GulfSlope Energy Launches Shallow Prospect Program
GulfSlope executes Letter of Intent to form joint venture related to shallow depth prospects located in the Gulf of Mexico Shelf
HOUSTON, TX / ACCESSWIRE / June 28, 2019 / GulfSlope Energy, Inc. (OTCQB: GSPE) ("GulfSlope" or the "Company") today announced the execution of a letter of intent with a privately held oil and gas company (the "Partner") to form a joint venture to generate and drill shallow depth prospects in the Gulf of Mexico (the "Joint Venture"). GulfSlope will retain and deploy a supra salt evaluation team consisting of three geoscientists and a manager (the "Evaluation Team") to identify, evaluate and recommend targets for lease acquisition, farm-in and drilling. GulfSlope will serve as Operator and will be compensated for the management and administration of the Joint Venture as well as reimbursed for direct G&A costs incurred on behalf of the Joint Venture. The Partner will have the right to participate up to 50% in the drilling of the shallow depth prospects generated and developed by the Evaluation Team. Additionally, subject to specific performance criteria, the Partner will be granted an option to participate in the Company's Corvette Prospect on a promoted basis.
"We are excited about the opportunity to be part of this Joint Venture and it represents a natural complement to our existing subsalt exploration program," stated John Seitz, Chairman and CEO of GulfSlope. He added "Our participation in this Joint Venture will allow us to leverage our proprietary reprocessed seismic data by pursuing supra salt prospects that have been overlooked by industry."
The intent is to enter into Definitive Agreements for the Joint Venture on or before August 31, 2019, which will have an initial term of one year, with the option to renew for an additional one year term.
About GulfSlope Energy
GulfSlope Energy is an independent oil and natural gas company focused on exploring offshore U.S. Gulf of Mexico. To learn more, visit the GulfSlope Energy website at www.GulfSlope.com.
This press release contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical facts included in this press release are forward-looking statements. The Company can give no assurances that the assumptions upon which the forward-looking statements are based will prove to be correct. Because forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. There are a number of risks, uncertainties and other important factors that could cause actual results to differ materially from the forward-looking statements. A detailed discussion of possible risks is included in "Risk Factors" included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on December 31, 2018. Except as otherwise required by the federal securities laws, the Company disclaims any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this press release to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Al Petrie Advisors
GulfSlope Energy, Inc.
John H. Malanga, CFO
SOURCE: GulfSlope Energy, Inc.
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Released June 28, 2019