Glen Rose Petroleum Corporation Files Form 10-K

DALLAS--(Business Wire)--
Glen Rose Petroleum Corporation (NASDAQ: GLRP), Dallas, Texas, reported its
results for it fiscal year ended March 31, 2009. While oil and gas revenue
doubled to $122,279, lease operating expenses were $94,541. General
Administrative expenses were $ 1,007,979. Non-cash cost of incentive stock
options was $1,017,489. Resulting in a net loss for the year of $(2,181,974), or
$(0.21) per share, on 10,431,234, weighted average number of shares outstanding.

The Company received a Going Concern Opinion by its independent auditors,
Jonathon Rueben, CPA, An Accountancy Corporation.

Mr. Langston, our President and CEO, said, "This has been a very difficult year
for the Company. It took the first half of the year to get all our swabbing
permits. On July 22, 2008 we signed a definitive agreement with WHL Energy Ltd
that in total would have provided the Company with $9.8 million in development
investment for our Wardlaw Field. However, by December 2008 WHL Energy had
provided only $1.5 million and was unable to meet a cash call thereby causing
the agreement to terminate. This left the Company with significant payables, the
cost of work in progress and no available financing."

In addition, Mr. Langston said, "Our continued development in the field has
shown meaningful results. Our average daily production is steadily increasing.
We are planning a five spot water flood pilot in the "C" Zone, oil bearing
sandstone, which, if successful, will lead to the conversion in our core area of
85 existing wells into sixteen additional five spot water-flood programs. Our
plans are contingent of securing additional finance for the Company and it is
our intention to close on one of several proposals under discussion as soon as
possible."

Private Securities Litigation Reform Act Safe Harbor Statement: All statements
in this press release that are not statements of historical fact are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 as codified in Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934, including any
projections of earnings, revenue, cash or other financial items, any statements
of the plans, strategies, and objectives of management for future operations,
any statements regarding future economic conditions or performance, statements
of belief and any statements of assumptions underlying any of the foregoing.
These statements are based on expectations and assumptions as of the date of
this press release and are subject to numerous risks and uncertainties, which
could cause actual results to differ materially from those described in the
forward-looking statements. The risks and uncertainties include our limited
capital resources and limited access to financing and the risks and
uncertainties inherent in oil and gas exploration, production, and development,
and market conditions, particularly energy prices and demand for oilfield
equipment and services. Glen Rose Petroleum Corporation assumes no obligation to
update these forward-looking statements to reflect future events or actual
outcomes and does not intend to do so.

Glen Rose Petroleum Corporation
Chip Langston, President & CFO, 214-800-2663

Copyright Business Wire 2009