1. 2010 AGM Presentation 2010 AGM Presentation Steve Graves
Managing Director
Steve Graves
Managing Director
2010
This presentation contains forward looking statements that are subject to risk factors associated with oil and gas businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates. All references to dollars, cents or $ in this presentation are to AUD currency, unless otherwise stated.
COMPETENT PERSONS STATEMENT: The information in this report has been reviewed and signed off by Mr Mark Decker, Geologist (BS. Geology), with over 34 years relevant experience within oil and gas sector.

2. GOLDEN GATE PETROLEUM LTD
Introduction
Golden Gate Petroleum Limited is an independent oil and gas exploration and production company listed on the Australian Securities Exchange (ASX: GGP).
Strategy: To develop a portfolio of oil and gas exploration and development projects. The Company seeks to balance its exploration activities with low cost, low risk development opportunities via the acquisition or farm in of proven reserves
Focus of Operations: Onshore Texas and Louisiana Gulf Coast region of the USA.
The Company currently has six projects:
Bullseye and Silverwood on commercial production,
Napoleonville soon to go on testing/production,
Fausse Point under new 3D seismic review,
Bowtie West as an exploration opportunity and
The Permian Project as a new large development opportunity.
The Company’s Corporate office is now in Melbourne and it maintains an Operations Centre in Houston, Texas.
12 November 2010

3. Board & Management GOLDEN GATE PETROLEUM LTD Chris Bowyer
Company Secretary
Chartered Accountant with 16 years public practice and private sector experience.
Chris Ritchie
Financial Controller
FCPA & FCIS with financial management experience of construction & engineering companies involved in major energy & resources projects as well as CFO / Co Sec experience with several small to medium sized ASX listed companies.
Frank Brophy
Director
Mr Brophy is a geologist with more than 45 years experience in the petroleum industry. His work in exploration, development and production over the last 45 years has been carried out in countries as diverse as the U.K., U.S.A., France, Indonesia, Malaysia, Iran, North Vietnam and Sicily.
Sam Russotti
Chairman
Mr Russotti is a geologist with more than 30 years experience in the petroleum industry. He has been a director of the Company since May 2001, after ten years as general manager and finance manager of Cultus Petroleum. Previously, he was planning manager for Peko Oil Ltd from
Frank Petruzzelli
Mr Petruzzelli is a principal of MDB & Co, an Australian accounting firm and has been a director of the company since May He is an accounting and management services specialist and advises many ASX listed companies and large private organisations.
Steve Graves
Managing
Mr Graves has over 30 years in the oil and gas industry both in Australia and overseas. Most recently Mr Graves was executive chairman of Orchard Petroleum. Mr Graves worked for Mobil Corporation and affiliated companies for 23 years. He has also been an independent consultant to the energy industry, a senior consultant to Ernst & Young and has extensive experience with funding infrastructure projects.
12 November 2010

4. On Shore Gulf Of Mexico LOUISIANA TEXAS GOLDEN GATE PETROLEUM LTD
12 November 2010

5. Louisiana Projects Texas Projects
GOLDEN GATE PETROLEUM LTD
Project Locations
Louisiana Projects
Texas Projects
Fausse Point
Napoleonville
Bullseye
Silverwood
Bow Tie West
Permian Prospect
12 November 2010

6. Market Data GOLDEN GATE PETROLEUM LTD
Share Price 11 November 2010 $0.016
Market ASX
Code GGP & GGPO
Market Cap AUD
Ord. Shares on Issue 1,067,159,955
Options Listed 231,971,070
Options Unlisted 600,000
52 Week Range $ $0.014
Top 20 shareholders control %
Acosta Results
Rights Issue J2
Prod. J2
Drilling
12 November 2010

7. Net Revenue ($AUD) GOLDEN GATE PETROLEUM LTD 79% 52% 45% 53%
12 November 2010

8. Strengthened Balance Sheet
GOLDEN GATE PETROLEUM LTD
Strengthened Balance Sheet
12 November 2010

9. Silverwood Project LOUISIANA Silverwood GOLDEN GATE PETROLEUM LTD
The Company has a 25.5% Working Interest in the recent Richardson #1 well discovery of high quality crude oil and is the operator. The well is currently on production thru newly completed production facilities.
The prospect is located under an existing field which produced 7.0 billion cubic feet of gas and over 800,000 barrels of oil on a fault closure.
Two high quality sands have been identified; the primary target is the Vicksburg Sand (9,300 feet) and the deeper target (Cockfield) around 11,600 feet.
LOUISIANA
Silverwood
12 November 2010

10. Silverwood Project GOLDEN GATE PETROLEUM LTD
Commercial production at the Richardson #1 well commenced on 24 September 2010
Production has averaged approximately 60 barrels of high quality oil per day.
Testing continues and permanent production facilities have been constructed.
Month
Production (bbl)
September 2010
655
October 2010
1,768
November 2010 (to Nov 10)
451
New facilities at Silverwood
12 November 2010

11. Bullseye Project Bullseye Project
GOLDEN GATE PETROLEUM LTD
Bullseye Project
Bullseye Project
276,172 BBLS of gross cumulative Miogyp oil production through October New well plan being prepared for drilling another Miogyp well (see next slide)
Plan to test the Camerina in Jumonville # 1 well once commercial production ends.
Camerina estimated resources: 2.2 – 7.1 MMBO and 2-7 BCF of gas (but extent of reservoir unknown). Proven producer in the general area.
Examining shallower interval where possible added production possible. Interval already produced from multiple wells. Appears to be several remaining targets to drill. Seen in Jumonville # 2 well logs.
12 November 2010

12. Bullseye – Miogyp Development Well Locations
GOLDEN GATE PETROLEUM LTD
Bullseye – Miogyp Development Well Locations
Locations A and B are in the main Miogyp reservoir.
Locations C and D are in the possible mottled extension of Miogyp.
One other location being added to existing well potential
12 November 2010

13. Bullseye: Potential Distribution of Camerina Sand
GOLDEN GATE PETROLEUM LTD
Bullseye: Potential Distribution of Camerina Sand
Note that depth of oil-water contact is unknown, and therefore extent of oil-bearing reservoir is unknown
12 November 2010

14. Napoleonville Salt Dome Project
GOLDEN GATE PETROLEUM LTD
Napoleonville Salt Dome Project
The Company has a 15% Working Interest in the recent Dugas & Leblanc (D&L) discovery on the Napoleonville Salt Dome.
Two other prospect wells (Sagers and Clifton) were drilled on the Napoleonville Salt Dome. Both wells did not contain sufficient hydrocarbons for commercial production.
The Napoleonville Salt Dome has historically produced 188 billion cubic feet of gas and 20.2 million barrels of oil. The primary targeted sands are Tex W, Big Hum, Operc, Cris R II – VII, Marg Vag, Camerina and Miogyp with sands commencing at 4,000 ft to 14,000 ft.
12 November 2010

15. Napoleonville Salt Dome Project
GOLDEN GATE PETROLEUM LTD
Napoleonville Salt Dome Project
The Company has paid USD 300,000 for its participation in the first three well program and has the option to participate in subsequent three well programs and can ultimately earn a 15% working interest over the entire dome project.
The Dugas & Leblanc #1 well whilst testing commenced flowing uncontrollably to the surface for two weeks. The well was subsequently plugged and abandoned.
The D & L # 2 well has been completed and testing is currently underway.
There is at least one additional Big Hum prospect similar to the D&L Discovery
12 November 2010

16. Napoleonville Salt Dome Project
GOLDEN GATE PETROLEUM LTD
Napoleonville Salt Dome Project
The Dugas & Leblanc #2 well was initially drilled as a relief well but was subsequently commissioned as a development well.
There is at least one additional development well to drill updip
12 November 2010

17. GOLDEN GATE PETROLEUM LTD
Permian Basin Project
12 November 2010

18. Geological and Engineering Summary
GOLDEN GATE PETROLEUM LTD
Permian Basin Project
Geological and Engineering Summary
Reagan & Irion Counties, Permian Basin, Texas
Original Spraberry Trend Development
Multi-Pay Trends: Spraberry + Wolfcamp = “Wolfberry” Trend
Primary Zones: Spraberry/Dean, Wolfcamp , Strawn
Secondary: San Andres, Clearfork, Atoka
Reserves Potential: PDP / 1P Reserves ~113 MBOE / Well
Well Spacing
160 acres initial
40 acres upon success
100 % GGP Controlled
12 November 2010

19. Exceptional Quality Permian Basin Asset
GOLDEN GATE PETROLEUM LTD
Permian Basin Project
Exceptional Quality Permian Basin Asset
Prolific onshore US oil & gas, ~250 X 300 miles, produced 15+ Billion BOE
High specification “light & sweet” oil & high BTU natural gas (WTI and Henry Hub premium)
Long decline curve, 30+ year production
High Impact “Oil Manufacturing”
Low Risk, <1% Dry Hole Risk
Low and Well-Defined Drilling Cost: US$1.5M per well
High Density Well-Spacing Potential: 160 to 40 Acre per Well Site
Compelling Economics & Growth
Cash flow in 6-8 weeks from drilling commencement, future drilling funded out of cash flow or production financing
Strong IRR with capacity to many wells
Hedge-able production with uncapped oil / gas price upside
12 November 2010

20. SPRAYBERRY + WOLFCAMP = “WOLFBERRY”
GOLDEN GATE PETROLEUM LTD
Permian Basin Project
SPRAYBERRY + WOLFCAMP = “WOLFBERRY”
12 November 2010

21. Fausse Point Fausse Point Project GOLDEN GATE PETROLEUM LTD
TGR # 1 Well - Completed February 2010, TD 8450 ft. The Company has an 18% WI.
Tested 500 MCF Gas and Condensate with high SITP 4774 # from lowest interval at 8374 ft to 8384 ft. Went on production and eventually settled at low flow rates most likely due to “baffled” formation caused by close proximity to salt dome.
Other potential Miocene hydrocarbon zones uphole all tested with only small amounts of hydrocarbon production.
Have acquired 3D Seismic over entire Fausse Point Salt Dome. Reprocessing underway with latest techniques to improve poor quality data.
Forward Plan to: Re – evaluate new seismic data and determine new targets—away from salt dome. Drill an appraisal well in 2011
Fausse Point
12 November 2010

22. Log Interpretation – Perf 8374’ to 8384’
GOLDEN GATE PETROLEUM LTD
Fausse Point Project
Log Interpretation – Perf 8374’ to 8384’
12 November 2010

23. Log Interpretation – 7000’ Zone
GOLDEN GATE PETROLEUM LTD
Fausse Point Project
Log Interpretation – 7000’ Zone
12 November 2010

24. TEXAS GGP has 18% WI paying 20% in the Bowtie West prospect
GOLDEN GATE PETROLEUM LTD
Bowtie West Project
GGP has 18% WI paying 20% in the Bowtie West prospect
Is in a prolific fairway of previously developed shallower large oil and gas fields
The Bowtie Vicksburg is a deeper overlooked play (needed 3D seismic to see it)
Near several recent discoveries with large flow rates and per-well recoveries (for example, Heckendorn well, 8MMCFGD BCPD, cumulative 14 BCFG
TEXAS
Bow Tie West
12 November 2010

25. GOLDEN GATE PETROLEUM LTD
Bowtie West Prospect
The Bowtie West prospect has a strong amplitude anomaly that extends widely over the leasehold.
This is a relatively low-risk exploration prospect with prospective reserves estimated at 51 BCFG and 1.7 MMBO. Recently acquired acreage could substantial increase potential.
Analogue producing wells exist nearby, with IPs > 8 MMCFG per day, and cumulative production of >10 BCFG
12 November 2010

26. GOLDEN GATE PETROLEUM LTD
Padre Island
The operator of Padre Island went into Bankruptcy in We remain a creditor to the proceedings
Operator’s assets have been sold to a third party to pay some of the secured creditors
GGP is in discussions with the current operator to participate in some of the wells where we had a working interest in exchange for participation in idled wells still in the GGP portfolio.
12 November 2010

27. 2009 GOLDEN GATE PETROLEUM LTD AGM Presentation Steve Graves
Managing Director
2009
This presentation contains forward looking statements that are subject to risk factors associated with oil and gas businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates. All references to dollars, cents or $ in this presentation are to U.S. currency, unless otherwise stated.