Rosa Blanca Block 50% farm out

10 August 2007
Gold Oil plc Farms Out 50% interest in new Rosa Blanca Block onshore
Colombia
Gold Oil Plc ("Gold") is pleased to announce that it has concluded
farm-out arrangements with Osage Exploration and Development Inc.,
("Osage") covering the 45,000 hectare Rosa Blanca block in the
northern part of the Middle Magdalena Basin, onshore Colombia ("Rosa
Blanca Block") for which Gold was awarded a licence as announced on 5
June 2007.  The Rosa Blanca Block is surrounded by the nearby oil
producing fields of Cristalina, Santa Lucia, Tisquirania, Totumal,
Baturama and the South Bolivar Block.

Under the arrangements concluded with Osage over the Rosa Blanca
Block, Osage will acquire a 50% interest by carrying Gold and Gold's
local partner, Empesa Petrolera de Servicios y Asesorias S.A.
("Empesa")  through a first exploration well to a target depth of
5,000 feet and up to thirty days of any testing operations, budgeted
at $1.2 million. ("Farm-Out Expenditures").  The costs of all
guarantees payable ($1.2 million) to Agencia National de
Hydrocarburos ("ANH"), the Colombian National Hydrocarbons Agency,
are included in the Farm-Out Expenditures.  Osage will reimburse to
Gold $144,000 already incurred by Gold under the guarantee to ANH.

Following completion of the agreed Farm-Out Expenditures Gold will
retain a forty percent (40%) working interest in the Rosa Blanca
Block.  Should the exploration well be successful, Empesa has a 10%
working interest and has to repay its share of the Farm-Out
Expenditures, out of Empesa's share of future production to Gold.
Gold has no liability to reimburse Osage.

The Environmental Impact Assessment has commenced and the drilling
rig is being sources at present that could allow the well to be
spudded before the end of the year.

Commenting from South America on these developments, Gary Moore,
Managing Director of the Company said, "Following the award on June
5th 2007 of the Rosa Blanca Block, (and signature of the Licence on
July 3rd 2007) several companies approached the Company with a view
to farming into the block.  Although Gold did not seek partners for
this block we were very impressed with Osage and the deal they
offered.  Additionally we believe that it is advantageous for Gold to
work with a partner who has significant experience and who brings
technical expertise to our exploration in the area."
The technical information contained in this announcement has been
reviewed and approved by Mike Burchell, B.Sc., 67, member of the SPE
and with over 45 years experience in the oil and gas business.

Enquiries:
Gary Moore                  Managing Director Tel: [phone]
Email: [e-mail]
Mike Burchell               Chairman Tel. [phone]
Email: [e-mail]
Roland Cornish             Beaumont Cornish Limited Tel: [phone]
3396


Information on Gold Oil
Gold Oil plc is a UK oil and gas exploration company primarily
focused on opportunities in Central and South America. The company
listed on the AIM market in July 2004 under the symbol GOO.L. The
company has oil production in Spain and Colombia and significant
exploration acreage and licence applications, both onshore and
offshore, in both Colombia and Peru. Further details of the Gold Oil
Plc operations together with recent drilling results from its onshore
Peruvian can be found on the company's website www.goldoilplc.com.

Information on Osage Energy Inc

Osage Energy Company is an independent energy company with Operations
Headquarters in Oklahoma  City, Oklahoma  that is  focused on  strong
growth  in  shareholder   value  through  acquisition,   development,
exploration and production  of oil and  natural gas. Osage's  current
primary areas  of  operation  are Osage  County,  Oklahoma,  Hansford
County, Texas both in the USA and development properties in Colombia.

Details of Osage's interests in can be found on the company's website
www.osageenergyinc.com

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