Investor Presentation

November 2012

Golden Gate

Petroleum Ltd

(ASX: GGP)

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GOLDEN GATE

PETROLEUM LTD

Disclaimer

• The presentation is not an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any securities and has been provided to investors for information purposes only. This presentation should not be relied upon as a representation of any matter that a potential investor should consider in evaluating Golden Gate Petroleum Limited (the “Company”).

• Investors should undertake their own evaluation of the information in the presentation and otherwise consult their advisors if they wish to make an investment in the Company.

• The Company and its respective directors, agents, officers or employees do not make any representation or warranty, express or implied, as to or endorsement of, the accuracy or completeness of any information, statements, representations or forecasts contained in this presentation, and they do not accept any liability for any statement made in, or omitted from, this presentation. This presentation contains forward looking statements that are subject to risk factors associated with oil and gas businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, resource estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

• Not financial product advice: The presentation is for information purposes only and is not financial product or investment advice or a recommendation to acquire securities in the Company and has been prepared without taking into account the objectives, financial situation or needs of individuals. Prospective investors should seek their own independent advice before making a decision to invest in the Company.

• Investment risk: An investment in the Company is subject to known and unknown investment risk, some of which are beyond the control of the Company.

• All references to dollars, cents or $ in this document are to Australian currency, unless otherwise stated.

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GOLDEN GATE

PETROLEUM LTD

Corporate Overview

• Golden Gate Petroleum Limited (“Golden Gate” or the “Company”) is an oil

and gas producer and operator, with a focussed portfolio of onshore

conventional and unconventional oil & gas projects in Texas and Louisiana

• Golden Gate’s Strategy is to develop a diversified portfolio of oil and gas

exploration and development projects by:– Balancing exploration activities with strong cash flows and

– low risk development projects with high reserve potential

• Golden Gate’s corporate history over the last 10 years has involved:– a transition from an investor in exploration projects in Texas and Louisiana to an

operator of predominately development projects, both conventional and

unconventional

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GOLDEN GATE

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Board, Senior Management and Technical Team

Executive

Chairman

Steve Graves

Director

Frank Petruzzelli

Director

Frank Brophy

CFO & Company

Secretary

Chris Ritchie

Technical Team

in Houston

Mr Graves has over 35

years in the oil and gas

industry both in

Australia and overseas.

Most recently Mr

Graves was Executive

Chairman of Orchard

Petroleum Ltd. Mr

Graves worked for

Mobil Corporation and

affiliated companies

23 years and has been

a consultant to the

energy industry and a

senior consultant to

Ernst & Young.

Mr Petruzzelli is a

principal of MDB & Co,

an Australian

accounting firm and

has been a director of

the company since

2003. He is an

accounting and

management services

specialist and advises

many ASX listed

companies and large

private organisations.

Mr Petruzzelli is a

Fellow of the National

Tax and Accountants

Assc’n, a Fellow of the

Institute of Public

Accountants and a

registered Tax Agent.

He is Chairman of

Solimar Energy Limited

(ASX: SGY)

Mr Brophy is a

geologist with more

than 45 years

experience in the oil

and gas industry. Mr

Brophy has an

extensive background

in petroleum

exploration,

development and

production projects

across the world with

companies that

became subsidiaries of

Elf Aquitane and

Maurel & Prom.

Mr Ritchie is a FCPA

and FCIS with financial

management

experience of

construction and

engineering companies

involved in major

energy & resources

projects as well as CFO

/ Co Sec experience

with several small to

medium size ASX

listed companies.

• Jim Sloan

Land/Legal

• Donn Pedersen

Petroleum Engineer/

Bus. Dev.

• George Placke

Petroleum Engineer/

Production and

Completion

• David Chang

Finance/Bus. Dev.

• Jeff Smith

Geologist

• Jackie Haney

Reservoir Engineer

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GOLDEN GATE

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Achievements in the 2011/12 Financial Year

Golden Gate’s main achievements over the last financial year have involved:

• Four (4) new discovery wells (SRH #1, #2, #3 and #4) were drilled in the

exciting Permian Project where the Company has a 100% working interest in

8,800 acres;

• Two (2) new discovery wells were drilled in the Eagle Ford Project (Cutlass

East A#1 and West A#1) where the Company has a 10% working interest in

3,400 gross acres;

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• Two (2) new conventional oil & gas

discoveries were recorded at the Bowtie

West Project (Sugar Valley #1) and at the

Napoleonville Project (Dugas & LeBlanc #3);

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Achievements in the 2011/12 Financial Year (cont’d)

Golden Gate’s main achievements over the last financial year have involved:

• The sale of the Bullseye Project in Louisiana which was providing unsatisfactory

returns for the Company and a farm out at North Edna with a first well carry;

• The opportunity to expand the Company’s portfolio with the addition of the high

return projects at Acadia in Louisiana and Goliad in Texas;

• The increase in the operational expertise in the Houston office;

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• An increase in total barrels of oil

production by 17% from 26,306 BBL in

2010/11 to 30,699 BBL in 2011/12; and

• An increase in total sales revenues from

production by 37% from approx. $2.7

million in 2010/11 to approx. $3.7

million in 2011/12.

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Achievements since the end of the 2011/12 Financial Year

Golden Gate’s main achievements since 30th June 2012 include:

• This added value through development and production will more than compensate the dilutive impact new share issuances have over the next 12 months.

• Also, this development program will allow the Company to book reserves for the first time, greatly increasing GGP’s asset base.

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• An independent Reserves and Resources

Study by leading experts, MHA Petroleum

Consultants LLC (“MHA”), was initiated.

• A Western Drilling rig was contracted to drill

the Company’s first horizontal well (SRH

#5H) at the Permian Project which is to spud

in the first week of November 2012.

• Capital raisings to fund the first horizontal

well for the Permian Project were initiated.

• The new funding base will support a

dramatic increase in revenue and earnings

per share.

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Statement of Cash Flow – Year ended 30 June 2012

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AUD 000's AUD 000's

Cash Inflows Cash Outflows

Receipts from Customers (Revenues) 3,318 Capital Expenditure

Receipts from JV Partners 992 - Permian Project 10,146

Interest revenue 28 - Bullseye Project (Sold Aug 2012) 557

Net Proceeds from Share Issues 10,841 - Eagle Ford Shale Project 895

Proceeds from Convertible Notes 2,670 - Napoleonville Project 204

Proceeds from Asset Sales 118 - Fausse Point Project (Suspended) 10

Proceeds from Sale of Investments 26 - North Edna Project 42

11,854

Operations Cash Outflow 3,638

Overheads Cash Outflow 1,743

Interest Expense 155

Total Cash Inflows 17,993 Total Cash Outflows 17,390

Net Cash Inflow 603

FX adjustment on Opening Cash 44

Opening Cash Balance as at 1 July 2011 2,388

Closing Cash Balance as at 30 June 2012 3,035

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Project Locations

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Permian Basin Map and Stratigraphy

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GGP

Leasehold

Location

Permian Basin Make-up

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Targets of Opportunity on GGP’s 8,800 Acre Permian Leasehold

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Southern Wolfcamp Horizontal Players[Pioneer (PXP), ConocoPhillips (COP), BHP, Apache, Devon, El Paso, EOG]

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Golden

Gate

Leasehold

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GGP Production Chart

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Projected Production

• Horizontal Well

Impact on

Production:

– 3 Fold Increase

in Production

from initial

Horizontal well

– Exponential

Production and

Revenue Growth

– Planning to drill

6 to 8 Horizontal

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Horizontal Type Curve & Well Economics*

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Spud Well Complete

Drilling

Fracture

Stimulation

Put Well on

Production

Late October November December / January January / February

Horizontal Type Curve (Wolfcamp Interval)

*Current assumptions based off nearby wells producing from same interval

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Lease Map

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• Project

Magnitude:

– 24 Horizontal

Wells between

with 4,500 to

7,500 feet

laterals

– 3 or 4 intervals

suitable for

laterals

– 300,000 to

400,000+ bbls

Recoverable

Hydrocarbons (oil

& Gas) per well

per interval

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Permian Summary Slide

• There are many scenarios GGP is studying for the Permian

project to maximize returns and stay within funding

constraints plus meet continuous drilling requirements:

– Lateral Length for Horizontal Wells

• 7,500 feet (some companies testing out to 10,000 feet)

• 4,500 feet (appears more economic per lateral foot)

– Retaining Specific Acreage – only part Reagan County to all acreage

• Funding requirements to retain acreage:

– $20 - $30 MM for 4,500 to 7,500 foot laterals – All Acreage (8 wells)

– $10 - $15 MM for 4,500 to 7,500 foot laterals – Only part of Reagan

County (4 wells)

– Project goes self funding after approximately 15 months

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Eagle Ford Project

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• GGP is participating in a 10% working

interest (WI) on a 40+ horizontal

development well project covering

approximately 3,400 prime acreage in the

oil window of the Eagle Ford Trend.

• The first well, the Cutlass West A #1

horizontal well, is drilled and recorded oil

& gas shows through several intervals

including the Eagle Ford. Critical

information about the shale rock

properties was gathered for the design of

the frac programs. Hole cores were also

taken. Fracture stimulation is planned for

November 2012 followed by a pipeline

connector and hook-up

• The second well, the Cutlass East A#1 well, has been drilled. The current plan is to test and

flowback several of the intervals (outside the Eagle Ford) before drilling the lateral &

completing in the Eagle Ford.

Project Location

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Bowtie West Prospect

• The Sugar Valley #1 well was drilled and completed to a depth of 12,750 feet

TVD.

• The electronic logs had a gross pay interval of 32 feet full to base and is highly

laminated in the lower section while being 60 feet high to the down dip well

drilled in the 1970s.

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• Initial production testing recorded 3.2

million cubic feet of gas per day rate plus

31 barrels of high gravity oil per day.

• The Sugar Valley #1 well’s pipeline is

complete and is expected to go on

production as soon as a tie in to the

transmission line can be completed.

• GGP has a 12% working interest in this

prospect.

Sugar Valley #1 Actual Flare During Testing

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Napoleonville Salt Dome

• The Company has a 15% non-operating working interest in this prospect.

• The Dugas & Leblanc #3 well had the primary “M” sand perforated and put on

production, and has since become a prolific oil & gas producing well averaging 300

bbls of oil per day and over 500 mcf of gas per day.

• In addition, the 14-52 prospect (called Desiree) commenced drilling of the

Hensarling #1 well in October. Grand Gulf Energy anticipates this prospect is likely

to contain between 600,000 to 800,000 bbls of oil and is a low risk drilling

operation. The Company has a 3.99% working interest in the well.

• The Company entered into a farm out agreement over Napoleonville with a U.S.

company for up to a 2 well carry on subsequent wells. The carried working

interest varies from 3.8% to 4.7% depending on the prospect.

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Well WI Status Monthly Production Notes

Dugas & Leblanc

#315.3% Producing

~6,000 bbls oil

~35,000 mcf gas

On production since October

2011

Hensarling #1 3.99% Drilling N/AScheduled to spud in October

2012

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North Edna Prospect

• The Richardson #1, a discovery well, was drilled in Jefferson Davis Parish,

Louisiana in September 2010 and produced 5,400 bbls of oil before production

ended due to high water volumes.

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• A new up-dip target 1,200 feet

northwest of Richardson #1 has

been identified in the Vicksburg

Sand with a potential reserve of 2

million barrels of oil.

• GGP holds a 11.20% carried working

interest in the first well through

logging.

• The new well targeting the

Vicksburg interval at 9,400 feet is

expected to be drilled by January

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Acadia Project (Midland, LA)

• The Company has an option to

take a 45% working interest to

earn 34% in a low risk Louisiana

development project with Kindee

as the operator.

• A new well will twin an

abandoned well that produced for

over 60 days before experiencing

mechanical difficulties when oil

and gas prices were at

uneconomic prices in the 1980s.

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• A fixed turnkey well and completion cost program for $3.0 million has been put

together to drill to 11,500 feet and test the Camerina and Marg 7 targets. One

well should drain the structure.

• This well is scheduled in mid 2013 subject to financial constraints.

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Goliad Project

• GGP has an option over a 25% working

interest in a project covering 752 acres in

Goliad County, Texas

• The acreage is immediately up-dip and

adjacent to two vertical wells drilled and

completed in 2008 which tested approx. 1.5

million cubic feet per day gas and 450 barrels

per day condensate pre-frac

• Initially 2 wells will be drilled with the

possibility of subsequent development

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– The Upper Wilcox and 1st & 2nd Mackhank will be developed.

– Wells will have a 10,800 foot vertical section, with a 2,500 foot horizontal that will

be fracture stimulated in either the 1st or 2nd Mackhank interval based on logging

and testing the vertical section.

– Well #1, including facilities, will cost $3.5 MM.

– First well scheduled to spud in the 1st half of 2013.

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Project Summary

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• 8 new discovery wells over 4 projects in the last 12 months

• 3 new wells to be drilled between now and January 2013

• 12 wells in planning phase for full year 2013 and subject to funding constraints –

Permian (8), Eagle Ford (2), Goliad (1), Acadia (1)

Prospect Status WI % Wells

Permian BasinProducing and New

Well100.00%

• SRH #1 – Discovery

• SRH #2 – Discovery

• SRH #3 – Discovery

• SRH #4 – Discovery

• SRH #5H – New

Horizontal

Eagle Ford Project Completion 10.00%• Cutlass West A #1 – Discovery

• Cutlass East A #1 – Discovery

Bowtie West Producing 12.00%• Sugar Valley #1 – Discovery

– Starts Production in late October 2012

NapoleonvilleProducing and

Drilling

15.30%

3.99%

• Dugas & Leblanc #3 – Discovery

• Hensarling #1 Well – October 2012

North Edna Shut-In 11.20%• Richardson #1 – Discovery

• New Well – January 2013

Acadia Project New Project 34.00% • Well planned for mid 2013

Goliad Project New Project 25.00% • First Well 1st Half 2013For

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