additional reserves, page-10

Golden Gate Petroleum (ASX: GGP) is participating in the drilling of an exploration well in Louisiana that will assess the Vicksburg Herpin Sand pay objective that could host about 2 million barrels of oil.

The Walker-1 well is up dip of the discovery well, Richardson-1, and will spud within the next few days.

Richardson-1 was drilled in September 2010 and produced 5,400 barrels of oil before production ended due to high water volumes.

Golden Gate had sold its 85% stake in the North Edna Project in return for US$120,000 in cash and a 11.2% working interest. It also has a carried interest in the Walker-1 well to casing point.

The Vicksburg Herpin Sand is the pay objective in the abandoned North Edna Field that produced 7.3 billion cubic feet of gas and 841,000 barrels of oil from two shallower Lower Frio sands since it was discovered in 1954.

During the development of North Edna, the deep Herpin Sand was not drilled.