Item 8.01 Other Events

On September 10, 2008, the indebtedness of Gulf Western Petroleum Corporation
(the "Company") owed to Metage Funds Limited and NCIM Limited (the "Lenders")
under one-year convertible secured notes in the aggregate principal amount of $3,700,000 matured and became due and payable. The Company did not repay the indebtedness on that date, and as such, received notice of the default from NCIM Limited (principal totaling $500,000) and a request to audit the collateral securing the indebtedness and the books and records of the Company, as permitted by the terms of the Securities Purchase Agreement dated September 10, 2007 between the Company and the Lenders. In addition, the interest rate on the obligations increased to 18% per annum until the default is cured. NCIM Limited reserved any other rights that it may have under the notes, including the right to demand acceleration of the payment of the indebtedness. The note obligations to the Lenders are secured with substantially all of the Company's assets.

---