Gold Oil Gets Approval for Peru E&P License

Gold Oil reports that Peru's Ministry of Energy and Mines approved the Exploration and Production License entered into between Gold Oil and PeruPetro (the State Oil company of Peru), for Block XXI, onshore Peru and announced in January 2006.

Gold Oil initialized the contract with PeruPetro in December 2005 and. approval by the Ministry of Energy and Mines now allows the Company to commence drilling on Block XXI. All equipment for the first well, San Alberto 1X, has been ordered and Gold expects to finalise an agreement with a Peruvian drilling contractor to spud San Alberto-1X at the beginning of June at an AFE cost of US$1.3 million.

Colombia Block 21

The Company says that preparation work is progressing well on the Nancy-3 wellsite and that the operator expects to start workover operations around May 5th.

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