Summary of GLEN ROSE PETROLEUM CORP

Item. 2.02 Results of Operations and Financial Condition

On February 24, 2009, Glen Rose Petroleum Corporation issued a press release that summarized operational results and financial condition from its Form 10-Q for the period ending December 31, 2008, filed February 23, 2009. A copy of this press release is attached as Exhibit 99.1.

Item. 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review

Glen Rose Petroleum Corporation has restated its financial statements as of and for the six months ended September 30, 2008 in its Form 10-Q for the period ending December 31, 2008. The restatement was made primarily to reclass certain lease operating expenses that should have been capitalized.
The impact of such restatement to the financial statements as of September 30, 2008 is:

                                       As of September 30, 2008

                                       As Originally
                                         Presented           Adjustments           As Restated
Consolidated Condensed Balance Sheet
Total current assets                   $      958,731          $               -    $     958,731
Total assets                                6,615,734               1)   178,603        6,794,337
Total current liabilities                   3,128,470              1)     18,789        3,147,259
Total liabilities                           3,218,876               1)    18,789        3,237,665
Accumulated deficit                      (47,782,927)               1)   159,814     (47,623,113)
Total stockholder's equity             $    3,396,858         $     1)   159,814   $    3,556,672




                                                   For Six Months Ended
                                                    September 30, 2008
                                      As Originally
                                        Presented      Adjustments      As Restated
Consolidated Condensed Statement of
Operations
Total revenue                          $      72,871 $              -    $     72,871
Total operating costs and expenses         1,604,254   1)   (159,814)       1,444,440
Loss from operations                     (1,531,382)   1)     159,814     (1,371,568)
Net income (loss)                        (1,532,131)   1)     159,814     (1,372,317)
Net income (loss) per share:
Basic and Diluted                      $      (0.16)                     $     (0.14)

1) To reclassify amounts that were reported as lease operating expenses that should have been reported as capital assets. The liabilities were affected due to reclassification of payables. The Company reviewed costs which were charged to operations as lease operating expenses and determined that these

expenses should have been capitalized as development cost. This restatement is being made to reflect the proper treatment of these costs.