American Depositary Receipt p

Not for release, publication or distribution in or into jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction

09 December 2008 

GULF KEYSTONE PETROLEUM LIMITED 

Establishment of Level 1 American Depositary Receipt Programme

Gulf Keystone Petroleum Ltd (AIM: GKP) ("Gulf Keystone" or the "Company"), an independent oil and gas exploration company with interests in Algeria and Kurdistan, is pleased to announce that on the 5th December 2008 the Company established a sponsored Level 1 American Depositary Receipt ("ADR") programme in conjunction with the Bank of New York Mellon (www.bnymellon.com), which has been appointed as the depositary bank. 

Each Gulf Keystone ADR represents 20 Common shares of $0.01 each in the Company. The Company's listing on the Alternative Investment Market of the London Stock Exchange is unaffected.  

The ADRs will be traded under the ticker symbol GFKSY in the US over-the-counter ("OTC") securities market of Pink OTC Markets Inc. (www.pinksheets.com), the leading electronic inter-dealer quotation system, trading technology and financial information provider for OTC securities.

Mr. Todd Kozel, Executive Chairman, Gulf Keystone, commented:

"I am very pleased that North American investors now have the choice of investing in Gulf Keystone through ADRs. Gulf Keystone already benefits from broad international ownership and this programme will further increase Gulf Keystone's profile and access to global sources of investment capital. I look forward to meeting new and potential North American investors and discussing Gulf Keystone's unique investment story."

Enquiries

Gulf Keystone Petroleum:                            +44 (0) 20 7514 1400
Todd Kozel, Executive Chairman         

Ewen Ainsworth, Chief Financial Officer

RBC Capital Markets:                                  + 44 (0) 20 7653 4667

Andrew Smith

Sarah Wharry

Bank of New York Mellon:            

Jason Smith                                                    +1 212 815 3874  

Damon Rowan                                                +44 (0) 20 7964 6527  

Citigate Dewe Rogerson:                            +44 (0) 20 7638 9571 
Martin Jackson
 

or visit: www.gulfkeystone.com <http://www.gulfkeystone.com>

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