SOURCE: Brighton Oil & Gas

August 06, 2008 07:00 ET

Gulf Onshore, Inc. Announces Formation of Exploration Technology Company and Terra Data Joint Venture

DALLAS, TX--(Marketwire - August 6, 2008) - Gulf Onshore, Inc. (OTCBB: GFON) announces the formation of GOI Exploration Technologies, Inc., a wholly-owned subsidiary that will conduct research, development and marketing of advanced technology oil field equipment and services.

The Company has entered into a Memorandum of Understanding with Terra Data Surveys, LLC, a Texas company that employs proprietary sensing technology and equipment to locate hydrocarbons through analysis of radiant energy. Information about Terra Data and its technology is available at www.terradatasurveys.com. Terra Data's truck- and ATV-mounted sensing equipment is portable and can be used to efficiently test potential discoveries in isolated and remote areas. Terra Data's technology identified proven and undeveloped oil reserves on the Company's properties in Shackelford Co., TX, and is being used in well analysis for the on-going Re-Work/Development Plan.

GOI and Terra Data are concluding a Joint Venture Agreement that will permit GOI to market Terra Data's services world wide, excepting the U.S. and the Kingdom of Cambodia, and share in contract revenues. In addition, Terra Data will use its proprietary sensing technology to identify hydrocarbon locations on Gulf Onshore's Anderson Co., TX oil and gas leases.

Among other products, GOI is developing a WiFi "mesh" network, to permit remote on-line monitoring of oil and gas wells. "AutoWellNet" will utilize sensors located on producing wells, connected through a WiFi cloud, to automatically report well activity and service requirements to operators or service providers. GOI anticipates AutoWellNet will help pumpers in scheduling preventative maintenance and identifying problems in the field, which should increase productivity by decreasing well downtime.

About Gulf Onshore, Inc.

Gulf Onshore, Inc. is an oil and gas company with a focus on oil and gas prospects and properties which require further development. Gulf is careful to develop a thorough drilling plan using advanced technologies in both mapping and the use of 3D seismic reports and information. Gulf trades under the ticker symbol GFON.BB on the OTCBB.

This Press Release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," "intends," "projects," "plans," or similar phrases may be deemed "forward-looking statements." Although Gulf Onshore, Inc. believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors.

Contact Information

  • Contact:
    Michele Sheriff
    972-788-4500