UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 19, 2014
GulfSlope Energy, Inc.
(Exact name of registrant as specified in its charter)
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Delaware
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000-51638
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16-1689008
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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2500 City West, Suite 800
Houston, Texas 77042
(Address of principal executive offices and Zip Code)
Registrant's telephone number, including area code: (281) 918 4100
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.
[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR240.14d-2(b))
[_] Soliciting material pursuant to Rule 14a-12 under Exchange Act (17 CFR240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))
Item 7.01. Regulation FD Disclosure.
On September 18, 2014, GulfSlope Energy, Inc. (the “Company”) issued a press release announcing that Company management will participate in the Independent Petroleum Association of America Oil & Gas Investment Symposia in San Francisco, California, on September 22, 2014. The PowerPoint presentation that the Company intends to present at the conference will be available on the Company’s website at www.gulfslope.com.
A copy of the PowerPoint presentation is attached hereto as Exhibit 99.1.
The information set forth in this Current Report on Form 8-K, including the PowerPoint presentation included as an exhibit hereto, is “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except as shall be expressly set forth by specific reference in such a filing. This Item 7.01 on Form 8-K will not be deemed an admission as to the materiality of any information in the Current Report that is required to be disclosed solely by Regulation FD.
Use of Non-GAAP Financial Measures; Forward-looking statements
This Current Report on Form 8-K and the PowerPoint presentation referenced above may contain forward‐looking statements about the business, financial condition and prospects of the Company. Forward-looking statements can be identified by the use of forward-looking terminology such as “believes,” “projects,” “expects,” “may,” “goal,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” or “anticipates,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy or objectives. Forward-looking statements relate to anticipated or expected events, activities, trends or results from operations. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. The forward-looking statements contained in the PowerPoint presentation referenced above speak only as of the date of the material, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based. Certain factors may cause results to differ materially from those anticipated by some of the statements made in the material described above. Please carefully review our filings with the SEC as we have identified many risk factors that impact our business plan. U.S. Investors are urged to consider closely the disclosures in our Forms 10-K, 10-Q, 8-K and other filings with the SEC, which can be electronically accessed from our website at www.GulfSlope.com or the SEC's website at http://www.sec.gov/.
The estimates of recoverable resources used in the PowerPoint presentation referenced above do not comply with the SEC Oil and Gas Industry Disclosures. Prospective resources are estimates only and may not accurately reflect actual oil volumes in the Company’s interests in the Gulf of Mexico. The estimates relied upon 3-D seismic data and visualization techniques, which are only tools used to assist geoscientists in identifying surface structures and hydrocarbon indicators and do not enable the interpreter to know whether hydrocarbons are present in those structures. Other geologists and petroleum professionals, when studying the same seismic data, may have significantly different interpretations. The prospective resources are those undiscovered, highly speculative resources estimated where geological and geophysical data suggest the potential for discovery of petroleum, but where the level of proof is insufficient for classification as reserves or contingent resources. The SEC does not recognize the term “prospective resources” and the SEC permits oil and gas companies, in their filings, to disclose only “reserves.” In addition, prospective resources have a great amount of uncertainty as to their existence and economic feasibility. Investors are cautioned not to assume that estimates of prospective resources are economically drillable, or will ever be upgraded into reserves. The actual volume of recoverable oil, if any, may differ substantially from estimates of reserves.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit Number
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Description
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99.1
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: September 19 2014.
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GULFSLOPE ENERGY, INC.
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By:
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/s/ John H. Malanga
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John H. Malanga, Chief Financial Officer
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Exhibit 99.1
Gulfslope Energy Exploring the Gulf of Mexico
This presentation may contain forward-looking statements about the business, financial condition and prospects of the Company. Forward-looking statements can be identified by the use of forward-looking terminology such as “believes,” “projects,” “expects,” “may,” “goal,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” or “anticipates,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy or objectives. Forward-looking statements relate to anticipated or expected events, activities, and trends. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Forward-looking statements in this presentation include, without limitation, the Company’s expectations of oil and oil equivalents, barrels of oil and gas resources, prospects leased, dollar amounts of value creation, undiscovered resources, drilling success rates, resource information, superior economics, consistent value growth and other performance results. The SEC permits oil and gas companies, in their filings with the SEC to disclose only proved, probable and possible reserves, i.e. Items 1201 through 1208 of Regulation S-K (“SEC Oil and Gas Industry Disclosures”). The estimates of recoverable resources used in this presentation do not comply with the SEC Oil and Gas Industry Disclosures, nor should it be assumed that any recoverable resources will be classified as proved, probable or possible reserves consistent with the SEC Oil and Gas Industry Disclosures. Recoverable resources estimates are undiscovered, highly speculative resources estimated where geological and geophysical data suggest the potential for discovery of petroleum but where the level of proof is insufficient for a classification as reserves or contingent resources. In addition, recoverable resources have a great amount of uncertainty as to their existence, absolute amount, and economic feasibility. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, there can be no assurances that such expectations will prove to be accurate. Potential and existing shareholders are cautioned that such forward-looking statements involve risks and uncertainties. The forward-looking statements contained in this presentation speak only as of the date of this presentation, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based. Certain factors may cause results to differ materially from those anticipated by some of the statements made in this presentation. Please carefully review our filings with the SEC as we have identified many risk factors that impact our business plan. U.S. investors are urged to consider closely the disclosures in our Forms 10-K, 10-Q, 8-K and other filings with the SEC, which can be electronically accessed from our website at www.GulfSlope.com or the SEC's website at http://www.sec.gov/.
Name GulfSlope Energy
Established 2013
Focus Area Offshore Gulf of Mexico
Target Shelf Miocene
Seismic 2.2 MM Acres (440 Blocks)
Lease Blocks 21
Portfolio 17 Drilling Prospects
Ticker GSPE
Market Cap Range $150-$200 MM
Avg. Daily Trading Volume 500,000
Insider Ownership 40%
Significant Oil Exposure
2 billion boe of prospective resources
Industry leading returns due to lower finding and development costs and faster time to first production
Leading Position in Shelf Miocene
Renewed interest in play by industry
Recent lease sale establishes GSPE leading position
Strategic advantage from proprietary reprocessed seismic
World Class Technical Team
Proven track record of finding large oil and gas fields
Average 30+ years of experience
Extensive Gulf of Mexico and sub-salt expertise
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Commence Drilling in 2015
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High impact exploration
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Focus on high return oil projects in shallower water
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Diversify risk through partnering: in progress
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Grow and Optimize Exploration Portfolio
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21 Blocks with 17 prospects totaling 2 billion boe of potential resources
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Generate additional prospects on 2.2 million acres (440 blocks) of 3D seismic
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Capitalize on Recent Advancements in Sub-Salt Seismic Imaging
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Deploy specialized technical team for sub-salt exploration
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Apply modern technologies to producing basins with overlooked exploration potential
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Continue to extend the prolific deepwater Miocene trend to the adjacent shelf
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On track to commence drilling in 2015
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Currently in partner discussions on all 5 prospects
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All can be drilled by jackup rigs
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Less than 450 feet of water
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Current rig market is soft
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Selected based on size, risk profile, data quality and stacked pay potential
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DeGolyer and MacNaughton reviewed GulfSlope’s 17 individual prospects:
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In-line with previous internal company estimates
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Consistent with deepwater Miocene evaluations
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Fully Independent Appraisal
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Large existing fields: 30 - 248 MMboe
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All fields produced oil or condensate
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Average three years from discovery to 1st production
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Exploration drilling and production limited to primarily Upper Miocene
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Exploration Success Rate: 33% industry wide vs 50% by GulfSlope team
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Many large prospects still remaining
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Middle and Lower Miocene largely untested
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Exploration wells cost $40-65 MM using a jackup rig
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Modern drilling: technology and equipment available to access multiple and deeper targets
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Significant infrastructure for fast-track development
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Advanced algorithms maximize accuracy
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Processing is now faster and cheaper
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Reverse Time Migration and other technologies utilized by GulfSlope and industry provide the most accurate view of sub-salt prospects
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1990s: 2D and isolated 3D seismic
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Today: 3D data now standard
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Maximize chance of discoveries
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Improve resource estimates
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Enable a small team to successfully compete
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Previous generations of seismic interpretation were insufficient to reduce exploration risk below salt
Recent advances in seismic processing provide clear images of prospects below salt, where previous interpretations failed, as proven by multi-billions of boe discovered in deepwater GoM, Brazil, and elsewhere
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Pure Gulf of Mexico oil exploration exposure
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On track to drill in 2015
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Portfolio of 17 high impact drilling prospects
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2 Billion boe* of resources identified
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Targeting overlooked Shelf Miocene play with proven technology
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Proven leadership with track record of finding significant oil and gas fields
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Team fully aligned with investors
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GulfSlope is well positioned as industry returns to the Shelf Miocene play
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