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Great GulfCan Energy Inc. Closes $10.5 Million Equity Financing


February 22, 2011 - TORONTO, ONTARIO

Great GulfCan Energy Inc., a recently formed private oil & gas company based in Toronto, Ontario and Houston, Texas, is pleased to announce that it has closed a non-brokered $10.5 million equity financing.

Great GulfCan has acquired two historical producing oil & gas leases with associated processing platforms, wells, and gathering infrastructure located offshore Texas, in state waters, with a view to rehabilitating the platforms and re-completing the wells associated with them.

The wells associated with the owned and operated High Island 98 and High Island 55 leases, in which Great GulfCan has a 100% and 80% working interest, respectively, produced between them millions of barrels of oil and billions of cubic feet of natural gas since discovery in 1979. The Company believes that the wells associated with these leases have potential, post-workover, to be meaningful commercial producers of crude oil and natural gas.

Chairman of the Board, G. Scott Paterson said, "We are grateful for the confidence investors have shown in our business plan."

John Di Girolamo, President and Chief Executive Officer of Great GulfCan stated, "We have already begun to rehabilitate High Island 98 and we are optimistic that we will be begin commercial production before quarter end."

Disclaimer:

The statements contained herein may include statements of future expectations and other forward-looking statements that are based on presently known information that form management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements that are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements.

Contacts:
Great GulfCan Energy Inc.
G. Scott Paterson
Chairman
416-368-6464

Great GulfCan Energy Inc.
John Di Girolamo
President & CEO
416-471-6450

Great GulfCan Energy Inc.
Richard Sharp
Vice President & COO
281-993-4517

MarketWire

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