02 February 2009

Production

• Golden Gate?s current gross share of production is presently ~1.7 mmcfd gas and ~236 bbls of oil per day.

• Total Production for the quarter was 158 million cubic feet of gas and 18,112 barrels of oil.

Louisiana

• Jumonville #1 is currently producing approximately 480 barrels of oil per day and 280 mcf of gas per day.

• Drilling operations began at Jumonville #2 on 25 December and were expected to take around 60 days to complete. The well is presently at 10,800 ft.

• Re-entry at the Acosta #1 well was completed and flow testing is continuing.

• The West Lake Boudreaux well was drilled and tested during the quarter. It has been decided to plug and abandon the well.

Corporate

• Placement of 18.2m shares at 28c was completed to raise $5,100,000

• 1,000,000 options with an exercise price of $0.22 were exercised raising $220,000

• The Annual General Meeting was held on 21 November and all resolutions put to the meeting were passed.

To view the full announcement, as well as additional information on the Company, please click on the link below:

http://www.ggpl.com.au

On behalf of the Board of Directors

For further information contact:

Golden Gate is an independent oil and gas exploration and production company listed on the Australian Stock Exchange. Its focus of operations is onshore Texas and Louisiana Gulf Coast region of the USA.