ENG Energulf Resources (delisted)

EnerGulf Resources Inc. (TSX VENTURE:ENG)(FRANKFURT:EKS) ("EnerGulf" or "the
Company") announces that due to market conditions the Company will not proceed
with the private placement announced in the press release dated May 29, 2012.
The Company had announced a brokered financing to raise up to CAD $18 million,
on a best efforts basis.


Corporate Update

The Company continues with its efforts to develop its African assets. Over the
past twelve months the Company has:


Block 1711



--  Secured from the Minister of Mines and Energy of the Republic of Namibia
    for Block 1711, the second two year renewal period, from March 31, 2012
    to March 31, 2014. 
--  Completed a prospective resource report, for four prospects and nine
    leads on the 2.2 million acre, Block 1711, offshore Namibia, including a
    mean estimate of 3.166 billion barrels of potentially recoverable oil.
    The report was prepared by independent oil and natural gas reservoir
    engineers Netherland Sewell and Associates Inc. of Dallas, Texas, and is
    available on SEDAR and the EnerGulf website. 
--  Negotiated to increase the Company's interest from 10% to 15% and
    continues as interim Operator. 
--  Marketing and conducting data room presentations for Block 1711with
    qualified industry potential participants, on behalf of the Government
    of Namibia. 



Lotshi Block 



--  Commissioned and completed a prospective resource estimate for the 505
    sq. km., Lotshi Block, Democratic Republic of Congo ("DRC"), including a
    mean estimate of 313 million barrels of potentially recoverable oil, of
    which Energulf owns a 90% working interest. The report was prepared by
    DeGolyer and MacNaughton (D&M), an independent international petroleum
    consulting firm located in Dallas, Texas. It is available on SEDAR and
    the EnerGulf website. 
--  Prepared and secured a rig for a 2-3 well drill program.  
--  Constructing a school and medical clinic on the block for the local
    communities per the terms of the Production Sharing Contract ("PSC"). 
--  Marketed the Lotshi block for qualified participant(s). The Company
    entered into negotiations with various potential participants but has
    not finalized an acceptable agreement.



Moving forward, EnerGulf continues to market Block 1711 to qualified industry
co-venturers that could provide successful operating and investment capability.
Following the appointment of a new operator, a 3-D seismic program will be
conducted to enhance the overall understanding of the geology of the block and
assist in identifying the best drill targets for the 2013 exploration season.
EnerGulf now plans a Lotshi Block, 3-4 well drill program for the next dry
season and will continue to market the opportunity to potential farm-in
participants. The PSC from the DRC remains in good standing. The Company will
announce an appropriate financing when market conditions permit. 


On Behalf of the Board of Directors of ENERGULF RESOURCES INC.

Jeffrey L. Greenblum, Chairman & CEO

Certain disclosure in this release constitute forward-looking statements that
are subject to numerous risks, uncertainties and other factors relating to
EnerGulf's operations as an oil and gas exploration company that may cause
future results to differ materially from those expressed or implied by those
forward-looking statements and readers are cautioned not to place undue reliance
on these statements. EnerGulf disclaims any intentions or obligations to update
or revise any forward looking statements whether as a result of new information,
future events, or otherwise.

Energulf Resources Inc. (TSXV:ENG)
Historical Stock Chart
From Aug 2024 to Sep 2024

Energulf Resources Inc. (TSXV:ENG)
Historical Stock Chart
From Sep 2023 to Sep 2024