GulfSlope Energy, Inc. and Texas South Energy, Inc. announced that pursuant to the exclusive letter of intent ('LOI') previously signed by the Farmors and a large international oil and gas company to jointly drill and develop the Farmors oil and gas prospects located offshore Gulf of Mexico, that all parties have agreed to extend the term of the LOI to January 8, 2018, or such later time as they mutually agree. The purpose of the LOI is to facilitate further discussions between the parties on an exclusive basis with respect to the negotiation of the contemplated transaction and is a statement of the present intent of the parties to pursue the contemplated transaction in good faith.