Gulfsands Petroleum Appoints New Board Director

Gulfsands Petroleum has appointed Richard (Ric) Malcolm to the Board of Directors, having joined the Company as a Chief Executive Officer, with effect from October 15, 2008.

Ric joined the Company from OMV (U.K.) Limited where he was Managing Director of the UK E&P subsidiary of OMV AG, Austria's largest listed company and one of Europe's leading oil and gas companies.

As part of his compensation arrangements Ric has been granted 1,500,000 options to subscribe for ordinary shares in the Company. In accordance with the Company's Executive Share Option Scheme, the exercise price of the options will be 186 pence per share and they will vest in three tranches, being 750,000 which vested on October 15, 2008 and 375,000 on each of October 15, 2009 and October 15, 2010.
 

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