Gulf Coast Oil & Gas (fka GCOG)

[deafchild]

NOTICE OF DEFAULT

The Company received a letter dated March 17, 2008 from YA Global Investments,
L.P. (f/k/a Cornell Capital Partners, L.P.) ("YA") serving as notice that the
Company is in default under the terms of the Debentures and related agreements.
YA's letter states that the Company is in default for, among other things, the
Company's failure to reserve a sufficient number of authorized shares of common
stock to allow for full conversion of the Debentures and YA demanded full
payment of the YA debenture. Pursuant to the terms of the Debentures, the
Company covenanted that it would reserve a sufficient number of authorized
common shares to permit the conversion of the Debentures.

As of the date hereof, YA has not taken any further action pursuant to the
notice of default. The Company is currently evaluating options for attempting to
increase the number of authorized common shares in order to cure the default.
The Company has also had oral discussions with representatives of Taib Bank
B.S.C. (c) and Certain Wealth, Ltd. concerning the default and potential cure.