Announcement out! Woot 54.5% in Bullseye projectAcquisition of...

Announcement out! Woot 54.5% in Bullseye project


Acquisition of 12% Interest in Bullseye Project

The Board is pleased to advise that Golden Gate Petroleum(GGP) has acquired an additional 12% interest in the Bullseye
Project fromEastern Advisors Capital Limited who had originally obtained their participation fromGGP?s US subsidiary.??
Consideration for this acquisition is 13,000,000 fully paid ordinary shares of the Company.
Commenting on this acquisition the Managing Director, Mr Steve Graves said:???Golden Gate has been able to increase
its working interest in the very productive Bullseye Project at minimal cost which will be quickly offset by the increased
share of production revenues. Our plan is to drill the next Miogyp development well at Bullseye in 2011 at a location
considered the most ideal for this proven interval. In this new well, we will also be able to test the Camerina interval
providing further insight to the interval?s potential????
As a result of this transaction the partners in the Bullseye project are:

Company WI
Golden Gate PetroleumLtd?? 54.25%
Pantheon Resources plc?? 11.25%
IB Daiwa Corporation 8.00%
Quest PetroleumNL (ASX:QPN) 5.00%
Verus Investments Ltd (ASX:VIL)
Other Partners
10.00%
11.50