Appendix 3B and Section 708A Notice Thu, 1 Apr 2010 14:11:00 +1000       2 years, 1 month ago

Rule 2.7, 3.10.3, 3.10.4, 3.10.5 Appendix 3B New issue announcement, application for quotation of additional securities and agreement Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public. Introduced 1/7/96.

Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002. Name of entity Golden Gate Petroleum Ltd ABN 34 090 074 785 We (the entity) give ASX the following information.

Part 1 - All issues You must complete the relevant sections (attach sheets if there is not enough space). 1 +Class of +securities issued or to be Ordinary Fully Paid Shares issued 2 Number of +securities issued or to be issued (if known) or maximum number which may be issued Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates +convertible for payment; if securities, the conversion price and dates for conversion) 59,500,000 3 Ordinary Fully Paid Shares Appendix 3B New issue announcement 4 Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities? If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment 5 Issue price or consideration $0.035 (3.5 cents) per Share Yes 6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets) To fund: • Drilling Costs of Bowtie Project • Participation & Drilling of 3 wells at Napoleonville • Drilling of Silverwood Project • Repaying $559,400 of convertible notes • On-going working capital for development & exploration activities in the United States 31 March 2010 7 Dates of entering +securities into uncertificated holdings or despatch of certificates Number 8 Number and of all quoted on ASX (including the securities in clause 2 if applicable) +class +securities +Class Ordinary Fully Paid Shares 764,366,633 187,346,070 Quoted Options (Exercise Price: 8 cents) (Expiry Date: 31 August 2012) + See chapter 19 for defined terms. 11/3/2002 Appendix 3B Page 2 Number 9 Number and +class of all +securities not quoted on ....