WESTPORT, Conn., June 17 /PRNewswire-FirstCall/ -- GSV, Inc. (OTCBB Symbol: GSVI) announced today that the working interest partnership of which its affiliate, Century Royalty LLC, is a member has commenced drilling a well, dubbed the Strong #1 well, in its SE Cleveland prospect. The SE Cleveland prospect is part of the HLM project in Texas.

The expected dry hole cost of the well is around $3,300,000 and the expected cost after completion is around $5,000,000. GSV's working interest share through Century Royalty is 2.00%.

In the event that the wells drilled in the SE Cleveland prospect and other wells being drilled in the Texas prospects are dry, GSV may decide to write off some or all of its interest in the geological studies that Century Royalty holds that pertain to the Texas prospects.

In addition, GSV announced that the Louisiana well that has been producing oil and gas has now started to produce some water. Production of oil and gas has fallen as a result. GSV expects that this will have a negative effect on its revenues starting from the third quarter of 2008. The two Louisiana wells were operated by White Oak Operating Company LLC until earlier this month and are now being operated by Chroma Oil and Gas LP.

About GSV, Inc.

GSV, Inc. owns investments in oil and gas assets. In addition to managing its current assets, GSV is actively seeking new acquisition opportunities in this industry.

Forward-Looking Statements

Some of the statements in this press release are forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements about our plans, objectives, expectations, intentions and assumptions that are not statements of historical fact. You can identify these statements by the following words:



    -- "may"
    -- "will"
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and similar expressions. We cannot guarantee our future results, performance or achievements. Our actual results and the timing of corporate events may differ significantly from the expectations discussed in the forward-looking statements. You are cautioned not to place undue reliance on any forward- looking statements. Potential risks and uncertainties that could affect our future operating results include, but are not limited to, our limited operating history, history of losses, need to raise additional capital, and the high risk nature of our business, as well as other risks described in our most recent annual report on Form 10-KSB filed with the Securities and Exchange Commission.

Gilad Gat

(203) 221-2690

SOURCE GSV, Inc.