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GB Energy to Pursue Interests in Australia

The Board of GB Energy Limited (“GBX” and “Company”) is pleased to announce that following the systematic review of numerous project options it intends to re-focus on opportunities in the oil and gas sector in Australia. In order to achieve this objective, the Board has made a number of changes. Changes to the Board Mr Gordon Hart and Mr Andrew Andrejewskis have been appointed to the board of GBX. Mr Andrew Andrejewskis has been appointed as managing director and Mr Gordon Hart has been appointed as an executive director. Mr Andrew Andrejewskis will be remunerated for his role as managing director at the rate of $150,000 per annum plus statutory superannuation. A founding director of GBX, Mr Ross Ashton has resigned. The Board would like to thank Mr Ross Ashton for his significant strategic and tactical contribution to the Company as a non-executive director from its inception and for his ongoing support as a major shareholder. Mr Miles Ashton will step down as Managing Director, but will remain a non-executive director of the Company. The Board extends its thanks to Mr Miles Ashton for his executive leadership during what have been challenging times for GBX. In the immediate term Mr Miles Ashton will also perform an executive role in a wholly owned subsidiary of GBX, GBE Exploration Pty Ltd, managing the Slovakian uranium exploration assets owned by that subsidiary company. Placement GBX has placed, subject to shareholder approval, 60,000,000 shares at 2 cents per share and 60,000,000 free attaching options exercisable at 3.5 cents on or before 29 July 2011. The placement will fund ongoing investigation of assets in the oil and gas sector. Extraordinary General Meeting A shareholder meeting will be called as soon as possible to approve the above placement and to confirm the appointment of the new directors. Details on the new Directors are as follows:- Andrew Andrejewskis, a geologist, was previously the Managing Director of SAPEX Limited, an oil and gas exploration company that was listed on the ASX in May 2007 (capitalised at $14 million). In October 2008, SAPEX was merged into Linc Energy (at a value of $104 million). He was also the Director-General of the Department of Mines & Energy in South Australia and has previously held a number of senior executive and Board positions in several companies. His petroleum experience includes technical, administration and management on projects in Australia, New Zealand, Indonesia, Far East Russia and Romania. Andrew is currently the non-executive Chairman of Flinders Exploration Limited which is intending to proceed with an IPO listing on the ASX in late 2010. Mr Gordon Hart has over 30 years experience in the stockbroking and merchant banking industry. He was instrumental in assisting SAPEX Limited listing on the ASX in 2007, and was retained as advisor to the board. Gordon is a director of ASX listed Convergent Minerals Limited. Enquiries- Andrew Andrejewskis 0417 872 230