Gulf Coast Oil & Gas, Inc.
OTC Bulletin Board : GCOG

Gulf Coast Oil & Gas, Inc.

June 23, 2005 14:37 ET

Gulf Coast Oil & Gas Acquires Oil Prospect in Louisiana; First Oil Well Drilling to Commence Within 120 days

HOUSTON, TEXAS--(CCNMatthews - June 23, 2005) - Gulf Coast Oil & Gas, Inc. (OTCBB:GCOG) (the "Company") is pleased to announce its first acquisition to explore and develop the Saratoga Prospect located in the Sabine Parish in Louisiana. The formation is located in the midst of Many Field, Pendleton Bridge Field, Zwolle and Fort Jessup, an area that has been producing Oil and Gas since the 1920's with approximately 40 million barrels of Oil and 56 billion cubic feet of Gas recovered with an associated 126 MBC.

The Saratoga Prospect is located near the town of Many, Louisiana and within the prolific Upper Cretaceous, a historically productive trend which has from this multi-field area produced in excess of 50 MMBO. The areas success is due largely to its cretaceous age fractured chalk. At average depths of less than 3,000 feet the average well cumulative production is estimated at 30-50 MBO with better wells reaching 100-125 MBO vertically. The Saratoga Prospect is expected to be drilled 2,950 feet deep vertically with the option of stimulating the well and maximizing and/or accelerating cash flow using Lateral Jetting technologies.

Gulf Coast estimates potential reserves to be in the 500,000 barrels of oil range for the entire prospect, which would mean a potential of 125,000 barrels of oil per well if all 4 wells were drilled. This information has not been proven yet and further reports and work will have to be done to confirm these numbers in detail. The drilling of all 4 wells will also be contingent on the company's success in drilling the first well.

Gulf Coast Oil & Gas anticipates to begin drilling their first well within 120 days. Based on their success Gulf Coast plans to drill up to 4 shallow wells on the Saratoga Prospect. "We are extremely excited about acquiring our first Oil Prospect. We believe it is in the shareholders best interest to acquire lower risk, shallow well prospects that can be drilled for substantially lower costs than larger wildcat high risk wells" said Rahim Rayani, CEO of Gulf Coast Oil & Gas.

About Gulf Coast Oil & Gas

Gulf Coast Oil and Gas, Inc. is a Houston, TX based Oil and Gas exploration and development company. The company's goal is to acquire low risk Oil and Gas properties onshore and solely in the USA with a focus on developing and producing from proven, developed and underdeveloped reserves. Gulf Coast will focus its efforts on shallow well drilling in order to maximize shareholder returns without the high risk and expenditure associated with larger and more expensive wells. Gulf Coast trades under the stock symbol: GCOG on the OTCBB exchange.

For additional information, please visit our web site at:
Forward-Looking Statements: This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.

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