Gulf Coast Oil & Gas, Inc. Completes First Stage of $2 Million Funding

Business Wire, Feb 28, 2006

HOUSTON -- Please replace the release dated Feb. 27, 2006 with the following corrected version due to multiple revisions.

The corrected release reads:

GULF COAST OIL & GAS, INC. COMPLETES FIRST STAGE OF $2 MILLION FUNDING

Gulf Coast Oil & Gas, Inc., (OTCBB:GCOG), (the "Company") announced today that it has accepted $2,000,000 in financing from three investors to help drive the development and growth of the company. The investors were led by Cornell Capital Partners, LP.

Under the agreement dated February 2nd, 2006, the investors have committed to provide $2,000,000 in convertible debentures. Gulf Coast Oil & Gas, Inc has received the first $1,000,000. The investors are obligated to fund another $1,000,000 immediately prior to the filing of a registration statement with the United States Securities and Exchange Commission (SEC). Complete details regarding the financing transaction can be found in the Company's filings with the Securities and Exchange Commission.

"We are pleased to enter into this agreement with Cornell Capital," stated Rahim Rayani, President and CEO. "This funding provides the company with the necessary capital to carry out our business plan which focuses on the exploration and drilling of comparatively low risk oil & gas properties."

"Cornell Capital is extremely pleased to provide Gulf Coast Oil & Gas with the opportunity and capital funding to execute their business plan," stated Hamid Fashandi, Senior Vice President of Cornell Capital Partners LP. "We look forward to building a long lasting relationship with Gulf Coast Oil & Gas and their management team over the coming months and years!"

About Gulf Coast Oil & Gas

Gulf Coast Oil and Gas, Inc. is a Houston, TX based Oil and Gas Exploration and Development Company. The Company's goal is to acquire comparatively low risk Oil and Gas properties onshore in the United States with a focus on developing and producing from proven, developed and underdeveloped reserves. Gulf Coast will focus its efforts on shallow well drilling in order to maximize shareholder returns without the higher risk and expenditures associated with larger wells.

For additional information, please visit our web site at: www.gcoil.com.

Forward-Looking Statements: This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set forth in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.

Gulf Coast Oil & Gas, Inc. (OTC Bulletin Board:GCOG)