Most of Gulf Shores cash and cash equivalents are deposited with a major accredited Canadian chartered bank. The balance is in trust as an advance against participation with the previously announced Ridgewood project located in Block 12/17 in the North Sea. Lundin Petroleum AB is the operator and has contracted the Global SantaFe Galaxy II jack-up rig to drill this project in October 2007.
Gulf Shores is also fully funded for its 20% of the cost of acquiring new 3-D seismic in a 422 square kilometer (approximately 104,000 acre) block located in Quad 30 in the UK North Sea. Lundin Petroleum AB is also the operator of this project.
Furthermore, current negotiations are ongoing with a major international oil company, which Gulf Shores is fully funded to participate in as part of its continuous active exploration program in the North Sea.
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