Gold Oil Presents Year End Results, Reports Operating Loss

Gold Oil, an oil and natural gas exploration and exploitation company focused on Southern America, today reported final results for the year ended 30 April 2011.

Operational Summary

• Marine 3D seismic survey over Block Z34 southern and northern areas completed
• Farm-out agreement with Vale Oil and Gas in relation to 70% interest in Peruvian Block XXI
• USD$2 million payment expected in the fourth quarter of 2011 after final governmental approval of the farm-out to Vale
• Gross production has doubled to 600 bopd from workovers completed on the Burdine field
• La Vega East prospect on the Azar block expected to be drilled in the fourth quarter of 2011

Financial Summary

• Operating loss of £1,588,000 (2010: loss £879,000)
• Loss for year attributable to equity holders £1,579,000 (2010: loss £976,000)
• Loss per ordinary share 0.27p (2010:Loss 0.19p)
• Cash at period end of £11.7million (2010: £2.9 million)

John Bell, chairman, commented: "It is my great pleasure to present this statement to shareholders after my first year as chairman of the Company. This last year has been an active one for the Company and I am pleased with the progress that has been made in stabilising the business and establishing the foundations for future growth.

"In Peru we have acquired 3D seismic over our key asset Block Z34 and have farmed down our interest, subject to final governmental approval, in Block XXI in order to mitigate risk. Our operations in Colombia have expanded and, following a workover programme on the Burdine field, we have more than doubled our total net production.

"As part of the process of refocusing the Company the Board has agreed that, subject to shareholder approval at the forthcoming AGM, the name of the Company will be changed to InvePetrol PLC.

"I would like to thank the directors and employees of Gold Oil for their significant contribution during the year and also to express my appreciation and thanks to shareholders for their support and confidence in the Company"

For a detailed financial report and the upcoming AGM please click here.