Consolidated Gulfside Resources Ltd.

January 05, 2005 08:00 ET

Consolidated Gulfside Resources Ltd. Signs Letter Of Intent To Acquire A Custom Ecommerce Web Site


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CONSOLIDATED GULFSIDE RESOURCES LTD.

TSX VENTURE SYMBOL: CGL

JANUARY 5, 2005 - 08:00 ET

Consolidated Gulfside Resources Ltd. Signs Letter Of
Intent To Acquire A Custom Ecommerce Web Site

TORONTO, ONTARIO--(CCNMatthews - Jan. 5, 2005) - Mr. Jack Wasserman, CEO
of Consolidated Gulfside Resources Ltd. (TSX VENTURE:CGL)(the "Company")
is pleased to announce that on December 15, 2004 the Company signed an
arm's length, non-binding Letter of Intent to acquire a one hundred
percent (100%) interest in an e-commerce web site which will allow oil
and gas prospectors, oil companies, independent exploration companies
and individuals to utilize the site as a means to buy, sell and obtain
financing for petroleum licenses over the Internet. eNucleus Inc. has
developed the portal and will customize the current site to fit the
needs of the new portal for the Company. The two parties are now working
to finalize a definitive agreement that is expected to be signed within
the next thirty days. The cost of the acquisition, when finalized, will
be $100,000 cash.

eNucleus is engaged in the development, marketing, licensing and hosting
of Internet technologies (including the TAKGroup's TAKNET, TAKLink, and
eTakLab products), computer software applications, custom programming
and consulting.

eNucleus, with its TAKGroup is an excellent match for the Consolidated
Gulfside Resources Ltd. oil and gas interests. The association with
eNucleus gives the Company an entry into the e-commerce solution side of
the oil and gas industry. The Company will be able to focus on
developing a comprehensive procurement web site able to handle the
current needs of the grassroots supply chain. There has been a need to
have the necessary information available for people in the oil and gas
industry to know where the latest prospecting information on licenses
worldwide.

eNucleus, with its TAKGroup, has a comprehensive Internet enabled
solution provider for procurement, transaction execution and data
analysis for the petroleum products market. With is knowledge, they will
be able to work with CGL in the development of the e-commerce web site.

The Company will provide the necessary funding so that eNucleus can
complete its customization of the web site. The initial cost of
development will be between $25,000 and $50,000 Canadian. A further
$25,000 may be required to market the site to the industry over the next
year.

The seamless and immediate exchange of critical business information
provided by the web site will allow oil and gas people to run their
businesses with the maximum efficiency and profitability. The site will,
assist the Company in finding the necessary licensed oil and gas
properties around the world where there may be further business
opportunities. This will also give the Company revenue opportunities as
transactions are carried out online. The Company will be able to receive
a percentage of each transaction as well as a membership fee.

Wasserman states "Consolidated Gulfside Resources Ltd., is committed to
building a significant operating company and the acquisition and
customization of the e-commerce web site will allow us access to the
vast information required to be successful in the oil and gas industry.
" The Company will be actively engaged in seeking out oil and gas
exploration properties and companies involved in the industry for the
e-commerce web site.

ON BEHALF OF THE BOARD OF DIRECTORS

"Jack Wasserman"

CEO

7,169,790 shares outstanding

TSXVENTURE:CGL

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Consolidated Gulfside Resources Ltd.
    Mrs. Maureen Espin
    (905) 790-6048
    (905) 790-7582 (FAX)
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the contents herein.