GulfSlope Energy Inc (GSPE)

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API - Proposed Offshore Energy Program Shows Disconnect Between Political Rhetoric, May 19, 2022 Press Release: https://www.api.org/news-policy-and-issues/news/2022/05/19/api-proposed-offshore-program-shows-disconnect-between-rhetoric-and-reality

WASHINGTON, May 19, 2022 — The American Petroleum Institute (API) today released the following statement from Senior Vice President of Policy, Economics and Regulatory Affairs Frank Macchiarola in response to the Department of Interior's (DOI) proposed 5-Year Program for federal offshore leasing on the Outer Continental Shelf:

“Today’s announcement from the Department of the Interior confirms they are significantly behind in this multi-year process and will release a proposed program by June 30 - the day they should be finalizing it. The practical effect of this is that it is unlikely there will be offshore lease sales before the end of 2023. This is one more example of the disconnect between the administration’s political rhetoric and policy reality. As energy prices and geopolitical volatility continue to rise, we urge the administration to end the continued mixed signals on energy policy and remove regulatory hurdles that are hindering American producers’ ability to increase supply and meet the growing energy demand.”

API and NOIA released an analysis recently explaining how a lapse in the 5-year program could jeopardize American energy security, cost thousands of jobs and billions in lost state and local revenues. View the fact sheet here: https://www.api.org/~/media/Files/News/2022/03/API-Factsheet-Offshore-Leasing-5-Year%20Program-Report

API and NOIA Analysis here: https://www.api.org/news-policy-and-issues/news/2022/03/29/potential-lapse-in-5-year-leasing-program-threatens-american-energy-security

The Economic Impacts of a 5-Year Leasing Program Delay for the Gulf of Mexico Oil and Natural Gas Industry here: https://www.api.org/~/media/Files/News/2022/03/EIAP-5-year-Program-Leasing-Delay-Report-03-24-22

API represents all segments of America’s natural gas and oil industry, which supports more than 11 million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. Our nearly 600 members produce, process and distribute the majority of the nation’s energy, and participate in API Energy Excellence®, which is accelerating environmental and safety progress by fostering new technologies and transparent reporting. API was formed in 1919 as a standards-setting organization and has developed more than 800 standards to enhance operational and environmental safety, efficiency and sustainability.