HOUSTON, July 13, 2005 (PRIMEZONE) -- Gulf Coast Oil & Gas, Inc. (the "Company") (OTCBB:GCOG) is pleased to announce that the company has secured a commitment for a total of $1,000,000 in equity financing from Northfield Oil & Gas Inc.
Gulf Coast has received an initial $200,000 for acquisition and early stage development of the Saratoga prospect in Louisiana. The balance of funds can be drawn at the company's discretion based on funding requirements.
"We are pleased to enter into this agreement with Northfield Oil & Gas Inc," said Rahim Rayani, CEO of Gulf Coast Oil & Gas Inc. "This funding provides us with the necessary working capital to further explore and develop our Saratoga prospect."
About Gulf Coast Oil & Gas
Gulf Coast Oil and Gas, Inc. is a Houston, TX based Oil and Gas exploration and Development Company. The company's goal is to acquire low risk Oil and Gas properties onshore and solely in the USA with a focus on developing and producing from proven, developed and underdeveloped reserves. Gulf Coast will focus its efforts on shallow well drilling in order to maximize shareholder returns without the high risk and expenditure associated with larger and more expensive wells. Gulf Coast trades under the stock symbol: GCOG on the OTCBB exchange. For additional information, please visit our web site at: www.gcoil.com Safe Harbor for Forward-Looking Statements: This release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions and ventures discussed in this release. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the risks inherent in oil & gas exploration, the need to obtain additional financing, the availability of needed personnel and equipment for the future exploration and development, fluctuations in gas prices, and general economic conditions.