NEWS GUL Doubles Interest in North SeCCNMATTHEWS
Gulf Shores Resources Ltd.
February 14, 2007 - 12:25:26 PM
Gulf Shores Doubles Interest in North Sea Project
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 14, 2007) - Further to the
news release dated January 26, 2007, Gulf Shores Resources Ltd. (TSX
VENTURE:GUL) has doubled its interest in Quad 30 in the UK North Sea.
Subject to regulatory authority approval, Gulf Shores Resources Ltd. is now
paying 20% of the cost of acquiring new 3-D seismic and 13.33% of the cost of
drilling a test well to earn a 10% interest in a 422 square kilometer
(approximately 104,000 acre) block located in Quad 30 in the UK North Sea.
Recently acquired seismic indicates the block contains several Jurassic and
Permian plays. A well drilled into one of the Jurassic plays logged oil but
the well was abandoned due to insufficient zone thickness. 3-D seismic on the
block indicates that the Jurassic thickens to the northwest of that well.
Lundin Petroleum AB is the operator of this project. A finder's fee of 75,000
shares is payable in connection with this acquisition.
As previously announced, Gulf Shores Resources Ltd. is paying US$101,250 and
12.5% of the cost of drilling, testing, completing and equipping a test well
to earn a 9.4% interest in the 255 square kilometre (approximately 63,000
acre) Laurel Valley project located in Quad 14 in the North Sea. The block is
located 24 km south of the 639 million barrel Claymore field, 20 km south of
the 132 million barrel Scapa field, 23 km southwest of the 465 million barrel
Scott field and nine kilometres north of the 592 BCF Goldeneye field. 3D
seismic coverage indicates that the block contains three potential hydrocarbon
horizons. The Operator, Oilexco North Sea Limited, is expected to commence the
drilling of the well by March 15, 2007 using the Transocean Sedco 712
semisubmersible rig.
As previously announced, Gulf Shores Resources Ltd. is paying US$75,000 and
15% of the cost of drilling, testing, completing and equipping a test well to
earn a 10% interest in the 970 square kilometre (approximately 240,000 acre)
Lytham & St. Annes project located in Quads 41 and 42 in the North Sea. The
proposed location is seven kilometres south of the 41/5-1 gas discovery. 3D
seismic coverage indicates that the block contains three potential hydrocarbon
horizons. Lundin Petroleum AB is the Operator and has contracted the Global
SantaFe Galaxy II jack-up rig to drill this project in Q2 or Q3, 2007.
As previously announced, Gulf Shores Resources Ltd. has entered into an
agreement to earn an interest in the 72.5 square kilometre (approximately
18,000 acre) Ridgewood project located in Block 12/17 in the North Sea. The
proposed location is 35 kilometers northeast of the 170 million barrel
Beatrice field and nine kilometres from the nearest proven Jurassic oil
accumulation. Seismic coverage shows a structure containing two potential
hydrocarbon bearing zones in the Jurassic. Subject to regulatory authority
approval, Gulf Shores Resources Ltd. is paying US$2.7 million representing 15%
of the drilling and testing costs for the first well to earn a 10% interest in
the project. A drilling site survey is currently underway. Lundin Petroleum AB
is the Operator and has contracted the Global SantaFe Galaxy II jack-up rig to
drill this project in Q3, 2007.
Gulf Shores Resources Ltd. is reviewing other North Sea exploration projects.
In the Williston Basin area of Manitoba, Canada, Gulf Shores Resources Ltd.
owns various working interests in 20 development well locations. Ten locations
have been drilled to date resulting in ten producing oil wells. Further
drilling is planned.
ON BEHALF OF THE BOARD
Michael Turko, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Gulf Shores Resources Ltd. Mr. Gerald Otterman (604) 683-3309 or Toll Free:
1-866-292-2601 (604) 844-2834 (FAX)
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this news release.