Corporate Update - Response to COVID-19 Pandemic
Global crude oil demand destruction caused by COVID-19 pandemic, together with increased oil production from
Secured agreements which resulted in an overall reduction of approximately
Paid off third-party debt and interest expense of approximately
Initiated filing of loan forgiveness application related to
Accumulated net operating losses of approximately
Operations Update
GulfSlope's Exploration Plan related to the re-drilling of the Company's Tau prospect was approved by the
Tau is a subsalt Miocene prospect located in the Ship Shoal Area, South Addition Blocks 336/351, in approximately 305 feet of water. The Tau No. 2 well is designed to be drilled to 20,000 feet true vertical distance (21,543 feet measured distance) to test multiple intervals that correlate to productive zones in the nearby Mahogany Field, located approximately five miles to the southwest. GulfSlope is the operator with a 25 percent working interest, and
GulfSlope is aggressively pursuing new opportunities to accelerate its business plan, which includes securing additional drilling partners and the acquisition of producing oil and gas assets. GulfSlope is evaluating multiple acquisition opportunities, and the Company believes that a successful acquisition program will complement its legacy exploration program.
'In response to this extraordinarily difficult business environment, we have taken multiple proactive steps at GulfSlope to strengthen the Company and be in a position for success in 2021. We have a relatively clean balance sheet to utilize in the execution of our business strategy,' stated
GulfSlope has received notification from the
About
Forward-Looking Statements
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. 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.
Contact:
Tel: 504-258-9548
Email: al@alpetrie.com
(C) 2020 Electronic News Publishing, source