July 29, 2008

Gleichen Enters Agreement with Bayphase Limited

Gleichen Resources Ltd. (“Gleichen” or the “Company”) (TSX VENTURE: GRL) is pleased to announce that it has entered in an agreement with Bayphase Limited (“Bayphase”), an independent oil and gas consultancy established in 1986 and based in the United Kingdom. Bayphase’s primary activity is the implementation of consultancy services in the areas of Licensing and Prospect Evaluation, Reserves Assessment and Valuation, Equity Sales and Purchases, Field Development Planning and Due Diligence & Legal Support Services. Bayphase’s integrated team of geoscientists, geologists, reservoir engineers, facilities engineers, cost engineers and economists can address the wide range of techno-economic issues raised by the upstream oil and gas industry. Bayphase has a long track record in the oil and gas sector in emerging parts of the world including license evaluation, reserve valuation, field development planning, due diligence and legal support services. For further information see: www.bayphase.com

Gleichen has retained the services of Bayphase for the purpose of identifying and facilitating an investment in Kurdistan oil and gas exploration companies.

For further information contact Michael Murphy at (604) 687-3100.


“Michael Murphy”

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release.

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