Board Changes

Gulf Keystone Petroleum Ld
24 July 2007



                                 Board Changes


Gulf Keystone Petroleum (AIM: GKP), the independent oil & gas exploration
company operating in the Republic of Algeria, today announces a re-structuring
of its board and management:


Board and senior management resignations:


•         Mr Roger Parsons, non-executive Chairman, has resigned from the
Board of the Company with immediate effect.


•         Dr Jon Cooper has given notice of his resignation as Finance
Director and from the Board of the Company.  He will leave the Company and the
Board on expiration of the contractual six month notice period.


•         Mr Bill Guest, President, has resigned his executive role and from
the Board of the Company with immediate effect to resume his independent
upstream advisory activities.  He will provide advisory support to the Company
going forward on an ad hoc basis.


•         Sheikh Sultan Bin Saqr Al-Qassimi, has resigned as a non-executive
director with immediate effect.


•         Mr. Iain Patrick has resigned as Director of Commercial & Legal
Affairs of Gulf Keystone Petroleum (UK) Limited and will leave Gulf Keystone
Petroleum (UK) Limited on expiration of an agreed notice period.



The Board has appointed:



•         Mr Todd Kozel, co-founder, shareholder and Chief Executive of the
Company, as Executive Chairman with immediate effect.  Mr Kozel is directly
interested in 20,050,000 Common Shares of Gulf Keystone. Mr Kozel is also a
shareholder in Gulf UAE which is interested in 40,000,000 Common Shares.



•         Mr Ali Al-Qabandi (CPA, ICPA), as a director of the Company.  Mr
Al-Qabandi, a co-founder of Gulf Keystone, has been serving the Company in the
capacity of Business Development Officer.  He has extensive senior experience of
the oil & gas industry including as co-founder and CFO of the Company, numerous
executive positions and committee chairmanships for the Kuwait Oil Company and
Kuwait National Petroleum Company. Mr Al-Qabandi is directly interested in
5,000,000 Common Shares of Gulf Keystone.  Mr Al-Qabandi is also a shareholder
in Gulf UAE which is interested in 40,000,000 Common Shares.





The Board intends to appoint two new independent non-executive directors and a
Finance Director. The Board is actively searching for suitable candidates to
these positions and will update shareholders in due course.



•         Mr David Mackertich remains Executive Vice President Exploration and
Technical.  Mr Mackertich is an exploration geologist with 19 years experience
including with the British Geological Survey and Amerada Hess. David has a
degree in Geology, an M.Sc in Petroleum Geology and an MBA.





Mr Todd Kozel, Executive Chairman, said:



"I believe that Gulf Keystone is well positioned to grow as an independent oil &
gas company. We have in place a highly experienced core management and technical
team on which we will build further and we are confident of making strong and
rapid progress towards our twin objectives of crystalising further value from
our Algerian portfolio and diversifying our activities outside Algeria."



Enquiries

Gulf Keystone Petroleum: 020 7514 1400
Todd Kozel, Executive Chairman


Hoare Govett Limited: 020 7678 8000
Andrew Foster

Citigate Dewe Rogerson: 020 7638 9571
Media: Martin Jackson
Analysts: Kate Delahunty

or visit: www.gulfkeystone.com

Notes to Editors



In accordance with Schedule 2 (g) of the AIM Rules, the following information in
relation to the appointment of Mr Ali Abdulla Ali Ahmed Al-Qabandi  (56) as a
director of Gulf Keystone is disclosed:



Current directorships and partnerships:


Kuwait Gulf Oil Company
United Oil Projects Company



Directorships and partnerships held in the past five years:



Kuwait Oil Company
Kuwait National Petroleum Company
Gulf Keystone Petroleum Company LTD
Gulf Keystone Petroleum Company (UAE)



Save for the information disclosed above there is no other information falling
to be disclosed under Schedule 2(g) of the AIM Rules.



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