Director Dealings and Exercise of Options

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)                     [phone]
Kenneth Judge, Director of Corporate Development [phone]

Buchanan Communications Limited (London)         [phone]
Bobby Morse

RBC Capital Markets (London)                     [phone]
Andrew K. Smith
Sarah Wharry

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