GFI Oil & Gas Considers Selling Stake in Thai Field

GFI Oil & Gas Thailand is currently evaluating the option of selling down a portion of its interest in the development of Bualuang field, Gulf of Thailand, in order to help diversify its portfolio of fields under development. GFI is pleased to announce that it has retained Scotia Waterous to assist in the foregoing evaluation.

In addition to participating in the current development of the Bualuang field in Thailand and the Kambuna field in Indonesia, GFI and its subsidiaries have 5 to 10 other discovered yet under-developed fields that need funding for development. Selling down a portion of GFI Oil & Gas Thailand, Inc.'s position at Bualuang field would better diversify GFI's portfolio and facilitate GFI's efforts to more timely develop its inventory of opportunities.

Any decision to reduce GFI Oil & Gas Thailand, Inc.'s position will depend on the outcome of the evaluation conducted with the assistance of Scotia Waterous. At this time no decisions have been made as to the number of fields that the company will be developing in 2008.

GFI is an international oil and gas development company focusing on acquiring and developing previously discovered oil and gas fields (Greenfields). GFI's Greenfield strategy reduces below ground risk, reduces finding and development costs, and accelerates near term cash flow. GFI is an Alberta company created pursuant to the Business Corporations Act (Alberta) with offices in Houston, Texas.