Gulf Shores Resources Ltd.
Gulf Shores Resources participates in fourth North Sea Project
Gulf Shores Resources Ltd. / Agreement/Contract Corporate news transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Gulf Shores Resources participates in fourth North Sea Project Vancouver, January 26th, 2007 - Gulf Shores Resources Ltd. has entered into an agreement with a private UK company to earn an interest in a fourth high impact North Sea petroleum exploration project. Subject to regulatory authority approval, Gulf Shores Resources Ltd. is paying 10% of the cost of acquiring new 3-D seismic and 6.67% of the cost of drilling a test well to earn a 5% 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 37,500 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 on or before 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/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. For further information, please contact Mr. Gerald Otterman at (604)683-3309. ON BEHALF OF THE BOARD Michael Turko President Contact Germany: Value Relations GmbH GFU@ir-services.de +49 (69) 95924613 DGAP 26.01.2007 ---------------------------------------------------------------------- Language: English Issuer: Gulf Shores Resources Ltd. #404 – 999 Canada Place V6C 3E2 Vancouver, B.C. Kanada Phone: +1 (604) 683-3309 Fax: +1 (604) 844-2834 E-mail: gulfshores@net-conex.com WWW: http://www.gulfshoresresources.com ISIN: CA40251T1084 WKN: 784809 Indices: Listed: Freiverkehr in Berlin-Bremen, Stuttgart, München; Open Market in Frankfurt; Foreign Exchange(s) Canadian Venture Exchange End of News DGAP News-Service ---------------------------------------------------------------------------
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