Just bought into this share, I think its cheap at the current price. I think in time this could be another BUR.

Anyone else holding this and what are other peoples opinions on it?

Thanks

is this moving up to pass previous highs,or what,dfgo,where are you.

mbugger

I normally only post news here I am mainly on advfn

mbugger
if Khurbet East oil discovery as good as the shown in presentation imo yes EEN will reach or pass last years highs


http://www.gulfsands.net/i/pdf/20070530-KHE-website_ppt.pdf

http://www.gulfsands.net/i/pdf/20070607-CorpPPT.pdf

Emerald Energy PLC
27 July 2007


Emerald Energy Plc
27 July 2007


Khurbet East No.2 Well Results, Block 26, Syria

Emerald Energy Plc ('Emerald' or the 'Company') would like to provide the
following update on activities in Block 26, Syria.

The Khurbet East No.2 appraisal well has reached a total depth of 2,050 metres.
The well was drilled to appraise the Khurbet East No.1 discovery, located
approximately 1.2 kilometres to the southwest of Khurbet East No.2, and was
planned to penetrate the Tertiary Chilou and Cretaceous Massive formations.

The Cretaceous Massive formation was encountered at 1,931 metres. Wireline logs
indicated a gross hydrocarbon interval of 49 metres and a net hydrocarbon
interval of 29 metres. No clear oil/water contact was seen on the logs and
therefore the thickness of the oil interval may be greater than currently
interpreted. A formation pressure sampler confirmed the hydrocarbon gradient
that was encountered in the Massive formation in the Khurbet East No.1 well.

Well testing operations were conducted over the upper 10 metres, approximately,
of the Massive formation. During a 16 hour flow period, oil flowed to surface
under natural flow through a 32/64 inch choke at an average rate of 710 barrels
per day, increasing to a final rate of 820 barrels per day. The oil was of
approximately 26 degrees API gravity with a gas-to-oil ratio of approximately 15
standard cubic feet per barrel. The results of the testing operation indicate
very good formation permeability and it is believed that this production rate
would be materially enhanced with artificial lift methods.

The Tertiary Chilou formation was encountered at 1,317 metres. The results of a
formation pressure sampler indicated this formation to be mainly water bearing
at this location and it is therefore considered unlikely to contain hydrocarbon
in sufficient quantities to support commercial development.

The Khurbet East No.2 well has been suspended, retaining the options of further
testing or future production from this location, and the rig has been
de-mobilised from the location.

Further appraisal of the Khurbet East discovery will now continue with the
acquisition of a 3D seismic survey over the structure, planned to commence in
September 2007. The results of this survey will be used to plan further well
locations.


Emeralds' Chief Executive Officer, Angus MacAskill, said:

'We are very pleased with the results of the Massive formation which encountered
a thicker oil bearing interval than seen in Khurbet East No.1 and established
excellent well productivity, both of which exceeded expectation. We now look
forward to progressing appraisal and development activities'

Emerald holds a 50% interest in Block 26 through its fully owned subsidiary SNG
Overseas Ltd.


Enquiries: Helen Manning 020 7925 2440

Emerald Energy Partener in Syria Gulfsands Petroleum RNS

Gulfsands Petroleum PLC
27 July 2007



1,085 bopd of 26 degree (API) oil flows on DST of Cretaceous aged reservoir

KHE-2 appraisal well extends oil column



London, 27th July, 2007: Gulfsands Petroleum plc ('Gulfsands', the 'Group' or
the 'Company' - AIM: GPX), the oil and gas production, exploration and
development company with activities in the U.S.A., Syria and Iraq is pleased to
announce that the Company has successfully drilled and tested the first
appraisal well on the Group's Khurbet East discovery, being the Khurbet East - 2
('KHE-2') well. An open-hole drill-stem test produced oil to surface at rates
up to 1,085 barrels of oil per day ('bopd').



The Massive Formation



The Massive Formation was encountered in the KHE-2 appraisal well at a depth of
1,931 metres. The Company then successfully recovered approximately 10 metres
of whole core from a 20 metre coring interval. Recovery of the entire cored
section was limited due to the presence of fractures in the reservoir. Prior to
drilling ahead, the Company commenced an open-hole drill-stem test of
approximately the top 10 metres of the reservoir, which resulted in oil flow to
surface at a maximum rate of approximately 1,085 bopd during nitrogen lift of
the well. During the test period following the nitrogen lift the average
production rate was 710 bopd increasing to a final rate of 820 bopd. The
results of the testing operation indicate excellent formation permeability and
indicate that this production rate would be materially enhanced with artificial
lift methods (gas lift or pump). All wells in the Massive Formation in the
Block 26 area go onto artificial lift relatively soon after they go onto initial
production. Preliminary assessment of the oil gravity is 26 degrees API, which
makes this oil virtually identical to the oil produced in the Souedieh Field,
located some 12 kilometres to the northeast. Oil samples from the test have
been submitted for laboratory analysis, but this preliminary assessment is
consistent with the oil recovered from Massive Formation in the KHE-1 well.



After the successful drill-stem test, the Company drilled the KHE-2 to a total
depth of 2,050 metres and completed a wireline logging programme. Independent
wireline log analysis of the Massive reservoir indicates a gross oil column of
some 49 metres with approximately 29 metres of net oil pay, compared with the
lower figures of 31 metres and 22.5 metres respectively seen in the KHE-1 well.



The strong flow-rate from KHE-2 plus the geologic and reservoir information
gained from both the KHE-1 and KHE-2 wells indicate that the Khurbet East
discovery should be highly economic in the context of low development costs,
proximity to production infrastructure and a favourable Production Sharing
Contract in Block 26.



The Chilou Formation



The Tertiary aged Chilou B Formation was also encountered in the KHE-2 well.
This section appears similar to that encountered in the KHE-1 well; however,
preliminary analysis suggests the presence of water and residual or immoveable
oil, or a relatively low permeability reservoir. Consistent with other wells
drilled in the area, the Chilou B is considered to have minor resource potential
compared to both the Cretaceous and Triassic reservoirs at Khurbet East.



Forward Programme



Following the successful results from the KHE-1 and KHE-2 wells, the Company
plans to acquire a 3D seismic survey over Khurbet East commencing in September.
This data will be used to optimize future drilling locations at Khurbet East,
facilitating a strategy to move towards early development and production. In
parallel with this acquisition programme, the Company will commence appraisal of
the Kurrachine Dolomite, and draft the further field appraisal programme and the
initial Development Plan for discussion with its industry and government
partners for implementation at the earliest possible point in time. Finally,
the Company will continue further exploration on the Block following up on the
Khurbet East discovery.



Gulfsands' CEO, John Dorrier, said:



'The test of oil from the Massive formation confirms the excellent flow
potential of this reservoir and the lateral continuity of the reservoir between
the KHE-1 and KHE-2 wells. Greater net oil pay in KHE-2 than KHE-1 indicates a
deeper oil-water contact than previously expected, thereby increasing the
reserves potential in this reservoir. The Company now plans to move rapidly to
commercialize this discovery in cooperation with its partners.'



NB: This release has been approved by Jason Oden, Gulfsands Exploration Manager,
who has a Bachelor of Science degree in Geophysics with 22 years of experience
in petroleum exploration and management and is registered as a Professional
Geophysicist. Mr. Oden has consented to the inclusion of the material in the
form and context in which it appears.

Emerald Energy suspends Khurbet East No 2 well; encounters thicker oil bearing


LONDON (Thomson Financial) - Emerald Energy PLC said it has suspended the Khurbet East No 2 well on Block 26, Syria, but retained the options of further

testing or future production from this location after one of the two formations tested encountered thicker-than-expected oil bearing intervals.

The appraisal well was planned to penetrate the Tertiary Chilou and Cretaceous Massive formations. The Tertiary Chilou formation was found to be mainly water bearing and unlikely to contain hydrocarbon in sufficient quantities to support commercial development.

However, the Cretaceous Massive formation was encountered at 1,931 metres and tested at an average rate of 710 barrels per day.

'No clear oil/water contact was seen on the logs and therefore the thickness of the oil interval may be greater than currently

interpreted,' Emerald said.

Emerald holds a 50 pct interest in Block 26 through its fully-owned subsidiary SNG Overseas Ltd.

Gulfsands Petroleum says successfully tested Khurbet East appraisal well
AFX


LONDON (Thomson Financial) - Gulfsands Petroleum PLC said it has successfully drilled and tested the Khurbet East appraisal well in Syria and that it sees the Khurbet East discovery as 'highly economic.'

The oil and gas exploration and production company said an open-hole drill-stem test produced oil to surface at rates up to 1,085 barrels of oil per day.

Gulfsands Petroleum says successfully tested Khurbet East appraisal well
AFX


LONDON (Thomson Financial) - Gulfsands Petroleum PLC said it has successfully drilled and tested the Khurbet East appraisal well in Syria and that it sees the Khurbet East discovery as 'highly economic.'

The oil and gas exploration and production company said an open-hole drill-stem test produced oil to surface at rates up to 1,085 barrels of oil per day.

UK smallcap opening - Gulfsands Petroleum perks up on positive Khurbet update



LONDON (Thomson Financial) - A positive drilling update lifted Gulfsands Petroleum 13-3/4 to 152 after it said it has successfully drilled and tested Khurbet East appraisal well in Syria and that it sees the Khurbet East discovery as highly economic.

The oil and gas exploration and production company said an open-hole drill-stem test produced oil to surface at rates up to 1,085 barrels of oil per day.

From GPX RNS

*the Company will commence appraisal of the Kurrachine Dolomite*

KE1 flowed 478bopd 31degree oil from the Kurrachine


Forward Programme

Following the successful results from the KHE-1 and KHE-2 wells, the Company
plans to acquire a 3D seismic survey over Khurbet East commencing in September.

This data will be used to optimize future drilling locations at Khurbet East,
facilitating a strategy to move towards early development and production.

In parallel with this acquisition programme, the Company will commence appraisal of
the Kurrachine Dolomite, and draft the further field appraisal programme and the
initial Development Plan for discussion with its industry and government
partners for implementation at the earliest possible point in time. Finally,
the Company will continue further exploration on the Block following up on the
Khurbet East discovery.

Gulfsands' CEO, John Dorrier, said:

'The test of oil from the Massive formation confirms the excellent flow
potential of this reservoir and the lateral continuity of the reservoir between
the KHE-1 and KHE-2 wells.

Greater net oil pay in KHE-2 than KHE-1 indicates a deeper oil-water contact
than previously expected, thereby increasing the reserves potential in this reservoir.

The Company now plans to move rapidly to commercialize this discovery

Een s.p. on arun up over 6 months from 120 upwards,is KE going to be a big one,any views.

mbugger

GPX say in excess of 100mil barrels recoverable

Emerald Energy Interim Results


RNS Number:9451B
Emerald Energy PLC
13 August 2007


13 August 2007


EMERALD ENERGY PLC ("EMERALD" OR THE "COMPANY")
ANNOUNCES INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2007


Highlights


* Khurbet East No.2 appraisal well confirms presence of significant volumes of
hydrocarbons in the Khurbet East field in Block 26, Syria


* Emerald elected to enter into first extension of the exploration period in
Block 26, Syria;

* Exploration activities commenced in four new ANH contracts in Colombia;

* Colombian gross production maintained at an average rate of 3,661 bopd
(2006: 3,677 bopd);

* Adjusted EBITDA for the period of $14.4 million (2006: $13.2million), 9%
higher than in the same period last year;

* Profit after tax for the period of $4.1 million (2006: $3.6million), 16%
higher than in the same period last year;

* Cash reserves of $42 million (as at 31 July 2007), following the issue of
convertible bonds in July 2007.


OUTLOOK

In Block 26, Syria, Emerald is focused on further appraisal of the Khurbet East
discovery with the objective of early development and production. Activity on
Khurbet East is planned to continue with the acquisition of a 3D seismic survey
and may include another appraisal well prior to the submission of a commercial
discovery report under the production sharing contract. Electing to enter the
first extension of three years of the exploration period will allow further
exploration within the block, including the area around the Khurbet East
discovery where the acquisition of further seismic information is planned to
mature the leads identified in the same exploration play.

In Colombia, the focus is on the exploration potential of the new ANH licenses
for the Ombu, Maranta and Jacaranda blocks, while maintaining the gross
production from the existing fields. Exploration activity for the remainder of
2007 will concentrate on maturing the high potential prospects and leads within
these blocks, where mean unrisked prospective resources are estimated to be in
excess of 40 million barrels of oil equivalent. The drilling campaign on these
licenses is expected to commence by early 2008. With two of the larger prospects
at shallow depths of between 3,000 and 6,000 feet, the Company looks forward to
a cost-effective exploration drilling programme testing material prospective
resources.

The issue of $30 million senior unsecured convertible bonds in July and the
strong cash flow, generated from its existing production in Colombia, will
permit the Company to execute its current exploration and development plans.

Emerald Energy H1 pretax up; says significant hydrocarbons in Syrian well


LONDON (Thomson Financial) - Emerald Energy PLC reported a rise in pretax
profits for the first-half helped by lower costs and said its Khurbet East No 2
appraisal well in Block 26, Syria, confirms the presence of significant volumes
of hydrocarbons.
The company's pretax profit increased to 8.3 mln usd from a restated 7.7 mln
usd profit in the same period last year, though revenues fell marginally to 20.7
mln usd from 21.3 mln usd.
Emerald Energy said it is focused on further appraisal of the Khurbet East
discovery for early development and production.
Activity on Khurbet East is planned to continue with the acquisition of a 3D
seismic survey and may include another appraisal well prior to the submission of
a commercial discovery report under the production sharing contract, it added.
Emerald Energy said it had cash reserves of 42 mln usd as at July 31.
TFN.newsdesk@thomson.com
apm/faj/slm

Emerald Energy H1 pretax up; says significant hydrocarbons in Syrian well
AFX


LONDON (Thomson Financial) - Emerald Energy PLC reported a rise in pretax profits for the first-half helped by lower costs and said its Khurbet East No 2 appraisal well in Block 26, Syria, confirms the presence of significant volumes of hydrocarbons.

The company's pretax profit increased to 8.3 mln usd from a restated 7.7 mln usd profit in the same period last year, though revenues fell marginally to 20.7 mln usd from 21.3 mln usd.

Emerald Energy said it is focused on further appraisal of the Khurbet East discovery for early development and production.

Activity on Khurbet East is planned to continue with the acquisition of a 3D seismic survey and may include another appraisal well prior to the submission of a commercial discovery report under the production sharing contract, it added.

Emerald Energy said it had cash reserves of 42 mln usd as at July 31.

TFN.newsdesk@thomson.com

Date: Mon, 13 Aug 2007 11:44:30 +0100

Web page : http://www.emeraldenergy.com

For Immediate Release

Emerald Energy Plc (the "Company")

13 August 2007

EMERALD ENERGY PLC ("EMERALD" OR THE "COMPANY") ANNOUNCES INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2007

Highlights

Khurbet East No.2 appraisal well confirms presence of significant volumes of hydrocarbons in the Khurbet East field in Block 26, Syria;

Emerald elected to enter into first extension of the exploration period in Block 26, Syria;

Exploration activities commenced in four new ANH contracts in Colombia;

Colombian gross production maintained at an average rate of 3,661 bopd (2006: 3,677 bopd);

Adjusted EBITDA for the period of $14.4 million (2006: $13.2 million), 9% higher than in the same period last year;

Profit after tax for the period of $4.1 million (2006: $3.6 million), 16% higher than in the same period last year;

Cash reserves of $42 million (as at 31 July 2007), following the issue of convertible bonds in July 2007.

To view the Interim Results please visit the Emerald Energy Web page http://www.emeraldenergy.com/investor-interim-reports.htm

Enquiries: Helen Manning 020 7925 2440

From UK-Analyst.com: Monday 13th August 2007


Emerald Energy (EEN) shares closed 16p ahead today at 205p after the company reported first-half pre-tax profits of 8.3 million US dollars, up from 7.7 million in the same period last year, albeit on revenues marginally lower at 20.7 million. The company said it is determined on further appraisal of the Khurbet East discovery for early development and production. Activity on Khurbet East is planned to continue with the acquisition of a 3D seismic survey and could include another appraisal well prior to the submission of a commercial discovery report under the production sharing contract. The company added it had cash reserves of 42 million dollars as at 31 July.

Emerald Energy PLC
24 September 2007


Emerald Energy Plc


24 September 2007


Khurbet East Operations Update, Block 26, Syria


Emerald Energy Plc ('Emerald' or the 'Company') would like to provide the
following update on activities on the Khurbet East discovery in Block 26, Syria.

A further appraisal well, Khurbet East No.3, is planned to commence drilling in
November 2007. This well will further appraise the Cretaceous Massive reservoir
encountered by the Khurbet East No.1 and Khurbet East No.2 wells. Khurbet East
No.3 is expected to have a total drilling depth of 2,150 metres and take
approximately 45 days to drill and evaluate. The well is planned to be drilled
using the MB3 drilling rig owned by MB Drilling Overseas Limited under the
existing rig sharing contract in place with another operator in Syria.

A 3D seismic survey is scheduled to commence in October 2007. The survey will
acquire 150 sq.km of seismic data across the Khurbet East structure and an
additional 240 sq.km across exploration leads identified in the Khurbet East
play to the south of the Khurbet East field. The 3D survey across the Khurbet
East field will be used to plan well locations for field development. The
seismic acquisition is planned to be completed in January 2008 with processing
and interpretation completed in the first quarter of 2008.

Development planning activities have started for the commercial development of
the Khurbet East field with initial production targeted for the second half of
2008. Rights to utilize the local pipelines and other infrastructure are granted
as part of the Contract for the Exploration, Development and Production of
Petroleum for Block 26.

A technical and commercial evaluation of the field, including initial
development plans, is expected to be submitted to the Syrian Government and the
Syrian Petroleum Company in the fourth quarter of 2007 for consideration and
approval.

An evaluation of the reserves in the Khurbet East field is being conducted by an
independent engineering firm, RPS Group plc, based in London. This evaluation is
expected to be completed by the end of 2007.

The operator, Gulfsands Petroleum Syria Limited, has signed an amendment to an
existing rig contract with Crosco, Integrated Drilling and Well Services,
Company Ltd for the drilling of two wells by May 2008 and agreed in principle
the terms of a further rig agreement in support of the Khurbet East field
development.


Emeralds' Chief Executive Officer, Angus MacAskill, said:

'We are very pleased to be progressing the Khurbet East field to development and
look forward to initial production from the field in 2008. We are optimistic
that the current exploration activities in Block 26 stepping out from the
Khurbet East discovery will result in the generation of prospects ready for
drilling in 2008.'

Emerald holds a 50% interest in Block 26 through its fully owned subsidiary SNG
Overseas Ltd.



Enquiries: Lisa Hibberd 020 7925 2440

Emeralds Partener in Syria Gulfsands Petroleum RNS

Gulfsands Petroleum PLC
24 September 2007

Second appraisal well to commence at Khurbet East


Plans initiated for early commercial development at Khurbet East


3D seismic acquisition to begin over Khurbet East


New drill rig contract executed for further drilling


London, 24th September, 2007: Gulfsands Petroleum plc ('Gulfsands', the 'Group'
or the 'Company' - AIM: GPX), the oil and gas production, exploration and
development company with activities in the U.S.A., Syria and Iraq is pleased to
announce that a second appraisal well at Khurbet East ('KHE-3'), Syria, is
scheduled to commence drilling in November of 2007. Additionally, a 3D seismic
survey is scheduled to commence in late October that will cover both Khurbet
East and adjacent exploration leads to the south of the Khurbet East discovery.

KHE-3 Well

The KHE-3 well will further appraise the Cretaceous Massive reservoirs
encountered in both the Khurbet East 1 ('KHE-1') discovery well and the Khurbet
East 2 ('KHE-2') appraisal well and is scheduled to commence drilling in
November.

The drilling of this well will assist in the planning for early development and
production of the Massive reservoir in Khurbet East. The total drilling depth
of the KHE-3 well is expected to be approximately 2,150 metres and will require
approximately 45 days to drill and evaluate at a gross cost, including rig
mobilization and demobilization costs, of approximately $2.4 million, or $1.2
million net to Gulfsands. Utilizing its shared drilling contract with
Petro-Canada in Syria, the Company plans to drill this well with the MB3
drilling rig owned by MB Drilling Overseas Limited.

Recent additional analysis of both the KHE-1 and KHE-2 wells suggests that the
net oil pay within both wells is larger than previously indicated, with
potentially additional pay deeper in the Massive reservoirs. Independent
wireline log analysis and production test data from KHE-2 now indicate a total
of approximately 29 metres of net oil pay in both the KHE-2 and KHE-1 wells,
thereby increasing the reserve potential of the Khurbet East discovery.

To date, there has been no clear oil-water contact seen in either well and no
formation water was recovered during the recent KHE-2 production test. The
reserve potential of the Massive reservoir in Khurbet East now exceeds the
Company's original estimates of the reserve potential of both the Cretaceous
Massive and Tertiary Chilou combined.

Early Development Plans

The Company is currently developing plans for an early production programme and
full field commercial development of the Khurbet East discovery, with initial
production targeted for the second half of 2008. The Company expects to present
these plans, along with the initial development plan, to the Syrian Government
and the Syrian Petroleum Company in the fourth quarter of 2007 for consideration
and approval.

As part of the Contract for the Exploration, Development and Production of
Petroleum for Block 26 with the Syrian Government and the Syrian Petroleum
Company, the Company has been granted rights to utilize the local pipelines and
other infrastructure which includes an export oil pipeline located within the
presently mapped boundaries of the Khurbet East structure. The Company may
locate the Khurbet East Field oil processing facility adjacent to this export
pipeline, thus minimizing the tie-in distance, costs and time.

The Company is also preparing its 2008 work programme for Block 26 with plans to
drill an appraisal well of both the Triassic Butmah and Kurrachine Dolomite
Formations in Khurbet East following the earlier successful production test of
the Triassic formation carried out in the KHE 1 well. The 3D seismic survey
over the Khurbet East Field area which will commence in October will assist in
the selection of the location for this well.

3D Seismic

The Company is scheduled to commence a 3D seismic acquisition programme in Block
26 late next month. The seismic survey is designed to acquire approximately 150
square kilometres of seismic data over the Khurbet East structure and a further
240 square kilometres over an area south of Khurbet East.

The 150 square kilometres of 3D seismic data to be acquired over the Khurbet
East structure will assist in locating development and near-field offset wells
and provide support for reserves reporting. Work on the first reserves report
for Khurbet East has commenced with the engagement of an independent engineering
firm, RPS Group plc based in London, and this should be completed before the end
of 2007.

The additional 240 square kilometres of 3D seismic data to the south of Khurbet
East will be used to evaluate exploration leads and to develop 'drill ready'
targets for the Massive and Kurrachine Dolomite formations south of Khurbet East
and within the Khurbet East 'play fairway'.

The seismic acquisition programme should be completed in January with processing
and interpretation completed in the first quarter of 2008.

Drilling Rig

In anticipation of this significant increase in activity on Block 26, the
Company has signed an amended contract with Crosco, Integrated Drilling & Well
Services, Company Ltd. for the drilling of two wells by May 2008. Additionally,
the Company has agreed in principle with Crosco for another drilling rig to
commence work in mid 2008 for a period of one year plus an option for an
additional one year. With these rigs the Company can fully appraise and develop
the Khurbet East Field expeditiously for the benefit of both the Company and the
Syrian Government.

Gulfsands' CEO, John Dorrier, said:

'Following the success of KHE-2, the Company is moving forward aggressively to
appraise the Khurbet East Field further, secure an approved Field Development
Plan and initiate early production as quickly as possible. Having secured a
drilling rig for use in 2008, we will sustain considerable momentum in the
drilling campaign for both development and exploration within Block 26. With
access rights to the nearby export pipeline granted in the PSC, we are
optimistic about the prospects for bringing the Khurbet East discovery into
production during the second half of 2008.'

NB: This release has been approved by Jason Oden, Gulfsands Exploration Manager,
who has a Bachelor of Science degree in Geophysics with 22 years of experience
in petroleum exploration and management and is registered as a Professional
Geophysicist. Mr. Oden has consented to the inclusion of the material in the
form and context in which it appears.

ABOUT GULFSANDS:

Gulf of Mexico, USA

The Company owns interests in 54 offshore blocks comprising approximately
193,000 gross acres which includes numerous producing oil and gas fields
offshore Texas and Louisiana with proved and probable recoverable reserves net
to Gulfsands at 31 December 2006 of 41.5 BCFGE (6.9 MMBOE), consisting of 27.3
BCFG and 2.36 MMBO.

Onshore USA

Gulfsands owns interests in two oil and gas fields onshore Texas, USA (98.5%
working interest in Emily Hawes Field and 37.5% working interest in Barb Mag
Field) with proved and probable recoverable reserves net to Gulfsands at 31
December 2006 of 3.1 BCFGE (0.5 MMBOE), consisting of 2.8 BCFG and 57,000
barrels of oil.

Syria

Gulfsands owns a 50% working interest and is operator of Block 26 in North East
Syria. Block 26 covers approximately 8,250 square kilometres and encompasses
existing fields which currently produce over 100,000 barrels of oil per day.
These fields are operated by third parties including the Syria Petroleum
Company. In the first half of 2007 Gulfsands announced an oil and gas discovery
on Block 26 called Khurbet East. This discovery is currently under appraisal.
The Company initiated the first extension period of exploration on Block 26 for
a further period of three years commencing on 23 August 2007.

Iraq

Gulfsands signed a Memorandum of Understanding in January 2005 with the Ministry
of Oil in Iraq for the Maysan Gas Project in Southern Iraq and following
completion of a feasibility study on the project is negotiating details of
definitive contract for this regionally important development. The project will
gather process and transmit natural gas that is currently a waste by-product of
oil production and as a result of the present practice of gas flaring,
contributes to significant environmental damage in the region.

Certain statements included herein constitute 'forward-looking statements'
within the meaning of applicable securities legislation. These forward-looking
statements are based on certain assumptions made by Gulfsands and as such are
not a guarantee of future performance. Actual results could differ materially
from those expressed or implied in such forward-looking statements due to
factors such as general economic and market conditions, increased costs of
production or a decline in oil and gas prices. Gulfsands is under no obligation
to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by applicable laws.

For further information, please refer to the Company's website
www.gulfsands.net