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Gulfsands acquires Devon Energy’s 80% interest in Syria Block 26

Source: www.gulfoilandgas.com 5/12/2005, Location: Middle East

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Gulfsands Petroleum (symbol GPX), the AIM listed oil and gas exploration, development and production company with activities in the USA, Syria and Iraq announces that it has signed a Share Purchase Agreement with Devon Energy International, Ltd. to acquire all of the capital stock of Devon Syria, Ltd. for an undisclosed cash consideration. The sole asset of Devon Syria, Ltd. is an 80% working interest in the Production Sharing Contract for Block 26 in Syria, in which Gulfsands currently owns a 20% working interest.

Simultaneously, Gulfsands has executed a Participation Agreement with SoyuzNefteGas, a Russian oil and gas company, whereby Gulfsands will assign to SoyuzNefteGas a 50% working interest in Block 26. The new Block 26 ownership structure (subject to approval by the Syrian authorities) will be Gulfsands as operator with a 50% working interest and SoyuzNefteGas with the remaining 50% working interest.

The new Gulfsands-operated venture will proceed with the work program in Block 26 which consists of seismic acquisition and drilling of 4 exploration wells during the next two years. During the balance of 2005, Gulfsands expects to acquire a minimum of 500 kilometers of new 2D seismic in Block 26 and commence planning for the first exploration well to be drilled late in 2005 or early 2006. This acquisition is expected to close before the end of May 2005.

John Dorrier, Chief Executive of Gulfsands, said: "Devon’s corporate decision to exit from Syria presented us with an excellent opportunity to increase our stake in the block. We have already identified 27 exploitation and exploration prospects and leads with mean resources potential of 1 billion barrels of recoverable oil in the block. We plan to move quickly to execute the work program in the Block during the remainder of 2005 and should be in a position to drill our first exploration well late this year or early next year."

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