Gulf Shores Resources Ltd. (TSX VENTURE:GUL)(FRANKFURT:GFU) has entered into an arms length agreement with Crown Point Ventures Ltd. whereby the Company will purchase Crown Point's 47.5% interest in 2,328 acres of Petroleum & Natural Gas rights in the Wapella area of South-East Saskatchewan for a purchase price of CDN$280,000.
The acreage is prospective for the drilling of new horizontal Bakken Oil wells and includes one producing vertical Bakken Oil well and a salt water disposal facility.
The Company is not planning a consolidation of its capital stock.
Michael Turko has been appointed President & Chief Executive Officer of the Company. Gerald Otterman has resigned as President & Chief Executive Officer and has been appointed Chief Financial Officer. Ming Jang has resigned as Chief Financial Officer.
Source: Gulf Shores Resources Ltd.