Directors Options Exercised

Gulfsands Petroleum plc (“Gulfsands”, the “Group” or the “Company” – AIM: GPX), the oil and gas production, exploration and development company with activities in Syria, Iraq, and the USA announces that it has issued 325,000 new ordinary shares following the exercise of options by certain Directors of the Company on 3 February 2011. The total number of shares in issue following exercise of these options is 121,902,500 ordinary shares

Andrew West, Chairman, has exercised options in respect of 200,000 shares at a weighted average price of £1.29 per share which were then sold at an average of £3.10 per share. Mr West then purchased 100,000 shares at an average price of £3.19 per share. As a result of these transactions, Mr West now has an interest in 100,000 shares representing 0.08% of the Company’s issued share capital and 1,000,000 options.

David Cowan, Non-executive Director, has exercised options in respect of 125,000 shares at a price of £1.46 per share which were then sold at an average of £3.07 per share. Mr Cowan then purchased 50,000 shares at an average price of £3.10 per share. As a result of these transactions, Mr Cowan now has an interest in 491,750 shares representing 0.40% of the Company’s issued share capital and 400,000 options.

The option exercises were occasioned by the forthcoming expiry of the majority of the options.

Application has been made for these shares to be admitted to trading on AIM, with admission expected to occur on 10 February 2011.

For more information please contact:

Gulfsands Petroleum (London)
+44 (0)20 7434 6060
Richard Malcolm, Chief Executive Officer
Andrew Rose, Chief Financial Officer
Kenneth Judge, Director: Corporate Development & Communications

Buchanan Communications Limited (London)
+44 (0)20 7466 5000
Bobby Morse
Ben Romney
Chris McMahon

RBC Capital Markets (London)
+44 (0)20 7653 4000
Josh Critchley
Matthew Coakes
Martin Eale