Ex. 10.23
                                 AMENDMENT NO. 1

                                       TO

                           GULF COAST OIL & GAS, INC.

                    SECURED CONVERTIBLE DEBENTURE NO. TAIB-1




         This Amendment No. 1 to Secured Convertible Debenture No. TAIB-1 (this
"AMENDMENT") is entered into by and between GULF COAST OIL & GAS, INC., a Nevada
corporation (the "OBLIGOR"), and TAIB BANK, B.S.C.(C) (the "HOLDER").

                           WHEREAS:

                  A. The Obligor previously issued that certain Secured
Convertible Debenture No. TAIB-1 to Holder (the "DEBENTURE").

                  B. The Obligor and the Holder desire to amend the Debenture as
more fully described herein.

                  NOW, THEREFORE, in consideration of the premises and the
mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Obligor and the
Holder hereby agree as follows:

                  1. AMENDMENT OF PARAGRAPH THREE (3) "INTEREST". Paragraph
three (3) "INTEREST" of the Debenture is hereby amended by deleting the first
sentence in such Section and replacing it with the following:

                           "Interest shall accrue on the outstanding principal
balance hereof at an annual rate equal to ten percent (10%) through May 31,
2008, and at an annual rate equal to eighteen percent (18%) thereafter."

                  2. AMENDMENT OF SECTION 3(C)(I). Section 3(c)(i) of the
Debentures is hereby deleted in its entirety and replaced with the following:

                  "(c) (i) The Holder is entitled, at its option, to convert,
                  and sell on the same day, at any time, until payment in full
                  of this Debenture, all or any part of the principal amount of
                  the Debenture, plus accrued interest, into shares of the
                  Common Stock, par value $0.001 per share, at the price per
                  share equal to the lesser of (a) $.02916 (the "FIXED PRICE")
                  or (b) an amount equal to seventy-five percent (75%) of the
                  lowest volume weighted price (the "VWAP") of the Common Stock,
                  as quoted by Bloomberg, LP, for the ten (10) trading days
                  immediately preceding the Conversion Date which may be
                  adjusted pursuant to the other terms of this Debenture.
                  Subparagraphs (a) and (b) above are individually referred to
                  as a "CONVERSION PRICE."

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                  3. AMENDMENT OF SECTION 3(C)(VIII). Section 3(c)(viii) of the
Debenture is hereby deleted in its entirety and replaced with the following:

                  "(c) (viii) All calculations under this SECTION 3 shall be
                  rounded to the nearest twelfth (12th) decimal, at the sole
                  option of the holder."


                  4. EFFECT ON OTHER TERMS. This Amendment shall be deemed
effective as of June 1, 2008, as if entered into on such date. All other terms
set forth in the Debenture shall remain unchanged and this Amendment and the
Debenture shall be deemed a single integrated instrument for all purposes.


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         IN WITNESS WHEREOF, the Obligor has caused this Amendment No. 1 to
Secured Convertible Debenture to be duly executed by a duly authorized officer
as of the date set forth above.

                         OBLIGOR:
                         GULF COAST OIL & GAS, INC.

                         By:
                         Name:     Rahim Rayani
                         Title:       President & CEO



                         AGREED AND ACKNOWLEDGED:

                         HOLDER:
                         TAIB BANK, B.S.C.(C)

                                  By: ____________________________
                                  Name: __________________________
                                  Title:  __________________________










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