In this Annual Report, references to “GulfSlope Energy,” “GulfSlope, Energy,” the “Company,” “we,” “us,” and “our” refer to “GulfSlope Energy, Inc.,” the Registrant.

This Annual Report contains certain forward-looking statements and for this purpose any statements contained in this Annual Report that are not statements of historical fact may be deemed to be forward-looking statements.  Without limitingForward-looking statements can be identified by the foregoing, wordsuse of forward-looking terminology such as “believes,” “projects,” “expects,” “may,” “will,“goal,” “expect,“estimates,” “believe,“should,” “anticipate,“plans,” “estimate”“targets,” “intends,” “could,” or “continue”“anticipates,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy or objectives. Forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are intendedinherently subject to identify forward-looking statements.risks and uncertainties.  These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within our control. These factors include but are not limited to economic conditions generally and in the markets in which GulfSlope Energy may participate, competition within GulfSlope Energy’sGulfSlope’s chosen industry, technological advances and failure by us to successfully develop business relationships.  Except as otherwise required by the federal securities laws, we disclaim any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this Annual Report on Form 10-K to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

We believe that a major obstacle to identifying potential hydrocarbon accumulations globally has been the inability of seismic technology to accurately image the geologic formations as a result of complex subsurface stratigraphy and structure. Certain subsurface layers can highly distort the seismic ray paths, potentially causing a misinterpretation of the underlying geology. Thus, we believe that the opportunity exists for a technology-driven petroleum exploration company to extensively apply the most advanced seismic technologies possible, with the goal of achieving higher commercial discovery rates for exploratory wells, and their subsequent appraisal and development, potentially having a positive impact on returns on invested capital.

Modern 3-D seismic datasets with acquisition parameters suitable for improved imaging at various depths are notreadily available in many of these basins, and can be licensed on commercially reasonable terms. Critical to the technical success is the application of the best seismic imaging technology available, in order to optimize delineation of prospective structures and the ability to detect the presence of hydrocarbon-charged reservoirs below many complex geologic features. An example of such a seismic technology is reverse time migration, which we believe to be the most accurate, fastest, and yet affordable, seismic imaging technology for critical depth imaging available today.

Our prospect identification and analysis approach is based on a thorough understanding of the geologic trends within our focus areas. The initial exploration program has been focused in areas where lease acquisition opportunities are readily available. We have been focused on acquiring and reprocessing the highest quality seismic data available. We entered into two master 3-D license agreements, together covering approximately 2.2 million acres. We have advanced processing underway on select areas within this licensed seismic area. We plan to expand this coverage and perform further advanced processing, both with currently engaged in any substantive business activity except the search for potential assets, property or businesseslicensed seismic data and seismic data to be acquired. We seek to acquire and we have no current plans to engage in any other activityreprocess the highest resolution data available in the foreseeable future unlesspotential prospect’s direct vicinity. This includes advanced imaging information to further our understanding of a particular reservoir’s characteristics, including both trapping mechanics and untilfluid migration patterns. Reprocessing is accomplished through a series of model building steps that incorporate the geometry of the geology to optimize the final image. The integration of existing geologic understanding and enhanced seismic interpretation by us provides the Company with unique perspectives on existing producing areas and underexplored formations prospective for hydrocarbon production.

We will seek to acquire leasehold title to properties we complete any such acquisition. Inconsider the most attractive. Leasehold acquisition typically occurs from one of three sources: (i) from governments through lease sales, licensing rounds or direct negotiations; (ii) from other oil and gas companies through direct purchases, trades or farm-in arrangements; or (iii) from individuals with direct mineral ownership. Leasehold acquisitions will provide us with title to license areas, specific blocks, or private mineral ownership. Depending on the terms of our present form,lease or license agreement, we are deemedmay be required to pay royalties and rentals on leases for our oil and gas production, if any.

Upon successful acquisition of targeted prospects, our plan is to enter into farm-in and farm-out arrangements with other oil and gas companies with well-established operating capabilities. Our goal in these transactions will be to diversify risk and minimize capital exposure to exploration drilling costs. We expect much of our exploration drilling costs to be a “shell company” seeking to acquire or merge with a business or company. We do not intend to restrictpaid by our searchpartners through these transactions in return for business opportunities to any particular business or industry, and the areas in which we will seek out business opportunities may include all lawful businesses. We recognize that the number of suitable potential business ventures that may be available to us will be extremely limited, and may be restricted to businesses or entities that desire to become a publicly-held company while avoiding what many may deem to be the adverse factors related to an initial public offering (“IPO”) as a method of “going public.” The most prevalent of these factors include the substantial time requirements, legal and accounting costs, the inability to obtain an underwriter who is willing to publicly offer and sell securities on behalf of the particular entity, the lack of or the inability to obtain the required financial statements for such an undertaking, state limitations on the amount of dilution to public investors in comparison to the stockholders of any such entity, along with other conditions or requirements imposed by various federal and state securities laws, rules and regulations and federal and state agencies that implement them.

The oil and gas industry is a complex, multi-disciplinary sector that varies greatly across geographies. As a heavily regulated industry, operating conditions are subject to political regimes and changing legislation. Governments can either induce or deter investment in exploration and production, depending on legal requirements, fiscal and royalty structures and regulation. Beyond political considerations, exploration and production for hydrocarbons is an extremely risky business with multiple failure modes. Exploration and production wells require substantial investment and are long-term projects, sometimes exceeding twenty to thirty years. Regardless of the resultseffort spent on an exploration or production prospect, success is difficult to attain. Even though modern equipment, including seismic equipment and advanced software, has helped geologists find producing structures and map reservoirs, they do not guarantee any outcome. Drilling is the only method to ultimately determine whether a prospect will be productive, and even then, many complications can arise during drilling (e.g., those relating to drilling depths, pressure, porosity, weather conditions, permeability of operationsthe formation and rock hardness) among others.

Typically, there is a significant chance that exploratory wells will result in non-producing holes, leaving investors with the cost of any specific entityseismic data and a dry well which can total millions of dollars. Even if oil or gas is produced from a particular well, there is always the possibility that treatment, at additional cost, may not necessarily be indicativerequired to make production commercially viable. Further, production profiles decline over time. In summary, oil and gas exploration and production is an industry with high risks and high entry barriers, but it is also potentially lucrative.

Oil and gas prices determine the commercial feasibility of whata project. Certain projects may occurbecome feasible with higher prices or, conversely, may falter with lower prices. Volatility in the price of oil, gas and other commodities has increased during the last few years, complicating the assessment of revenue projections. Most governments have enforced strict regulations to uphold high standards of environmental awareness; thus, holding companies to a high degree of responsibility vis-à-vis protecting the environment. Aside from such environmental factors, oil and gas drilling is often conducted near populated areas. For a company to be successful in its drilling endeavors, working relationships with local communities are crucial to promote business strategies and to avoid the repercussions of disputes that might arise over local business operations. At this time, the Company does not have any production or proved oil or gas reserves.

Our future by reason of changing market strategies, plant or product expansion, changes in product emphasis, future management personneloil and changes in innumerable other factors. Further, in the case of a new business venture or one that is in a research and development mode, the risksgas operations will be substantial,subject to various federal, state, and there will be no objective criterialocal governmental regulations. Matters subject to examineregulation include discharge permits for drilling operations, drilling and abandonment bonds, reports concerning operations, the effectiveness or the abilitiesspacing of its management or its business objectives. Also, a firm market for its products or services may yet need to be established,wells, pooling of properties, and with no past track record, the profitability of any such business will be unproven and cannot be predicted with any certainty.

On April 22, 2010, the Deepwater Horizon, a semi-submersible deepwater drilling rig operating in the IndustryU.S. Gulf of Mexico, sank after an apparent blowout and Methodsfire resulting in a significant flow of Competitionhydrocarbons from the BP Macondo well. Subsequent to the Deepwater Horizon incident in the Gulf of Mexico in April 2010, the BOEM issued a series of “Notice to Lessees” (“NTLs”) imposing new regulatory requirements and permitting procedures for new wells to be drilled in federal waters of the outer continental shelf (“OCS”). These new regulatory requirements include the following:

We are subject to the following regulations of the SEC and applicable securities laws, rules and regulations:

We are also required to file Annual Reports on SEC Form 10-K and Quarterly Reports on SEC Form 10-Q with the SEC on a regular basis, and will be required to timely disclose certain material events (e.g., changes in corporate control; acquisitions or dispositions of a significant amount of assets other than in the ordinary course of business; and bankruptcy) in a Current Report on SEC Form 8-K.

The Company was incorporated under the laws of Total Employeesthe State of Utah on December 12, 2003, as “Lostwood Professional Services, Inc.” On July 21, 2004, the Company changed its name to “Plan A Promotions, Inc.”  The Company became an SEC reporting company in 2006, when a registration statement for its common stock was declared effective under the Exchange Act.  At that time, the Company was engaged in the business of selling promotional and Numbermarketing merchandise and apparel.  Those operations were discontinued later that year, and the Company was not engaged in any active business in the following years.  In June 2011, the Company and certain of Full Time Employeesits shareholders sold an aggregate of 9,700,000 shares of the Company’s common stock at a price of $0.01 per share to certain accredited investors, which resulted in a change of control and management.  Following the change of control, in April 2012 the Company changed its state of incorporation from the State of Utah to the State of Delaware, and changed its name to GulfSlope Energy, Inc.  Prior to March 2013, we had not been engaged in any substantive business activity since 2006.

Our chief executive officeraddress is 2500 City West, Suite 800, Houston, Texas 77042 and our sole employee.telephone number is (281) 918-4100. Our web site is currently under construction. You may access and read our SEC filings through the SEC’s web site (http:www.sec.gov). This site contains reports, proxy and information statements and other information regarding registrants, including us, that file electronically with the SEC.

As a smaller reportingresult of our 3-D seismic imaging and reprocessing, we have identified but not yet acquired the leasing or drilling rights to a number of currently available, undrilled prospects which we believe may potentially contain economically recoverable reserves.   As we have intentionally not yet pursued the acquisition of any oil and gas leases to date, there can be no assurance that we will be successful in such acquisition.  It should be expected that we may face competition in our lease acquisition strategy which could prove to increase the cost of any acquisitions.  While we believe that our prospective portfolio of prospects has not been identified and is not being pursued by third-party competitors, there is no assurance of this belief nor that we will be able to fully execute our lease acquisition strategy.  The failure to fully execute our lease acquisition strategy may require us to farm-in to existing leases or attempt to form a series of partnerships with other E&P companies to gain access to identified prospects, which could be at a higher cost than anticipated.  We cannot assure investors that we will be able to enter into any such partnerships on satisfactory terms, if at all. Any company with which we may partner to conduct exploration drilling activities on prospects that we have identified using our licensed seismic data and ultimately acquire would be required to pay a license fee to the licensor of the data, at the licensor’s then-current rates.

Investors in our common stock must rely upon the ability, expertise, judgment and discretion of our management and the success of our technical team in identifying and acquiring leasehold interests, as well as discovering and developing any oil and gas reserves. Our performance and success are dependent, in part, upon key members of our management and technical team, and their loss or departure could be detrimental to our future success. In making a decision to invest in our common stock, you must be willing to rely to a significant extent on our management’s discretion and judgment. The loss of any of our management and technical team members could have a material adverse effect on our results of operations and financial condition, as well as on the market price of our common stock.  We may not be able to find replacement personnel with comparable skills.  If we are unable to attract and retain key personnel, our business may be adversely affected.  We do not currently maintain key-man insurance on any member of the management team.

Our current capital on hand is insufficient to enable us to fully execute our business strategy beyond April 2014.  Because we are an exploration stage company with limited resources, we may not be able to compete in the capital markets with much larger, established companies that have ready access to capital.  Our ability to obtain needed financing may be impaired by conditions and instability in the capital markets (both generally and in the oil and gas industry in particular), our status as a new enterprise without a demonstrated operating history, the location of our prospective lease acquisitions and prices of oil and natural gas on the commodities markets (which will impact the amount of financing available to us), and/or the loss of key consultants and management. Further, if oil and/or natural gas prices on the commodities markets decrease, then potential revenues, if any, will decrease, which may increase our requirements for capital. Some of the future contractual arrangements governing our operations may require us to maintain minimum capital (both from a legal and practical perspective), and we may lose our contractual rights if we do not have the required minimum capital. If the amount of capital we can raise is not sufficient, we may be required to providecurtail or cease our operations.

Our Company has no assets, property or business. See Part I, Item 1. Because the Company has had no business, its activities have been limited to keeping itself in good standing in the StateWe lease 6,111square feet of Delaware. These activities have consumed an insignificant amount of management’s time.office space at our corporate headquarters at 2500 CityWest, Suite 800, Houston, Texas 77042 on market terms through July 31, 2015.  We own office equipment, office furniture, and computer equipment.

The Company shares are tradedOur common stock is quoted on the OTC Bulletin BoardOTCBB and the OTCQB under the symbol “GSPE.” Shares of our common stock have historically been thinly traded, and currently there is “GSPE”.no active trading market for our common stock.  As a result, our stock price as quoted by the OTCBB or OTCQB may not reflect an actual or perceived value.  The Company shares have been quoted onfollowing table sets forth the OTC Bulletin Board since December 20, 2006.

The number of record holders of the Company’s common stock, as of December 14, 2012,30, 2013, is approximately 130.187.

The Company has not declared any dividends with respect to its common stock and does not intend to declare any dividends in the foreseeable future. The future dividend policy of the Company cannot be ascertained with any certainty. There are no material restrictions limiting or that are likely to limit, the Company’s ability to pay cash dividends on its common stock.

None; not applicable.other than an option to purchase two million shares of common stock granted to an executive officer in October 2013.

We have sold noAll sales of unregistered securities duringthat occurred in the period covered byfourth quarter and up to the date of this Annual Report other than ashave been previously reported in our Quarterly Reports on Form 10-Q or in a Current Report on Form 8-K.reported.

Not required for smaller reporting companies.

The following discussion highlights the principal factors that have affected our financial condition and results of operations as well as our liquidity and capital resources for the periods described. This discussion contains forward-looking statements. Please see “Forward-Looking Statements” above for a discussion of the uncertainties, risks and assumptions associated with these forward-looking statements.  The following discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared on the accrual basis of accounting, whereby revenues are recognized when earned, and expenses are recognized when incurred.  You should read this management's discussion and analysis togetherof our financial condition and results of operations in conjunction with suchour historical financial statements andincluded elsewhere in this Annual Report.  In addition to the notes thereto.impact of the matters discussed in "Risk Factors," our future results could differ materially from our historical results due to a variety of factors, many of which are out of our control.

We had no operations during the twelve month period ended September 30, 2012, nor do we have operations as of the date of this filing. We had no sales during the twelve month periods ended September 30, 20122013 and September 30, 2011.2012.  Geological and geophysical costs were approximately $15.1 million for the twelve months ended September 30, 2013, as the Company launched exploration activities in March 2013.  There were no geological and geophysical costs for the twelve months ended September 30, 2012.  General and administrative expenses were approximately $2.2 million for the twelve months ended September 30, 2013, compared to $1.5 million for the twelve months ended September 30, 2012, compared to $57,355 for the twelve months ended September 30, 2011.2012.  The increase in general and administrative expenses of approximately $1.4$0.7 million for the twelve months ended September 30, 20122013 compared to the twelve months ended September 30, 20112012 was primarily attributed to:to an increase in consulting fees, legal/accounting  and professional fees, and office expenses.

The basic loss per share for the twelve months ended September 30, 2012,2013 was $0.02,$.04, compared to a net loss per share of $0.02$.02 for the twelve months ended September 30, 2011.2012.

At September 30, 2013, the Company’s assets primarily consisted of approximately $0.3 million unrestricted cash, $2.5 million restricted cash, and $0.1 million net fixed assets.  At September 30, 2012, the Company’s only assets consist of $423,009were $0.4 million unrestricted cash and $329,373 in$0.3 million prepaid expenses.   At

As of September 30, 2011,2013, we had $310,199 of cash on hand, excluding $2,500,317 of restricted cash in an escrow account earmarked for a future payment associated with seismic data.  In October 2013, the Company’s only assets composedCompany sold 42,952,774 shares of $87,505 cash.    Seecommon stock for cash proceeds of $5,154,333 and issued 2,440,903 shares of common stock upon conversion of $292,908 of outstanding indebtedness.  As of September 30, 2013, we owed our chief executive officer $5.3 million, bearing interest at the Financial Statements and Supplementary Data, Item 8rate of this Annual Report.5% per annum, convertible into shares of common stock at a conversion price of $0.12 per share.

As of the date hereof, we believe that we have sufficient cash on hand to fund operations through March 31, 2014, assuming we do not repay outstanding indebtedness owed to our chief executive officer.  We have limited workingbudgeted capital expenditures and currently have no meansother operating expenses during calendar 2014 of earning income.

During calendar 2014, expenditures of approximately $7.9 million are expected to cover salaries, workstation software and hardware, consulting and professional services, and required working capital needs.  Seismic data license payments, seismic processing and leasehold acquisition comprise the next 12 months, our foreseeable cash requirements will primarily relateremainder of the approximate budget total of $19.4 million.

During calendar 2015, expenditures of approximately $8.6 million are expected to 1) maintaining our good standing;cover salaries, workstation software & hardware, consulting and professional services, and working capital needs.  Seismic data license payments, seismic processing and leasehold acquisition comprise the paymentremainder of the approximate budget total of $10.6 million.  Successful lease acquisitions in calendar 2014 would likely cause significantly higher operating and capital costs in calendar 2015.

The proposed expenditures for the calendar years 2014 and 2015 are subject to change based on the execution of our SEC reporting filing expenses, including associated legal and accounting fees; costs incident to reviewing or investigatingbusiness plan, any potential business venture, 2) compensationcompetition for leasehold interests and our ability to obtain additional funding. This represents our current best estimate of our sole officer and a third party consultant, and 3) maintaining our good standing as a corporation in our state of organization.   However, ifcapital needs through December 31, 2015.  We currently do not anticipate that any drilling activity will commence on any leases we may acquire assets or launch operations, we mayuntil 2015.

We will need to raise additional capital.

We had no Off-Balance Sheetoff-balance sheet arrangements of any kind for the year ended September 30, 2012.2013.

Not required for smaller reporting companies.