GulfSlope Energy Awarded Two Offshore Gulf of Mexico Lease Blocks

GulfSlope Energy today announced that the Company has received notice of award of two offshore lease blocks for which it was the high bidder at offshore lease sale 235, central Gulf of Mexico, conducted by the Bureau of Ocean Energy Management (BOEM). With the conclusion of the lease award process, the Company will control 107,961 acres covering 19 prospects. The blocks are located on the outer shelf and upper slope of the offshore Gulf of Mexico, in water depths of less than 1,000 feet. The sum of the awarded high bids was $277,400 on the leases awarded to the Company.

The blocks awarded and the corresponding bonus amounts to be paid are:
                    
     Vermilion Area, South Addition 378           $126,200     
     Grand Isle Area, South Addition 102           $151,200     
                    

The BOEM rejected our apparent high bid on Ship Shoal Area, South Addition 285 and this block will not be awarded. The company has 100% working interest in the awarded blocks.

John N. Seitz, Chairman and CEO, stated that "With these lease block awards, GulfSlope has added to its already significant and attractive prospect portfolio in the Gulf of Mexico. We invested thousands of technical man hours in preparation for the lease sale, utilizing over one million acres of 3D seismic data reprocessed with cutting edge technologies. We are pleased to add these prospects to our growing portfolio of high impact drilling opportunities. We expect to continue to add high quality exploration prospects through future lease sales and, to that end, technical work is already underway with additional prospects already identified."