ENERGULF RESOURCES
INC.
200 -
675 West Hastings Street, Vancouver, British Columbia V6B
1N2
Telephone: (604) 408-1990 Fax: (604)
608-4822
www.energulf.com
NEWS
RELEASE
March 18, 2008
EnerGulf Receives
Presidential Decree for the Lotshi Block, Democratic Republic of
Congo
(HOUSTON) EnerGulf Resources Inc. (TSX-V: ENG) is
pleased to announce the Hydrocarbon Exploration and Production Sharing Contract
(�PSC�) granted to its wholly owned subsidiary EnerGulf Africa Ltd., covering
the Lotshi Block, located onshore in the Democratic Republic of Congo (�DRC�),
has been ratified by Presidential Decree (ordinance) and is now effective.
The Lotshi Block covers approximately 475 sq km of
the Les Zones du Bassin Cotier (ZBC) in the onshore coastal salt basin of the
western DRC. It is contiguous to the highly prospective Cabinda area of Angola.
The offshore blocks of Cabinda closest to the ZBC contain the giant (more than
500MM barrels of recoverable reserves) Malago and Takula field complexes
operated by Chevron. The ZBC is also immediately adjacent to the East-Mibale,
Laiwenda-Kinkasi and Muana-Banana fields operated by Perenco. Onshore oil
production from the Perenco fields is about 9,000 bpd. Offshore production from
Perenco and Chevron in DRC waters account for about 18,000 bpd.
EnerGulf will be the operator of the block and la
Congolaise des Hydrocarbures (�Cohydro�), the state owned oil company of the
DRC, will have a 10% carried interest in the block. The 5 year minimum work
commitment provided for in the PSC is US$33,500,000.
Commenting for EnerGulf, Chairman of the Board
Jeff Greenblum stated, �We are extremely excited about receiving the
Presidential Decree ratifying our PSC and believe the Lotshi Block has the
potential to become a cornerstone for EnerGulf�s growth. We are looking forward
to beginning the aggressive exploration program planned for this highly
prospective area in the onshore coastal basin of the DRC.�
On Behalf of the Board of Directors of
ENERGULF RESOURCES INC.
"Jeff Greenblum", Chairman of the
Board
Contact information: Ben Curry
Progressive Investor Relations
Tel: (604) 689-2881
Certain disclosure in this release, including the proposed private
placement, use of proceeds, and management�s assessment of EnerGulf's plans and
projects, constitute forward-looking statements that are subject to numerous
risks, uncertainties and other factors relating to EnerGulf's operations as an
oil and gas exploration company that may cause future results to differ
materially from those expressed or implied by those forward-looking statements
and readers are cautioned not to place undue reliance on these
statements.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
|
Energulf Resources Inc
|
|
|
CODE : ENG.V |
ISIN : CA29266X1050 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Energulf is a and oil exploration company based in Canada. Energulf holds various exploration projects in Namibia. Its main asset in production is LOTSHI BLOCK in Congo Dem. Rep. of and its main exploration property is KUNENE in Namibia. Energulf is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 2.0 millions as of today (US$ 1.6 millions, € 1.4 millions). Its stock quote reached its highest recent level on September 30, 2005 at CA$ 6.65, and its lowest recent point on July 05, 2017 at CA$ 0.02. Energulf has 99 320 000 shares outstanding. |