Gulf Petroleum Signs Deal Purchase 75 Operating Oil and Gas Wells

Gulf Petroleum Exchange has signed a Letter of Intent for the purchase of 75 oil and gas wells, which are currently operating, well maintained and have negligible operating expenses.

These oil and gas wells are located in the west central part of the Appalachian Basin and are underlain by the Trenton limestone. Wells in the Trenton Limestone have produced upwards of 5 Billion barrels of oil and large amounts of gas in other sections of the state. Recent discoveries have generated more interest in the oil and natural gas potential of the Trenton/Black River, where the largest well drilled to date was 50 million cubic feet per day. The Trenton/Black River play extends through parts of New York, Pennsylvania, West Virginia, Ohio, Kentucky and Tennessee. In the last few years the Trenton/Black River wells have also produced more than 110 Billion Cubic Feet of natural gas in New York alone.

Warren "Skip" Wheeler, President of Gulf Petroleum Exchange, stated, "We believe this transaction will help create immediate value for our shareholders and also assist in the needs of the U.S. economy while utilizing America's natural resources."

Mr. Sheldon Turrill, a certified geologist, has committed to evaluate the wells and examine the probabilities of production in the underlying formations. Mr. Turrill has been associated with various phases of the geological engineering, appraisals, completions and producing of many hundreds of wells in the Appalachian Basin.