Statement re Gulfsands Rejects Unsolicited Appr...

Immediate Release   19 March 2010





                            Gulfsands Petroleum plc
                     GULFSANDS REJECTS UNSOLICITED APPROACH

The board of directors (the "Board") of Gulfsands Petroleum plc ("Gulfsands" or
"the Company") confirms that it has rejected a preliminary approach received on
18 March regarding a possible offer for the Company.

The approach is highly conditional and subject to due diligence and other
material pre-conditions.  Further, this approach was unsolicited and Gulfsands
is not currently involved in any process to solicit offers for the Company.

The Board is unanimously of the view that the proposal is wholly inadequate and
materially undervalues the Company.

The Board is confident in Gulfsands' strategy to become one of the pre-eminent
exploration and production companies in the Middle East and to continue to
demonstrate tangible growth.


For more information please contact:


  Gulfsands Petroleum (London)               [phone]

  Andrew West, Chairman
  Andrew Rose, Chief Financial Officer



  Buchanan Communications Limited (London)   [phone]

  Bobby Morse                                [phone]
  Ben Romney
  Chris McMahon



  RBC Capital Markets (London)               [phone]

  Josh Critchley
  Tim Chapman
  Matthew Coakes
  Martin Eales




ABOUT GULFSANDS:

Gulfsands is listed on the AIM market of the London Stock Exchange.

Syria

Gulfsands owns a 50% working interest and is operator of Block 26 in North East
Syria.  The Khurbet East oil field was discovered in June 2007 and commenced
commercial production within 13 months of the discovery. This field is producing
at an average gross production rate of approximately 17,000 barrels of oil per
day through an early production facility. Block 26 covers approximately 8,250
square kilometres and encompasses existing fields which currently produce over
100,000 barrels of oil per day, and are operated mainly by the Syrian Petroleum
Company.  The current exploration license expires in August 2010 and is
extendable for a further two years.  Gulfsands' working interest 2P reserves in
Syria at 31 December 2008 were 35.2 mmbbls.

Iraq

Gulfsands signed a Memorandum of Understanding in January 2005 with the Ministry
of Oil in Iraq for the Maysan Gas Project in Southern Iraq, following completion
of a feasibility study on the project, and is negotiating details of a
definitive contract for this regionally important development.  The project will
gather, process and transmit natural gas that is currently a waste by-product of
oil production and as a result of the present practice of gas flaring,
contributes to significant environmental damage in the region. The Company is
actively engaged in discussions with respect to financing and potential equity
partners.  Gulfsands has no reserves in Iraq.

Gulf of Mexico, USA

The Company owns interests in 44 blocks comprising approximately 138,000 gross
acres offshore Texas and Louisiana, which include 30 producing oil and gas
fields with proved and probable working interest reserves at 31 December 2008 of
5.1 mmboe.

Certain statements included herein constitute "forward-looking statements"
within the meaning of applicable securities legislation. These forward-looking
statements are based on certain assumptions made by Gulfsands and as such are
not a guarantee of future performance. Actual results could differ materially
from those expressed or implied in such forward-looking statements due to
factors such as general economic and market conditions, increased costs of
production or a decline in oil and gas prices. Gulfsands is under no obligation
to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by applicable laws.

More information can be found on the Company's website www.gulfsands.com

Dealing Disclosure Requirements

Under  the provisions  of Rule  8.3 of the  Takeover Code  (the "Code"),  if any
person  is, or becomes,  "interested" (directly or  indirectly) in 1% or more of
any class of "relevant securities" of Gulfsands, all "dealings" in any "relevant
securities" of that company (including by means of an option in respect of, or a
derivative  referenced  to,  any  such  "relevant  securities") must be publicly
disclosed  by no later than  3.30 p.m. (London time) on  the London business day
following  the date of the relevant  transaction. This requirement will continue
until  the date on which the offer  becomes, or is declared, unconditional as to
acceptances,  lapses or  is otherwise  withdrawn or  on which the "offer period"
otherwise  ends. If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire an "interest" in "relevant
securities"  of Gulfsands,  they will  be deemed  to be  a single person for the
purpose of Rule 8.3.

Under  the  provisions  of  Rule  8.1 of  the  Code, all "dealings" in "relevant
securities"  of Gulfsands by the potential offeror or by Gulfsands, or by any of
their  respective "associates",  must be  disclosed by  no later than 12.00 noon
(London  time) on  the London  business day  following the  date of the relevant
transaction.

A  disclosure  table,  giving  details  of  the  companies  in  whose  "relevant
securities" "dealings" should be disclosed, and the number of such securities in
issue,    can    be    found    on    the    Takeover    Panel's    website   at
www.thetakeoverpanel.org.uk.

"Interests in securities" arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an "interest" by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on the
Panel's website. If you are in any doubt as to whether or not you are required
to disclose a "dealing" under Rule 8, you should consult the Panel.


[HUG#1395496]