re: Ann: COMPANY FINANCING UPDATE AND ACQUISI... I must hold...

re: Ann: COMPANY FINANCING UPDATE AND ACQUISI... I must hold GGE, Bailing out now from GGE is not a financially viable option, I am in to deep, to big a loss if I leave now. Mind you, I am still highly sceptical Its been 4 years and still they have nothing to show for their efforts. After that blow out and all of the other BS announcements, my excitement has worn thin.

Here is some info about LA Posada

During the third quarter the Company commenced drilling on the LaPosada prospect located in the Bayou Hebert Field to a planned depth of 19,368 feet TVD/MD. The prospect is a Lower Miocene deeper pool test on a high relief fault closure that has produced over 100 BCF from
shallower Middle and Lower Miocene sands.

The well encountered drilling problems due to the
depleted overlying gas field and a sidetrack well was required.

In January 2008, the sidetrack well reached a depth of 15,253 feet and encountered subsurface conditions that have resulted in the suspension of drilling operations.

The geological assessment is that the prospect remains highly 1 prospective as the target objectives came in higher than prognosis.

The Company is currently reviewing the drilling issues and is hoping to redrill the prospect later in 2008 once a revised plan is in place.

Bayou Bend initiated an important super merge seismic reprocessing project over the entire Marsh Island area.

There are currently 4 independent 3D surveys over the area (2 proprietary, 2 multi-client) and as a result, processing has been inconsistent causing data differences along the
survey edges in all of the overlap zones.

In addition, the deep imaging quality was compromised
due to lack of merging the original seismic grids prior to 3D migration.

Nearing completion, the reprocessing project will result in:
Elimination of grid to grid differences in phase/datum shifts
Relative amplitudes preserved for 3D-AVO analysis
Significant improvements in deep imaging
Customized interpretation and attribute volumes
Detailed velocity field for depth conversion and pore pressure prediction
Facilitate seismic calibration of prospects with analog fields and well control
More confident high-grading and ranking of exploration portfolio
The Company and its partners are planning nine wells in 2008 on Marsh Island and look forward
to further success on this very prospective and exciting acreage.

The first well will test the Eagles Nest prospect as part of a joint exploration agreement with Contango Operators, Incorporated and other partners. Bayou Bend holds a 12.5% working interest.

This prospect is a possible northern extension to Contangos Mary Rose discovery.

http://www.shamaranpetroleum.com/i/pdf/AR2007.pdf