over 50 billion cubic feet gas (BCFG) which will be drilled in April where the prolific Vicksburg sandstone reservoir will be the target.

Golden Gate has an 18% working interest in the prospect. At the Bullseye Project the Camerina interval at the Jumonville number one well will be tested. After Bowtie West, the next to be drilled will be three wells at Napoleonville starting in May and this will be followed by the drilling of a new well at Silverwood in June.

=========== Further information: Steve Graves MD of Golden Gate Petroleum Visit the website: www.ggpl.com.au Media enquiries: Suzanne Blake PR for Golden Gate Petroleum +61 414 233 500.