SOURCE: Gulf United Energy

Gulf United Energy

March 07, 2011 08:28 ET

Gulf United Energy Announces Completion of 2-D Seismic Acquisition on Block Z-46 Offshore Peru

HOUSTON, TX--(Marketwire - March 7, 2011) - Gulf United Energy (OTCBB: GLFE) ("Gulf United" or "the Company"), an independent energy company with interests in oil and natural gas properties located in Peru and Colombia, is pleased to announce the successful acquisition of 2,909 kilometers (km) of new high-quality marine 2-D seismic data recorded by CGGVERITAS on Block Z-46 offshore Peru. 

Block Z-46 is an approximate 2.8 million-acre block in the Trujillo Basin offshore Peru that is operated by SK Energy, Sucursal Peruana. Previously, 5,684 km of reprocessed 2-D seismic data identified a series of submarine fan deposits on the block, and multiple leads have been identified in both the Paleozoic and Tertiary formations. The new data will allow a further evaluation of the leads on Block Z-46 and direct future exploration activities. 

John B. Connally III, Gulf United's Chairman and Chief Executive Officer, commented, "We are pleased to achieve this important milestone in the evaluation of Block Z-46. The processing of this new seismic data should be very helpful in developing our understanding of the significant potential hydrocarbon resources that have been identified in this very large offshore block. We believe this new Z-46 data, coupled with our ongoing mapping of recently acquired 3-D seismic data on Block CPO-4, will provide valuable and enhanced definition to numerous exploration leads in both Peru and Colombia." 

About Gulf United Energy, Inc.

Based in Houston, Texas, Gulf United Energy, Inc. is an independent energy company with interests in oil and natural gas properties located in Peru and Colombia. The Company's common stock is listed on the OTC Bulletin Board under the symbol "GLFE." Additional information can be accessed by reviewing the Company's Form 10-K and other periodic reports filed with the Securities and Exchange Commission.

Safe harbor for Forward-Looking Statements: The information in this release may contain forward-looking statements relating to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Forward-looking statements in this release include, without limitation, the Company's expectations of the oil initially in place, drilling schedules and success rates, the reliability of 2D and 3D data, resource information and other performance results. These statements are made to provide the public with management's current assessment of the Company's business, and it should not be assumed that these reserves are proven recoverable as defined by SEC guidelines or that actual drilling results will prove these statements to be correct. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based. Certain factors may cause results to differ materially from those anticipated by some of the statements made in this release. Please carefully review our filings with the SEC as we have identified many risk factors that impact our business plan.

Contact Information

  • Contact:

    John Connally
    Chief Executive Officer
    (713) 942-6575

    or

    RJ Falkner & Company, Inc.
    Investor Relations Counsel
    (830) 693-4400
    via email at Email Contact