HOUSTON, TX, July 10 - - Gulf Western Petroleum Corporation ("Gulf
Western") (OTCBB: GWPC / Frankfurt: GER), is pleased to announce that the
O'Neal Smith Unit No. 1 has been drilled; casing has been set to a depth of
3810ft; and that it is currently awaiting hook up to the gathering system and
testing. The O'Neal Smith Gas Unit is part of the Brushy Creek VI Natural Gas
Project in Lavaca County, Texas. The O'Neal Smith No.1 well will be produced
from numerous Frio reservoir sands, beginning with a series of stacked
amplitudes from 2400ft-3700ft. This particular sand sequence has proven to be
highly commercial, as evidenced by the Bishop No. 2 Jacobs well that is
approximately 1500 feet southeast of the O'Neal Smith No.1 location. The
Bishop No. 2 Jacobs well has produced in excess of 1.1 BCFG (billion cubic
feet of gas) and is currently flowing at a rate of 275 MCFGPD (thousand cubic
feet gas per day) from a similar sequence of seismic events. The logs on the
O'Neal Smith No. 1 correlate very close to the Bishop No. 2 well.
The Brushy Creek VI Project is a three well project generated by
utilizing newly acquired 3D seismic data. Each of the three new wells will
test amplitude anomalies with strong trough over peak 3D seismic expressions.
Sam Nastat, Gulf Western President and Director stated, "We are very
pleased with the results of our Frio drilling program, and to date have
successfully drilled four out of four Frio wells as part of our Shamrock and
Brushy Creek Projects. The O'Neal Smith is the first completion of the 10 Frio
wells that comprise our Brushy Creek Frio drilling program".
This press release may include forward-looking statements based on the
Company's current expectations as to future events. The forward-looking events
and circumstances discussed in this press release might not occur, and actual
results could differ materially from those anticipated or implied in the
forward-looking statements. For example, the extraction and sale of natural
gas from the wells involves a number of costs and risks, which may limit our
ability to generate cash flow from the wells. In addition, the business of
Gulf Western Petroleum Corporation is subject to a number of risks typical of
an oil and gas exploration and development company including, among other
things, the inherent uncertainties associated with oil and gas exploration;
laws, environmental, judicial, regulatory, political and competitive
developments in areas in which Gulf Western Petroleum Corporation operates;
and technological, mechanical and operational difficulties encountered in
connection with Gulf Western Petroleum Corporation's activities.
