Gulf Keystone Petroleum Regulatory News (GKP)

Not for release, publication or distribution in or into the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction.

13 June 2011

Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")

Directors' shareholdings

Gulf Keystone Petroleum Limited (AIM: GKP) announces that after examining changes in the Company's share register for the month of May 2011 and making subsequent inquiries that Gulf Keystone Petroleum Co. LLC ("GKP LLC") transferred legal title to 11,600,000 common shares of US$0.01 each in the Company ("Common Shares") to Todd Kozel, Executive Chairman and Chief Executive Officer and 4,000,000 Common Shares to Ali Al-Qabandi, Business Development Director at nil cost (the "Transfer"). A further 20,400,000 Common Shares were transferred to Gibca Ltd and 4,000,000 Common Shares to Ibrahim Al-Khaldi.

Mr. Kozel has informed the Company that the shares transferred to him by GKP LLC are beneficially owned by his brothers and father ("Family)" and he is obliged to transfer the shares to his Family as soon as he is able to. Under the terms of his ongoing divorce proceedings he is not currently able to do so but will keep the Company updated of any transfer. Pending transfer Mr. Kozel has the authority to vote the shares.

GKP LLC, a company in which both Mr. Kozel and Mr. Al-Qabandi are shareholders, previously held 40,000,000 Common Shares representing approximately 5.25 per cent. of the issued Common Share capital of the Company. Following the Transfer the Company has been informed that GKP LLC is no longer a shareholder in the Company.

Mr. Kozel and Mr. Al-Qabandi remain 40% and 10% shareholders respectively in GKP LLC.

As a result of the Transfer, Mr. Kozel is the registered owner of 13,851,114 Common Shares and Mr. Al-Qabandi is the registered owner of 9,450,000 Common Shares, representing approximately 1.82 per cent. and 1.24 per cent. of the issued Common Share capital of the Company respectively. These interests do not include shares held beneficially by the Company's Employee Benefit Trust or various share option awards as previously reported.

The Transfer was effected by GKP LLC without the prior knowledge of either Mr. Kozel or Mr. Al-Qabandi.

Enquiries:

or visit: www.gulfkeystone.com

Notes to Editors:

§ Gulf Keystone Petroleum Ltd. (AIM: GKP) is an independent oil and gas exploration and production company focused on exploration in the Kurdistan Region of Iraq.

§ Gulf Keystone Petroleum International (GKPI) holds Production Sharing Contracts for fourexploration blocks in the Kurdistan Region of Iraq.

§ The Company's shares have traded on the AIM market of the London Stock Exchange since listing on 8 September 2004.

§ Gulf Keystone Petroleum Limited is registered in Hamilton, Bermuda with further offices in Erbil, Kurdistan Region of Iraq, Algiers, Algeria and London, UK.

Not for release, publication or distribution, directly or indirectly, in or into the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction. This document (and the information contained herein) does not contain or constitute an offer of securities for sale, or solicitation of an offer to purchase securities, in the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. No public offering of the securities will be made in the United States.