DALLAS, TX -- 09/05/08 --
Gulf Onshore, Inc (OTCBB: GFON) filed its
SEC-qualified (SX-10) reserve report on September 3, 2008, showing
$14,000,000 in proven developed producing and non-producing reserves from
25 producing wells. These reserves were calculated on the basis of $115 BO
and $9.01 MCF gas. Preliminary, non-SEC qualified reports, which include
typical and possible recoverable reserves from untapped reservoirs and were
calculated on the basis of $140 BO and $11.00 MCF gas, showed reserves of
approximately $70 million.
About Gulf Onshore, Inc.
Gulf Onshore, Inc. is an oil and gas company with a focus on oil and gas
prospects and properties which require further development. Gulf is careful
to develop a thorough drilling plan using advanced technologies in both
mapping and the use of 3D seismic reports and information. Gulf trades
under the ticker symbol GFON.OB on the OTCBB.
This Press Release may include forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Act of 1934. A statement identified by the words "expects,"
"intends," "projects," "plans," or similar phrases may be deemed
"forward-looking statements." Although Gulf Onshore, Inc. believes that the
expectations reflected in such forward-looking statements are reasonable,
these statements involve risks and uncertainties that may cause actual
future activities and results to be materially different from those
suggested or described in this press release. These include risks inherent
in the drilling of oil and natural gas wells, including risks of fire,
explosion, blowout, pipe failure, casing collapse, unusual or unexpected
formation pressures, environmental hazards, and other operating and
production risks inherent in oil and natural gas drilling and production
activities, which may temporarily or permanently reduce production or cause
initial production or test results to not be indicative of future well
performance or delay the timing of sales or completion of drilling
operations; risks with respect to oil and natural gas prices, a material
decline in which could cause the Company to delay or suspend planned
drilling operations or reduce production levels; and risks relating to the
availability of capital to fund drilling operations that can be adversely
affected by adverse drilling results, production declines and declines in
oil and gas prices and other risk factors.
Contact:
Michele Sheriff
Gulf Onshore, Inc.
972.788.4500
