Share Purchase Plan Underwritten to $2.5M Fri, 26 Mar 2010 10:55:00 +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 UNDERWRITTEN TO $2.5M BULLSEYE PROSPECT: OPERATIONAL UPDATE Further to the fund raising announcement dated 16 March 2010 the Company is pleased to advise that Novus Capital have agreed to underwrite $2.5m of the Share Purchase Plan (SPP). Accordingly in the event the Company raises less than $2.5m from the SPP, Novus Capital Ltd will place the balance to sophisticated, professional and other investors. All securities required to be issued under in accordance with the Underwriting Agreement will be subject to Shareholder Approval.

The proceeds from the recent $2.1m placement and SPP 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. For general obligations as the Company continues exploration and development of the Company’s United States oil and gas projects. A detailed summary of the above projects are available on the Company website: www.ggpl.com.au 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..