HOUSTON, Oct. 1, 2007 (PRIME NEWSWIRE) -- Gulf Western Petroleum Corporation ("Gulf Western") (OTCBB:GWPC) (Frankfurt:GER) is pleased to announce that on October 1, 2007, it appointed Vicarage Capital Limited ('VCL') as its Strategic Financial Adviser. VCL acted as broker to Gulf Western in its recent US$3,700,000 financing, and as Strategic Adviser will assist Gulf Western Petroleum to secure its future capital requirements.
Sam Nastat, Gulf Western President and Director, stated, "We are very pleased by the rapid progress that Gulf Western is making and the appointment of VCL as our Strategic Financial Adviser is another step towards financing the further development of our significant assets in the southern states of the U.S."
About Gulf Western Petroleum Corporation
Gulf Western is focused on the exploration and development of domestic petroleum and natural gas reserves in the United States. The Company currently has a strong portfolio of lease acreage projects in Texas, Kansas and Kentucky. It is also actively seeking out additional oil and gas resource opportunities that would benefit from its range of core competencies. Gulf Western was formed through a merger between Wharton Resources Corp., a development stage company with oil & gas lease acreage in Texas, Kentucky and Kansas, and of Georgia Exploration, Inc.
Gulf Western's primary asset is a high calibre management team with both upstream and midstream segment experience, as well as a proven track record of finding and developing commercial reserves. Pursuant to the merger, the management team is comprised of W. Milton Cox as Chief Executive Officer, Bassam Nastat as President and Don Sytsma as Chief Financial Officer, Treasurer and Secretary. This team has extensive experience in the U.S. oil and gas industry and the ability to attract a steady stream of high quality oil & gas resource opportunities.
This press release may include forward-looking statements based on the Company's current expectations as to future events. The forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements. For example, the extraction and sale of natural gas from the wells involves a number of costs and risks, which may limit our ability to generate cash flow from the wells. In addition, the business of Gulf Western Petroleum Corporation is subject to a number of risks typical of an oil and gas exploration and development company including, among other things, the inherent uncertainties associated with oil and gas exploration; laws, environmental, judicial, regulatory, political and competitive developments in areas in which Gulf Western Petroleum Corporation operates; and technological, mechanical and operational difficulties encountered in connection with Gulf Western Petroleum Corporation's activities.