Baron Oil Regulatory News (BOIL)

Gold Oil PLC

7 June 2012

Gold Oil PLC ("Gold Oil" or "the Company" or "the Group")Final results for the period ended 31 December 2011

Gold Oil, an oil and natural gas exploration and exploitation company focused on Southern America, today reports final results for the period ended 31 December 2011.

Operational Summary

·; Acquired in excess of 800sq km of 3D seismic data and farm out process for Block Z34 commenced

·; Farm-out agreement with Vale Oil and Gas in relation to Peruvian Block XXI close to being completed and acquired 8,000 line km's of aeromagnetic and aero gravimetric data USD$2 million payment expected in the second quarter of 2012 after final governmental approval of the farm-out to Vale

·; Gross production now stabilised at around 550 bopd (150 bopd net to Gold Oil after royalty)from workovers completed on the Burdine field La Vega East prospect on the Azar block currently being drilled  with results expected late June 2012

Financial Summary

·; Operating loss £473,000 (30 April 2011: loss £1,588,000)

·; Loss for year attributable to equity holders £673,000 (30 April 2011: loss £1,579,000)

·; Loss per ordinary share 0.08p (30 April 2011: Loss 0.27p)

·; Cash at period end of £6.3million (30 April 2011: £11.7 million)

John Bell, Chairman, commented "It is my pleasure to present this, my second statement to shareholders as Chairman of your Company. The period under review has been a busy one for the Company, focussed on establishing a firm foundation for the future growth of the Group in South America.

The farm out process of our key asset, Block Z34 in Peru, is underway, governmental approval of the farm out of Block XXI is expected shortly and we are hopeful of being granted an extension to the Nancy Burdine Maxine fields in Colombia. All of these are key stepping stones in creating real long term value for shareholders.

I would like to thank the Directors and employees of Gold Oil for their significant contribution during the year and also to express my appreciation and thanks to our loyal shareholders for their support and confidence in the Company"

Notice of AGM

The Company's Annual General Meeting will be held at 10.00 a.m. on 29th June 2012 at the offices of Seymour Pierce Limited, 20 Old Bailey, London EC4M 7EN.

At the request of two minority shareholders, Mark Pritchard and Ben Anderson, the AGM will include resolutions by which all the existing board members are to be reappointed to the board. The Company urges all shareholders to vote IN FAVOUR of the resolutions.

Annual Report and Accounts

The Company has today published and posted to shareholders its Annual Report and Accounts for the period ended 31 December 2011 ("Annual Report").

For the information of investors and shareholders alike, copies of the Annual Report will be available for at least one month, free of charge, at the registered offices of the Company, being Finsgate, 5-7 Cranwood Street, London EC1V 9EE. In accordance with AIM Rule 26, electronic copies will be available on the Company's website, www.goldoilplc.com.

For further information, please contact:

Gold Oil PLC

John Bell - Chairman Tel (c/o Buchanan): +44 (0) 20 7466 5000  

Seymour Pierce Ltd (Nominated Adviser & Joint Broker)

Jonathan Wright/Stewart Dickson Tel: +44 (0) 207 107 8000

(Corporate Finance)

Richard Redmayne

(Corporate Broking)

FirstEnergy Capital LLP (Joint Broker):

Hugh Sanderson / Travis Inlow Tel: + 44 (0) 20 7448 0200

Buchanan (Financial PR) _ Tel:   + 44 (0) 20 7466 5000  Tim Thompson/Helen Chan/Ben Romney

Notes to Editors

Gold Oil is an independent oil and natural gas exploration and exploitation company focused on Southern America. Shares in Gold are quoted on the AIM market of the London Stock Exchange (AIM:GOO).

The Company is seeking to maintain a balanced portfolio of high-risk high reward and low risk cash flow projects by establishing significant licence positions concentrated in a few geographic areas. The Company currently has significant acreage and is recognised as an operator for both onshore and offshore Peru, and is an operator with exploration and production licences onshore Colombia.

CHAIRMAN'S STATEMENT

I am pleased to have the opportunity to present this statement to shareholders of the Company reflecting a year of progress for the Company.

Shareholders should note that the farm out process of Z34 is still in progress. Whilst it may be frustrating to some shareholders that this is taking some time, it is important that the process should be completed in accordance with the requirements of the farminees. A huge amount of data from the 3D seismic acquisition over a large part of the block has been processed and this requires detailed analysis as part of due diligence by any potential farminee. Whilst a number of the original interested parties have lately withdrawn from the process, we continue to pursue the farmout with the remaining interested operators.

Many of the announcements regarding our progress over the past two years have made disappointingly little difference to our share price. However each step we have taken has improved and added value cumulatively to our portfolio of assets. I am confident that, in time, the results of our efforts will be manifested in the share price performance.

In Colombia we have increased production in the Nancy Burdine Maxine ("NBM") field as a result of the work-over predicated by our earlier reservoir studies. Our local presence and relationship building is now showing benefits and recognition in the country. We have experienced some delays in our earlier proposed work programme on NBM largely as a result of forward planning related to our application to the Colombian national oil company, Ecopetrol, for an extension of the NBM licence beyond 2015. We are working closely with Ecopetrol to reach a mutually agreeable work programme application which should allow us to undertake enhanced oil recovery to the benefit of all parties. We believe that there is significant potential remaining in these fields to increase reserves and production significantly from today's levels, within a prudent framework of an extension to the existing contract with Ecopetrol.

Our efforts in Peru have been very positive and the 2D seismic interpretation on Block Z34 which took place in at the time of my initial investment in the Company, followed by the decision to acquire 3D seismic was necessary to identify drillable prospects for potential farminees. We are making good progress on the Environmental Impact Assessment work required by the Peruvian regulator and expect the assessment to be accepted late 2012. This should result in formal Government regulatory approval for drilling on Block Z34. Subject to the agreement of any future farm-in partner we would hope to begin drilling the first well in the first quarter of 2013.

The change of government in Peru following last year's elections and certain changes within the various departments of the regulator, has delayed the assignment of Block XXI to our valued farminee, Vale The formal approval for the assignment has now been received and we expect Vale to complete the process in three to four weeks .Gran Tierra spudded the La Vega East well on 14 May 2012 and at time of writing the well is making good progress. The well is expected to take 35 days to drill so results should be known at the time of the AGM. Gran Tierra believes a successful discovery finding oil could flow at rates of between 1,500 and 2,000 bopd if all targets are oil bearing, which would be 300 to 400 bopd net to Gold Oil. Overall, this is positive for the Company, but the real value to be added will result from the successful farm out of the Block Z34 in Peru.

An independent evaluation of Block Z34 in the form of a competent person's report was commissioned from Degolyer and MacNaughton (D&M). This concluded that there is a mean prospective resource certified by D&M of a combined 2.02 billion barrels of oil with a mean potential net present value of US$ 2.6 billion.

To facilitate the further growth of the Company, in particular to finance the future development of NBM, to increase reserves and production, and to take advantage of opportunities to increase our portfolio, the Company may need to raise additional equity capital and would like the flexibility to do so. Your Board is therefore proposing Resolutions to disapply pre-emption rights so as to allow the Company to issue up to 200 million shares for cash at an appropriate time.

Management changes

Thomas Tidow left the board of Gold Oil Plc on 23 May 2012 but continues as Country Manager for Peru reporting to Exploration Director Ian Reid. Richard Mew resigned from Gold Oil Plc on 31 May 2012.

As we enter a new phase in our development and following these recent changes to management, we are close to finalising a restructuring of the board so as to prepare Gold Oil Plc for the opportunities and challenges that lie ahead and I expect to make a further announcement in this regard shortly.

Melbourne support is expected to cease this calendar year to reduce overheads and in future administration and operations management will be centralised in Colombia.

Finance and Financial Results

In order to align the accounting years of the holding and operating companies we have changed the financial year-end to 31 December. Consequently this report covers the eight month financial period ended 31 December 2011.

The audited financial results for the eight months to 31st December 2011 record an operating loss of £473,000 (30th April 2011 loss of £1,549,000 for the twelve month period). The loss per share was (0.08p). No dividend is being declared. Group debt is zero, although there are amounts outstanding due to contractors and suppliers.

The results for the period under review were adversely impacted by the following one off events:

a) A charge of £138,000 relating to the remediation of the Rosa Blanca 1 and 2 well sites as required under the licence, and

b) A charge of £177,000 relating to the immediate write off of a tax charge in Colombia

Conclusions

I would like to thank the Gold Oil Board, management team and employees in the field for their contribution and commitment during the year and in particular to thank our loyal shareholders for their valuable continued support.

There remains a considerable amount of risk involved but I believe in my technical team, in the prospectivity of the Peruvian assets, and in the production potential of our Colombian assets.

We firmly believe the energy industry remains one of the few great investment opportunities in these volatile economic times and when conditions are right we will seek to consolidate our presence through organic moves and acquisitions within strong economically performing and highly prospective Latin American countries.

With our shareholders' support I look forward to the future of the Company, building on the foundations of 2011, and working on the best returns from our investment through added asset value, organic growth projects and selective acquisitions when appropriate.

With your support, we expect these to deliver shareholder value to you.

 John Bell

6 June 2012