VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 03/08/12 — Gulf Shores Resources Ltd. (TSX VENTURE: GUL)(FRANKFURT: GFU) –
The 4-2-15-33W1 well in the Wapella area of Southeast Saskatchewan has swab tested at a rate of 25 barrels of oil per day from the Torquay formation while cleaning up after fracture stimulation. The well is currently awaiting the installation of a pumpjack. Gulf Shores Resources Ltd. will receive 92.74% of the revenue from this well until Gulf Shores is paid back approximately $300,000 and 47.5% of the revenue thereafter. Further offset wells are planned for later this year.
The 3-34-14-33W1 well in the Coothill area of Southeast Saskatchewan has been equipped with a pumpjack and is currently production testing various zones within the Bakken formation. Gulf Shores Resources Ltd. has paid 60% of the cost of this well to earn a 39% working interest in 160 acres with an option on an additional contiguous 320 acres under the same terms.
The 9-16-15-32W1 well in the Welwyn area of Southeast Saskatchewan has been drilled and cased and will be fracture stimulated in the Bakken formation after spring breakup. Gulf Shores Resources Ltd. has paid 60% of the cost of this well to earn a 51% working interest before payout and a 42% working interest after payout in 640 acres.
ON BEHALF OF THE BOARD
A. Michael Turko, President and CEO
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Contacts:
Gulf Shores Resources Ltd.
Mr. Gerald Otterman
(604) 683-3309