-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 G0C9wRddhKBUBjeOxgN0itfi+se6W+cauL/x76pRmlIyPerCvA6bJm7Sk38pxxv2
 kZ1tfi5pgRitSAVJP+zPdw==

<SEC-DOCUMENT>0001210499-04-000006.txt : 20041222
<SEC-HEADER>0001210499-04-000006.hdr.sgml : 20041222
<ACCEPTANCE-DATETIME>20041222153932
ACCESSION NUMBER:		0001210499-04-000006
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041222
FILED AS OF DATE:		20041222
DATE AS OF CHANGE:		20041222

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GULFWEST ENERGY INC
		CENTRAL INDEX KEY:			0000813779
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				870444770
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		480 N. SAM HOUSTON PARKWAY EAST
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77060
		BUSINESS PHONE:		2818201919

	MAIL ADDRESS:	
		STREET 1:		480 N. SAM HOUSTON PARKWAY EAST
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77060

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GULFWEST OIL CO
		DATE OF NAME CHANGE:	19960515

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GULFWEST ENERGY INC//
		DATE OF NAME CHANGE:	19920924

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST PREFERENCE FUND INC
		DATE OF NAME CHANGE:	19910730

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KAETZER THOMAS R
		CENTRAL INDEX KEY:			0001210499

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12108
		FILM NUMBER:		041220795

	MAIL ADDRESS:	
		STREET 1:		C/O GULFWEST ENERGY INC
		STREET 2:		480 N SAM HOUSTON PARKWAY E
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77060
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>aform4trk122204_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-12-22</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000813779</issuerCik>
        <issuerName>GULFWEST ENERGY INC</issuerName>
        <issuerTradingSymbol>GULF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001210499</rptOwnerCik>
            <rptOwnerName>KAETZER THOMAS R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O GULFWEST ENERGY INC</rptOwnerStreet1>
            <rptOwnerStreet2>480 N SAM HOUSTON PARKWAY E</rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77060</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-12-22</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2004-12-22</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>100000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>298852</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Series F Conv Pref Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-12-22</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2004-12-22</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>200</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>500</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2004-09-20</value>
            </exerciseDate>
            <expirationDate>
                <value>2014-09-20</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>100000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <remarks>The Reporting Person converted 200 shares of Series F Convertible Preferred Stock with a face value of $500 and at a
conversion price of $1 per share of common stock, resulting in 100,000 shares of common stock.</remarks>

    <ownerSignature>
        <signatureName>Thomas R. Kaetzer</signatureName>
        <signatureDate>2004-12-22</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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