GFI Oil & Gas Corporation
TSX VENTURE : GFI

GFI Oil & Gas Corporation

September 17, 2007 17:14 ET

GFI Oil & Gas Corporation Retains Scotia Waterous to Assist in Evaluation of Thailand Assets

CALGARY, ALBERTA--(Marketwire - Sept. 17, 2007) -

THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

GFI Oil & Gas Corporation ("GFI") (TSX VENTURE:GFI) www.gfioil.com announced today that its subsidiary, GFI Oil & Gas Thailand, Inc., is currently evaluating the option of selling down a portion of its interest in the development of Bualuang field, Gulf of Thailand, in order to help diversify its portfolio of fields under development. GFI is pleased to announce that it has retained Scotia Waterous to assist in the foregoing evaluation.

In addition to participating in the current development of the Bualuang field in Thailand and the Kambuna field in Indonesia, GFI and its subsidiaries have 5 to 10 other discovered yet under-developed fields that need funding for development. Selling down a portion of GFI Oil & Gas Thailand, Inc.'s position at Bualuang field would better diversify GFI's portfolio and facilitate GFI's efforts to more timely develop its inventory of opportunities.

Any decision to reduce GFI Oil & Gas Thailand, Inc.'s position will depend on the outcome of the evaluation conducted with the assistance of Scotia Waterous. At this time no decisions have been made as to the number of fields that the company will be developing in 2008.

GFI is an international oil and gas development company focusing on acquiring and developing previously discovered oil and gas fields (Greenfields). GFI's Greenfield strategy reduces below ground risk, reduces finding and development costs, and accelerates near term cash flow. GFI is an Alberta company created pursuant to the Business Corporations Act (Alberta) with offices in Houston, Texas.

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.

(Not for dissemination in the United States of America)

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
    Email: awarmath@gfioil.com
    or
    GFI Oil & Gas Corporation
    12707 North Freeway, Suite 425
    Houston, TX 77079
    USA
    Website: www.gfioil.com