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Gulf Petroleum (GFPE.PK) Enters an Agreement to Drill Oil Wells on 3,000 Contiguous Acres in the Illinois Basin (Western Kentucky Region)

Posted on: Wednesday, 5 October 2005, 09:00 CDT

Gulf Petroleum Exchange, Inc. (PINK SHEETS:GFPE) announced today that they have entered a Joint Venture agreement to Drill 5 Oil Wells at a time with Smith Oil Co. Smith Oil Co. is a 40-year-old oil production company, producing on 3,000 Contiguous Acres in the Illinois Basin (Western Kentucky Region). The New Albany Shale, which underlies these acres, contains several unexplored formations that are prolific producers in other parts of the Illinois Basin.

The Illinois Basin extends from central western Indiana through southern Illinois into western Kentucky and is historically a prolific oil and gas producing area; it has several oil-bearing formations that produce crude oil and gas as shallow as 250 feet.

Over 3.2 billion barrels of oil have been produced and recent calculations indicate that remaining recoverable resources in the Illinois Basin may be as much as 4.1 billion barrels. Thus, large quantities of oil, potentially recoverable using current technology, remain in the Illinois Basin oil fields. Over 52 named pay horizons ranging in age from the middle Ordovician to Pennsylvanian produce commercial quantities of oil.

Warren Wheeler, President of Gulf Petroleum, stated, "This is only the beginning and both Companies are looking forward to having a long and successful relationship."

About Smith Oil Co.:

Smith Oil Company is a 40-year-old private oil Company holding over 3,000 contiguous acres within the Cleopatra and Guffy oil fields in McLean county Kentucky. Smith Oil's production is from formations ranging in depth from 250 to 2900 feet.

About Gulf Petroleum Exchange:

Incorporated in 1997 Gulf Petroleum Exchange, a multi-faceted energy company, combines the experience of its people with the strength of its strategic alliances to create profitable projects within three aspects of energy enhancement; oil and gas production, the removal of sulfur compounds from hydrocarbon based fuels, and sales of the resultant products.

Forward-Looking Statements:

Statements herein which contain "forward-looking statements,'' as defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results described above may differ materially from projections in such forward-looking statements. Significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including the company's dependence on third parties, general market and economic conditions, technical factors, the availability of capital, receipt of revenues and other factors, many of which are beyond the control of the company.

Source: Business Wire

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