HOUSTON, TX, Sept. 13 /CNW/ - Gulf Western Petroleum Corporation ("Gulf
Western" or "Company") (OTCBB: GWPC / Frankfurt: GER), is pleased to announce
that on September 10, 2007 it entered into a Securities Purchase Agreement
whereby it raised $3,700,000 from non-U.S. investors. The financing was
arranged by Vicarage Capital Limited, a London England based firm.
Sam Nastat, Gulf Western President and Director stated, "We are very
pleased by the level of interest that we have received by Vicarage and its
partners in Europe. We look forward to working with Vicarage Capital and its
high caliber of Funds to further develop our assets in the United States.
Financing proceeds will be used for our continued development of our Frio
reserves in Dewitt and Lavaca Counties, Texas. We estimate that our initial
Frio production will be delivered into sales lines within the next 15 days."
We are also pleased to announce that we have begun the listing process for the
TSX venture exchange.
Reference is made to the Form 8K Current Report filed with the SEC
through EDGAR on September 13, 2007 available at www.sec.gov.
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.
These include laws, environmental, judicial, regulatory, political and
competitive developments in areas in which Gulf Western Petroleum Corporation
operates, as well as technological, mechanical and operational difficulties
encountered in connection with Gulf Western Petroleum Corporation's
For further information:
For further information: Company: Gulf Western Petroleum Corporation:
Sam Nastat, President & Director, Telephone: (713) 355-7001,
www.gulfwesternpetroleum.com; North America: RedChip Companies, Inc., Investor
Relations, (800)-REDCHIP, Info@redchip.com, www.redchip.com; Europe: Vicarage
Capital Limited, London, England, (44) (0) 207 060 1303,