Share Purchase Plan Offer Fri, 26 Mar 2010 15:34:00 +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 26 March 2010 Market Release (via electronic lodgement) SHARE PURCHASE PLAN OFFER Golden Gate Petroleum Ltd (ABN 34 090 074 785) ("Company") wishes to issue up to 30% of Shares currently on issue pursuant to the Golden Gate Petroleum Ltd Share Purchase Plan ("Plan"). The Plan offers eligible shareholders the ability to subscribe for fully paid ordinary shares in the Company ("Shares") through the Plan in the following parcels ("Parcels"): Number of Shares Dollar value of parcel ($) 30,000 930 80,000 2,480 160,000 4,960 250,000 7,750 483,000 14,973 To be eligible, you were required to be registered as a holder of Shares, with a registered address in Australia or New Zealand (and Shareholders in other jurisdictions where it is legally permissible to participate in the Plan) at 5.00pm (WST) on 19 March 2010. The Plan is underwritten up to a total of $2.5 million by Novus Capital Limited.

As announced on 16 March 2010, the Company has successfully placed 59.5 million Shares, at 3.5 cents per Share, together with a 3 for 4 free attaching listed option exercisable at 8 cents on or before 31 August 2012, to clients of Novus Capital Ltd for gross proceeds of approximately A$2.1 million ("Placement"). In order to accommodate shareholders, the Company is now undertaking the Plan. Funds raised by the Placement and the Plan will be used to fund: • • • • • Drilling costs of Bowtie project; Participation and drilling of 3 wells at Napoleonville Salt Dome; Drilling costs of Silverwood project; Repaying $559,400 of convertible notes; and For general obligations as it continues exploration and development of the Company’s United States oil and gas projects.

The offer of Shares under the Plan ("Offer") opens on 30 March 2010 and closes at 5pm (WST) on 13 April 2010. No late applications will be accepted, however the directors of the Company ("Directors") reserve the right to extend the closing date. The purchase price for each Share under the Plan is 3.1 cents per Share.

This price is a 20% discount from the average market price of Shares in the Company sold on the ....