Gulf Keystone Petroleum Regulatory News (GKP)

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9 March 2010

Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone")

Oil Discovery on Bijeel-1 Exploration Well in Kurdistan

Gulf Keystone is pleased to announce that Kalegran Ltd., a 100% subsidiary of MOL Hungarian Oil and Gas Plc. and the operator of the Akri Bijeel block in Kurdistan, concluded a successful oil test in the Bijeel-1 exploration well in the Akri Bijeel block. Undiluted equity working interests in Akri Bijeel are currently 80% Kalegran and 20% GKPI.

The tested zone is in the upper Jurassic and flowed at rates of up to 3,200 bopd with associated gas rates of 933,000 scf/d. Oil gravity was 18 degrees API and flowing wellhead pressure was 420 psi on a 48/64" choke.

Drilling operations are still in line with previously announced plans, following completion of the full test cycle, drilling will resume from the current depth of 3831m to a final planned depth of approximately 4400m, pending actual well results.

Enquiries:

or visit: www.gulfkeystone.com

John Gerstenlauer, the Company's Chief Operating Officer, who has 31 years of relevant experience within the sector meets the criteria of a qualified person under the AIM note for mining, oil and gas companies and has reviewed and approved the technical information contained in this announcement. Mr. Gerstenlauer is a member of the Society of Petroleum Engineers.

Notes to Editors:

§ Gulf Keystone Petroleum Ltd. (AIM: GKP) ("Gulf Keystone" or the "Company") is an independent oil and gas exploration company focused on exploration in the Kurdistan region of Northern Iraq.

§ The Company's shares have traded on the AIM market, since listing on 8 Sept 2004.

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