2010

1. 2010 AGM Presentation AGM Presentation Steve Graves Managing Director Steve Graves Managing Director 2010 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, reserve 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. All references to dollars, cents or $ in this presentation are to AUD currency, unless otherwise stated. COMPETENT PERSONS STATEMENT: The information in this report has been reviewed and signed off by Mr Mark Decker, Geologist (BS. Geology), with over 34 years relevant experience within oil and gas sector.

2. Introduction GOLDEN GATE PETROLEUM LTD • Golden Gate Petroleum Limited is an independent oil and gas exploration and production company listed on the Australian Securities Exchange (ASX: GGP). • Strategy: To develop a portfolio of oil and gas exploration and development projects. The Company seeks to balance its exploration activities with low cost, low risk development opportunities via the acquisition or farm in of proven reserves • Focus of Operations: Onshore Texas and Louisiana Gulf Coast region of the USA. • The Company currently has six projects: • Bullseye and Silverwood on commercial production, • Napoleonville soon to go on testing/production, • Fausse Point under new 3D seismic review, • Bowtie West as an exploration opportunity and • The Permian Project as a new large development opportunity. • The Company’s Corporate office is now in Melbourne and it maintains an Operations Centre in Houston, Texas. 12 November 2010

3. GOLDEN GATE PETROLEUM LTD 12 November 2010

4. On Shore Gulf Of Mexico GOLDEN GATE PETROLEUM LTD LOUISIANA TEXAS 12 November 2010

5. GOLDEN GATE PETROLEUM LTD Project Locations Texas Projects Louisiana Projects Bow Tie West Permian Prospect Fausse Point Bullseye Silverwood Napoleonville 12 November 2010

6. Market Data GOLDEN GATE PETROLEUM LTD Acosta Results Rights Issue J2 Prod. J2 Drilling Share Price 11 November 2010 $0.016 Market ASX Code GGP & GGPO Market Cap AUD Ord. Shares on Issue 1,067,159,955 Options Listed 231,971,070 Options Unlisted 600,000 52 Week Range $0.056 - $0.014 Top 20 shareholders control 15.56% 12 November 2010

7. Net Revenue ($AUD) GOLDEN GATE PETROLEUM LTD 79% 45% 53% 52% 12 November 2010

8. Strengthened Balance Sheet GOLDEN GATE PETROLEUM LTD 12 November 2010

9. Silverwood Project GOLDEN GATE PETROLEUM LTD • The Company has a 25.5% Working Interest in the recent Richardson #1 well discovery of high quality crude oil and is the operator. The well is currently on production thru newly completed production facilities. • The prospect is located under an existing field which produced 7.0 billion cubic feet of gas and over 800,000 barrels of oil on a fault closure. • Two high quality sands have been identified; the primary target is the Vicksburg Sand (9,300 feet) and the deeper target (Cockfield) around 11,600 feet. LOUISIANA Silverwood 12 November 2010

10. Silverwood Project GOLDEN GATE PETROLEUM LTD • Commercial production at the Richardson #1 well commenced on 24 September 2010 • Production has averaged approximately 60 barrels of high quality oil per day. • Testing continues and permanent production facilities have been constructed. New facilities at Silverwood 12 November 2010

11. Bullseye Project GOLDEN GATE PETROLEUM LTD • Bullseye Project • 276,172 BBLS of gross cumulative Miogyp oil production through October 2010. New well plan being prepared for drilling another Miogyp well (see next slide) • Plan to test the Camerina in Jumonville # 1 well once commercial production ends. • Camerina estimated resources: 2.2 – 7.1 MMBO and 2-7 BCF of gas (but extent of reservoir unknown). Proven producer in the general area. • Examining shallower interval where possible added production possible. Interval already produced from multiple wells. Appears to be several remaining targets to drill. Seen in Jumonville # 2 well logs. 12 November 2010

12. Bullseye – Miogyp Development Well Locations GOLDEN GATE PETROLEUM LTD • Locations A and B are in the main Miogyp reservoir. • Locations C and D are in the possible mottled extension of Miogyp. • One other location being added to existing well potential 12 November 2010

13. Bullseye: Potential Distribution of Camerina Sand GOLDEN GATE PETROLEUM LTD Note that depth of oil-water contact is unknown, and therefore extent of oil-bearing reservoir is unknown 12 November 2010

14. Napoleonville Salt Dome Project GOLDEN GATE PETROLEUM LTD The Company has a 15% Working Interest in the recent Dugas & Leblanc (D&L) discovery on the Napoleonville Salt Dome. Two other prospect wells (Sagers and Clifton) were drilled on the Napoleonville Salt Dome. Both wells did not contain sufficient hydrocarbons for commercial production. The Napoleonville Salt Dome has historically produced 188 billion cubic feet of gas and 20.2 million barrels of oil. The primary targeted sands are Tex W, Big Hum, Operc, Cris R II – VII, Marg Vag, Camerina and Miogyp with sands commencing at 4,000 ft to 14,000 ft. 12 November 2010

15. Napoleonville Salt Dome Project GOLDEN GATE PETROLEUM LTD The Company has paid USD 300,000 for its participation in the first three well program and has the option to participate in subsequent three well programs and can ultimately earn a 15% working interest over the entire dome project. The Dugas & Leblanc #1 well whilst testing commenced flowing uncontrollably to the surface for two weeks. The well was subsequently plugged and abandoned. The D & L # 2 well has been completed and testing is currently underway. There is at least one additional Big Hum prospect similar to the D&L Discovery 12 November 2010

16. Napoleonville Salt Dome Project GOLDEN GATE PETROLEUM LTD The Dugas & Leblanc #2 well was initially drilled as a relief well but was subsequently commissioned as a development well. There is at least one additional development well to drill updip 12 November 2010

17. Permian Basin Project GOLDEN GATE PETROLEUM LTD 12 November 2010

18. Permian Basin Project GOLDEN GATE PETROLEUM LTD Geological and Engineering Summary • Reagan & Irion Counties, Permian Basin, Texas • Original Spraberry Trend Development • Multi-Pay Trends: Spraberry + Wolfcamp = “Wolfberry” Trend • Primary Zones: Spraberry/Dean, Wolfcamp , Strawn • Secondary: San Andres, Clearfork, Atoka • Reserves Potential: PDP / 1P Reserves ~113 MBOE / Well • Well Spacing • 160 acres initial • 40 acres upon success • 100 % GGP Controlled 12 November 2010

19. Permian Basin Project GOLDEN GATE PETROLEUM LTD • Exceptional Quality Permian Basin Asset • Prolific onshore US oil & gas, ~250 X 300 miles, produced 15+ Billion BOE • High specification “light & sweet” oil & high BTU natural gas (WTI and Henry Hub premium) • Long decline curve, 30+ year production • High Impact “Oil Manufacturing” • Low Risk, <1% Dry Hole Risk • Low and Well-Defined Drilling Cost: US$1.5M per well • High Density Well-Spacing Potential: 160 to 40 Acre per Well Site • Compelling Economics & Growth • Cash flow in 6-8 weeks from drilling commencement, future drilling funded out of cash flow or production financing • Strong IRR with capacity to many wells • Hedge-able production with uncapped oil / gas price upside 12 November 2010

20. Permian Basin Project GOLDEN GATE PETROLEUM LTD SPRAYBERRY + WOLFCAMP = “WOLFBERRY” 12 November 2010

21. Fausse Point Project GOLDEN GATE PETROLEUM LTD • TGR # 1 Well - Completed February 2010, TD 8450 ft. The Company has an 18% WI. • Tested 500 MCF Gas and Condensate with high SITP 4774 # from lowest interval at 8374 ft to 8384 ft. Went on production and eventually settled at low flow rates most likely due to “baffled” formation caused by close proximity to salt dome. • Other potential Miocene hydrocarbon zones uphole all tested with only small amounts of hydrocarbon production. • Have acquired 3D Seismic over entire Fausse Point Salt Dome. Reprocessing underway with latest techniques to improve poor quality data. • Forward Plan to: Re – evaluate new seismic data and determine new targets—away from salt dome. Drill an appraisal well in 2011 Fausse Point 12 November 2010

22. Fausse Point Project GOLDEN GATE PETROLEUM LTD Log Interpretation – Perf 8374’ to 8384’ 12 November 2010

23. Fausse Point Project GOLDEN GATE PETROLEUM LTD Log Interpretation – 7000’ Zone 12 November 2010

24. Bowtie West Project GOLDEN GATE PETROLEUM LTD • GGP has 18% WI paying 20% in the Bowtie West prospect • Is in a prolific fairway of previously developed shallower large oil and gas fields • The Bowtie Vicksburg is a deeper overlooked play (needed 3D seismic to see it) • Near several recent discoveries with large flow rates and per-well recoveries (for example, Heckendorn well, 8MMCFGD + 500 BCPD, cumulative 14 BCFG TEXAS Bow Tie West 12 November 2010

25. Bowtie West Prospect GOLDEN GATE PETROLEUM LTD • The Bowtie West prospect has a strong amplitude anomaly that extends widely over the leasehold. • This is a relatively low-risk exploration prospect with prospective reserves estimated at 51 BCFG and 1.7 MMBO. Recently acquired acreage could substantial increase potential. • Analogue producing wells exist nearby, with IPs > 8 MMCFG per day, and cumulative production of >10 BCFG 12 November 2010

26. Padre Island GOLDEN GATE PETROLEUM LTD • The operator of Padre Island went into Bankruptcy in 2010. We remain a creditor to the proceedings • Operator’s assets have been sold to a third party to pay some of the secured creditors • GGP is in discussions with the current operator to participate in some of the wells where we had a working interest in exchange for participation in idled wells still in the GGP portfolio. 12 November 2010

27. GOLDEN GATE PETROLEUM LTD AGM Presentation Steve Graves Managing Director 2009 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, reserve 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.All references to dollars, cents or $ in this presentation are to U.S. currency, unless otherwise stated.