Gulf Western Petroleum Completes Red Breast No. 1 Gas Well: Four for Four in Texas Shamrock Project



    HOUSTON, TX, Oct. 31 /CNW/ - Gulf Western Petroleum Corporation ("Gulf
Western") (OTCBB: GWPC/Frankfurt: GER), is pleased to announce that they have
been advised by the Operator that the Red Breast No. 1 Frio well is drilled,
completed and currently undergoing testing. The Red Breast was drilled and
casing set to 3120', and will be produced from 2896' to 2906'. The drilling
rig has moved to the Michael Collins No. 1 location which is scheduled to spud
today. The Michael Collins will be the fifth and final well in the Shamrock
Project.
    The Shamrock Project is a five well Frio-age prospect identified through
3-D seismic. The target objective is the Jameson Sand at 3200'. Frio-age wells
have proven to be prolific natural gas producers throughout the Texas Gulf
Coast region. Typical Frio wells produce at approximately 200 to 300 Mcf per
day with estimated total recoverable reserves of approximately 500 million
cubic feet to 1 Billion cubic feet.
    Gulf Western currently has three of the five wells completed and tested.
These wells are the Polinard-Lee No. 1 well; the Miller-Thomas No. 1 well; and
the Bushmill No. 1 well. All three wells flow tested in excess of 300 Mcfd and
are awaiting meters to be set at the delivery point of the pipeline. The
extension of the gathering system that is required for the two additional
wells is currently under construction and all five wells are scheduled for
hook up within the next ten to fifteen days.

    This press release may include forward-looking statements based on the
Company's current expectations as to future events. The forward-looking events
and circumstances discussed in this press release might not occur, and actual
results could differ materially from those anticipated or implied in the
forward-looking statements. For example, the extraction and sale of natural
gas from the wells involves a number of costs and risks, which may limit our
ability to generate cash flow from the wells. In addition, the business of
Gulf Western Petroleum Corporation is subject to a number of risks typical of
an oil and gas exploration and development company including, among other
things, the inherent uncertainties associated with oil and gas exploration;
laws, environmental, judicial, regulatory, political and competitive
developments in areas in which Gulf Western Petroleum Corporation operates;
and technological, mechanical and operational difficulties encountered in
connection with Gulf Western Petroleum Corporation's activities.





For further information:

For further information: Company: Gulf Western Petroleum Corporation,
Sam Nastat, President & Director, Telephone: (713) 355-7001,
www.gulfwesternpetroleum.com; Canada: Renmark Financial Communications, Jason
Roy, Telephone: (514) 939-3989, jroy@renmarkfinancial.com,
www.renmarkfinancial.com; United States: RedChip Companies, Inc., Investor
Relations, (800) RED-CHIP, Info@redchip.com, www.redchip.com; Europe: Vicarage
Capital Limited, London, England, (44) (0) 207 060 1303,
www.vicaragecapital.com

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GULF WESTERN PETROLEUM CORP.

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