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Excalibur Ordered to Lodge GKP Claim Costs

Source: www.gulfoilandgas.com 3/15/2012, Location: Europe

The English Commercial Court in London ordered Excalibur Ventures LLC (Excalibur) to make a payment of £6,000,000 into Court within 21 days as security for the costs of Gulf Keystone and two of its subsidiaries (the Companies) of defending the legal action commenced by Excalibur in December 2010. The English Commercial Court also ordered Excalibur to make a payment of £3,500,000 into Court within 21 days as security for the costs of Texas Keystone Inc.

In addition, Excalibur was ordered to pay costs of the 14 March 2012 hearing to the Companies and Texas Keystone Inc. and is required to make interim payments of £110,000 to the Companies and £60,000 to Texas Keystone Inc. within 21 days.

As announced by the Company on 26 July 2011, October 2012 has been set as a date for a trial in the English Commercial Court of all the claims asserted by Excalibur. The Companies continue vigorously to dispute and contest the allegations and claims asserted by Excalibur. The Board of Gulf Keystone will provide further updates in due course.

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