FOURTH QUARTER ACTIVITIES AND CASHFLOW REPORT
Fourth Quarter Activities And Cashflow Report
Share Price 23 cents
Shares on Issue 243,234,160
Market Cap $A56m
Directors & Management
Mr Sam Russotti | Chairman
Mr Steve Graves | Managing Director
Mr Mark Freeman | Director
Mr Frank Petruzzelli | Director
Mr Chris Bowyer | Company Secretary
Gas Price US$9.00 MBTU
(Henry Hub)
Oil Price US$126.36 BBL
Highlights
Production
� Golden Gate�s current gross share of production for the quarter was 3.4 mmcfd gas and 20 bbls of oil per day.
� Total Production for the quarter was 312 million cubic feet of gas and 1,768 barrels of oil.
Texas (Includes Padre Island)
� Manzano Shallow#2 brought onto production.
� La Playa #2 well successfully tested and tied into the sales grid.
Louisiana
� Bullseye spudded on 26 April 2008 and reaches a depth 12,050ft. Awaiting a workover rig to recommence drilling.
Corporate
� 850,000 shares were issued raising $A178,500.
� 5,950,000 incentive options (ex price $0.35 and expiring 30/10/10) issued to Management and Staff.
To view the full announcement, as well as additional information on the Company, please click on the link below:
http://www.ggpl.com.au
For further information contact:
Steve Graves
Managing Director
Phone +1 805 469 4656
Mark Freeman
Director
Phone +61 8 9324 1177
Golden Gate is an independent oil and gas exploration and production company listed on the Australian Stock Exchange. Its focus of operations is onshore Texas and Louisiana Gulf Coast region of the USA.
Golden Gate Petroleum est une société de production minière d'or et de pétrole basée en Australie.
Golden Gate Petroleum détient divers projets d'exploration en USA et au Mexique.
Ses principaux projets en exploration sont BULLSEYE en USA et MANZANO au Mexique.