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NewsBot Date: July 20, 2005 03:17:56 PM
GCOG News Research Gulf Coast Oil and Gas, Stock Trading Message Board
Gulf Coast Oil & Gas Announces 3 for 1 Forward Stock Split
Gulf Coast Oil & Gas Inc. (the "Company") (OTCBB:GCOG) is pleased to announce today that its Board of Directors has approved a 3 for 1 forward split of the Company's common stock.
"This forward stock split is intended to lay the groundwork for anticipated growth of the Company," said Gulf Coast CEO, Rahim Rayani. "It is also part of our ongoing efforts to improve trading liquidity, broaden ownership and enhance shareholder value."
The forward stock split will be effective on July 25, 2005. Stockholders will be entitled to three common shares of common stock for each share of common stock held on that date.
Common stock holders are not required to take any action relating to the forward stock split. Shares outstanding on the record date will be automatically adjusted on the books of the Company's transfer agent, Pacific Stock Transfer, to reflect the forward split. Share certificates will automatically be distributed by the Company. Stockholders who hold their shares in street name should have their accounts adjusted by their broker. Holders should not destroy any stock certificates and should not submit any certificates to the Company or the transfer agent.
"This forward stock split is intended to lay the groundwork for anticipated growth of the Company," said Gulf Coast CEO, Rahim Rayani. "It is also part of our ongoing efforts to improve trading liquidity, broaden ownership and enhance shareholder value."
Gulf Coast Oil & Gas Inc. Secures $1 Million Equity Financing
HOUSTON, July 13, 2005 (PRIMEZONE) -- Gulf Coast Oil & Gas, Inc. (the "Company") (OTCBB:GCOG) is pleased to announce that the company has secured a commitment for a total of $1,000,000 in equity financing from Northfield Oil & Gas Inc.
Gulf Coast has received an initial $200,000 for acquisition and early stage development of the Saratoga prospect in Louisiana. The balance of funds can be drawn at the company's discretion based on funding requirements.
"We are pleased to enter into this agreement with Northfield Oil & Gas Inc," said Rahim Rayani, CEO of Gulf Coast Oil & Gas Inc. "This funding provides us with the necessary working capital to further explore and develop our Saratoga prospect."
\Gulf Coast Oil & Gas Acquires Oil Prospect in Louisiana; First Oil Well Drilling to Commence Within 120 days
HOUSTON
Gulf Coast Oil & Gas Inc.
Investor Relations
(877) 700-1644
info@seacoveir.com
www.gcoil.com
Gulf Coast Oil & Gas, Inc. (OTCBB:GCOG) (the "Company") is pleased to announce its first acquisition to explore and develop the Saratoga Prospect located in the Sabine Parish in Louisiana. The formation is located in the midst of Many Field, Pendleton Bridge Field, Zwolle and Fort Jessup, an area that has been producing Oil and Gas since the 1920's with approximately 40 million barrels of Oil and 56 billion cubic feet of Gas recovered with an associated 126 MBC.
The Saratoga Prospect is located near the town of Many, Louisiana and within the prolific Upper Cretaceous, a historically productive trend which has from this multi-field area produced in excess of 50 MMBO. The areas success is due largely to its cretaceous age fractured chalk. At average depths of less than 3,000 feet the average well cumulative production is estimated at 30-50 MBO with better wells reaching 100-125 MBO vertically. The Saratoga Prospect is expected to be drilled 2,950 feet deep vertically with the option of stimulating the well and maximizing and/or accelerating cash flow using Lateral Jetting technologies.
Gulf Coast estimates potential reserves to be in the 500,000 barrels of oil range for the entire prospect, which would mean a potential of 125,000 barrels of oil per well if all 4 wells were drilled. This information has not been proven yet and further reports and work will have to be done to confirm these numbers in detail. The drilling of all 4 wells will also be contingent on the company's success in drilling the first well.
Gulf Coast Oil & Gas anticipates to begin drilling their first well within 120 days. Based on their success Gulf Coast plans to drill up to 4 shallow wells on the Saratoga Prospect. "We are extremely excited about acquiring our first Oil Prospect. We believe it is in the shareholders best interest to acquire lower risk, shallow well prospects that can be drilled for substantially lower costs than larger wildcat high risk wells" said Rahim Rayani, CEO of Gulf Coast Oil & Gas.
About Gulf Coast Oil & Gas
Gulf Coast Oil and Gas, Inc. is a Houston, TX based Oil and Gas exploration and development company. The company's goal is to acquire low risk Oil and Gas properties onshore and solely in the USA with a focus on developing and producing from proven, developed and underdeveloped reserves. Gulf Coast will focus its efforts on shallow well drilling in order to maximize shareholder returns without the high risk and expenditure associated with larger and more expensive wells. Gulf Coast trades under the stock symbol: GCOG on the OTCBB exchange.
For additional information, please visit our web site at: www.gcoil.com Forward-Looking Statements: This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
Gulf Coast Oil & Gas Inc. (OTC Bulletin Board:GCOG)
