Director Dealings and Exercise of Options

Fri. August 01, 2008; Posted: 05:06 AM

Aug 01, 2008 (Hugin via COMTEX) -- GFPOF | Quote | Chart | News | PowerRating -- Immediate Release 1 August 2008

Gulfsands Petroleum plc ("Gulfsands" or "the Company")

Director Dealings and Exercise of Options

On 31 July 2008, David Cowan, Non-Executive Director, informed the Company that he had sold a total of 170,750 ordinary shares of 5.7142865 pence each in the Company ("Ordinary Shares") at an average price of 173.25 pence per Ordinary Share between 25 July and 30 July 2008.

Part of the proceeds from the sale of Ordinary Shares were used by Mr Cowan to exercise options over 175,000 Ordinary Shares at an exercise price of US$0.57 per share on 31 July 2008. Following the exercising of these options, Mr Cowan now has a beneficial interest in 441,750 Ordinary Shares representing 0.37% of the issued share capital of the Company. Mr Cowan retains 125,000 options exercisable at 144.5 pence per Ordinary Share expiring 13 February 2011 and 400,000 options exercisable at 188 pence per Ordinary Share expiring 13 May 2013.

Application has been made for the new Ordinary Shares to be admitted to trading on AIM. Admission is expected to take place on 7 August 2008. For more information please contact:

Gulfsands Petroleum (London) +44 (0)20-7182-4016 Kenneth Judge, Director of Corporate Development +44 (0)7733-001-002

Buchanan Communications Limited (London) +44 (0)20-7466-5000 Bobby Morse

RBC Capital Markets (London) +44 (0)20-7653-4804 Andrew K. Smith Sarah Wharry

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SOURCE: Gulfsands Petroleum PLC

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