Gold Oil Reports Rosa Blanca-1 Comes Up Dry

Putumayo Basin, Colombia
(Click to Enlarge)

Gold Oil announced that testing operations have been completed on the Rosa Blanca 1 well and that no hydrocarbons were produced from the four zones that were tested. As previously announced on March 2, 2009, the bottom formation did not flow any hydrocarbons. The work over rig which was brought on to site earlier this week allowed the testing of the middle formation to be completed and the upper section was then perforated and swabbing operations carried out. No hydrocarbons flowed.

The Rosa Blanca operating group, in which Gold Oil has a 40% stake, will review the data recovered from the well. Despite the
disappointing results from this operation, the 45,000 hectare block still has a number of other prospects on the license and these will
now be assessed after the data analysis has been completed. The next stage of the work program will be to conduct a 2D seismic survey
later this year.

Nancy Burdine Maxine Fields ('NBM')

The Company is preparing to take management control of NBM, located in the Putumayo Basin in Colombia. A program of cost cutting has already been implemented and further reviews will be made to ensure that our operations are run as efficiently as possible.

Testing and a reactivation program of the Burdine field commenced this week and 2 out of 3 of the Burdine wells have natural flow producing capacity. The Burdine 1 well has produced 96.2 Bbls of oil in 10 hrs on a natural flow test and Burdine 5 will proceed next week.

The Company is now moving a wire line unit to the Burdine locations to check the mechanical status of the wells, pressure test them and
define the necessary work over program in order to put them on production. The behaviour of the Burdine wells has been similar to the producing well on Nancy and the Directors therefore believe it is possible to significantly increase production output from those wells.


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