SOURCE: IO Circuit

September 12, 2006 07:00 ET

(OTC PK: GFPE) Enters Exclusive Option to Purchase Bodin Oil

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by the IO Circuit.

LAKE HARMONY, PA -- (MARKET WIRE) -- September 12, 2006 -- Gulf Petroleum Exchange, Inc. (PINKSHEETS: GFPE) announced yesterday that, subject to further due diligence, it has signed and entered an exclusive option agreement to purchase Bodin Oil Recovery, Inc., a 30-year-old south central Louisiana waste oil recovery and industrial fuel oil company. Included in the acquisition are Bodin Oil Recovery, Action Oil Recovery, LA Filter Recycling, approximately 13 acres of land, fully equipped processing plants & offices, and a fleet of tanker trucks.

This acquisition will enable Gulf Petroleum Exchange to build a stronger infrastructure that will ensure their ability to mass-produce and re-produce their products while slashing operating expenses.

Warren "Skip" Wheeler, President of Gulf Petroleum stated: "I believe this acquisition is exactly what Gulf needs to turn profitable and create an increase in shareholder equity."

The Waste Oil Industry:

There are approximately 1.35 Billion gallons of used oil (toxic waste) generated each year in the United States.

To read the complete release, go to

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