Gulf Shores Resources Ltd.
Gulf Shores Resources Ltd.
Corporate-news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Subject to regulatory authority approval,Gulf Shores Resources Ltd. has
entered into a related party agreement with a private corporation involving
three officers or directors of the Company. Gulf Shores Resources Ltd. is
paying 35% of the cost of geophysics, drilling, completing and equipping a
test well in each of two sections (a total of 1,280 acres) in Alberta to
earn a 35% working interest within the Upper Cretaceous in each section.
The two wells are expected to be drilled during May, 2006.
Subject to regulatory authority approval, Gulf Shores Resources Ltd. has
entered into a second related party agreement with a private corporation
involving three officers or directors of the Company. Gulf Shores Resources
Ltd. is paying 10% (CDN$50,000) of land and geophysical costs and 20% of
the cost of drilling, completing and equipping the first test well in each
of 45 gross sections (41.25 net sections or 26,400 net acres) in Alberta to
earn a 15% working interest within the Upper Cretaceous in each section.
The agreement also includes the right to earn up to a 15% working interest
by paying 15% of the exploration and development costs within the Upper
Cretaceous in an area of mutual interest comprising approximately 750
townships (approximately 27,000 square miles) in Alberta. Drilling is
expected to commence during the third quarter of 2006.
A rig has been contracted for May, 2006 for the drilling of the North
Cleveland project in Liberty County, Texas. Gulf Shores Resources Ltd. is
paying 10% of the seismic, land, drilling and testing costs of an 11,000
foot test well to casing point to earn a 7.5% working interest in the
project.
Site surveys have been completed on two projects in the North Sea in which
Gulf Shores Resources has an interest. Both projects are now drill ready:
Gulf Shores Resources is paying US$101,250 and 15% of the cost of drilling,
testing, completing and equipping a test well to earn an 11.25% interest in
a 255 square kilometer (63,000 acre) block located in Quad 14 in the North
Sea. The block is located 24 kilometers south of the 639 million barrel
Claymore field, 20 kilometers south of the 132 million barrel Scapa field
and 9 kilometers north of the 592 billion cubic foot Goldeneye field. 3-D
seismic coverage indicates that the block contains three potential
hydrocarbon horizons.
Gulf Shores 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 a 970 square
kilometer (240,000 acre) block located in Quads 41 and 42 in the North Sea.
The proposed location is 7 kilometers south of the 41/5-1 gas discovery.
3-D seismic coverage indicates that the block contains three potential
hydrocarbon horizons.
Contact:
Value Relations GmbH
GFU@ir-services.de
+49 (69) 95924613
(c)DGAP 20.04.2006
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language: English
emitter: Gulf Shores Resources Ltd.
#404 – 999 Canada Place
V6C 3E2 Vancouver, B.C. Kanada
phone: +1 (604) 683-3309
fax: +1 (604) 844-2834
email: gulfshores@net-conex.com
WWW: http://www.gulfshoresresources.com
ISIN: CA40251T1084
WKN: 784809
indexes:
stockmarkets: 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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