GFI Oil & Gas Corporation

GFI Oil & Gas Corporation

November 29, 2007 13:03 ET

GFI Oil & Gas Corporation Announces the Installation of Two Production Platforms in December

CALGARY, ALBERTA--(Marketwire - Nov. 29, 2007) -


GFI Oil & Gas Corporation ("GFI") (TSX VENTURE:GFI) serving as the technical operator at Bualuang field located in the Gulf of Thailand, confirms that construction of the production platform is proceeding on schedule and expects the platform will sail out to the Bualuang field for installation in December. All the major contracts needed for first production have been executed and work is progressing on all fronts toward completing the development of the Bualuang field. GFI continues to report first production from Bualuang field is anticipated in approximately 4 months or late first quarter calendar year 2008.

GFI also confirms that Serica Energy, the operator of Glagah Kambuna TAC located offshore in North Sumatra, Indonesia, has informed GFI that the production platform for the Kambuna field will sail in December for installation at the Kambuna field. Drilling and completion operations are anticipated to begin soon thereafter.

About GFI

GFI is a public company listed on TSX Venture Exchange Inc. (symbol "GFI.V") with core interests in two offshore fields currently under development. Offshore Thailand, GFI is farming in to a 60% ownership interest in the 104,000 acre Block B8/38, which contains the Bualuang oilfield. Offshore northern Sumatra, Indonesia, GFI owns a 35% non-operated interest in the 94,000 acre Glagah Kambuna Technical Assistance Contract (TAC), where GFI and the operator are developing the Kambuna Field. GFI also holds a 22.5% working interest in the Seruway Production Sharing Contract (PSC) offshore northern Sumatra, and owns a 50% interest in 83,000 gross acres in the Crystal gas project in the USA.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

ADVISORY - Certain information regarding GFI set forth in this release, including management's assessment of GFI's future plans, operations and operational results may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing, and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserves estimates, environmental risks, competition from other producers, currency exchange risks, uncertain political risk in countries where the operations of GFI take place, and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • GFI Oil & Gas Corporation
    Alex T. Warmath
    Chief Executive Officer
    (281) 877-7940
    GFI Oil & Gas Corporation
    Gerald F. Clark
    Chief Financial Officer
    (281) 877-7279
    GFI Oil & Gas Corporation
    12707 North Freeway, Suite 425
    Houston, TX 77079