News Release
EnerGulf Update on DRC and Namibia Projects
HOUSTON, TX - February 13, 2009 - EnerGulf Resources Inc. (TSX-V:ENG; EKS-Frankfurt)
EnerGulf provides the following update on its projects in the Democratic Republic of Congo (?DRC?) and Namibia.
EnerGulf is pleased to announce, that it signed the Joint Operating Agreement (JOA) with COHYDRO, the national oil and gas company of the DRC, setting out the various terms of which EnerGulf, as Operator, is to manage the exploration activities on its Lotshi Block. The Lotshi Block covers approximately 475 square km of the Les Zones du Bassin C?tier in the onshore coastal salt basin of western DRC contiguous to Cabinda, Angola, and is in relatively close proximity to the offshore Cabinda, Malongo and Takula field complexes operated by Chevron; the onshore and offshore Perinco fields in DRC; and onshore M?Boundi field, operated by ENI in the Republic of Congo. COHYDRO is non-operator and has a 10% carried interest in the block. EnerGulf owns the remaining working interest in the block. The JOA is considered an important step forward in the process. The company is now preparing for a seismic program to further define the prospectivity of the block and to identify optimal drill targets.
With respect to the Kunene No. 1 oil and gas well, Block 1711, offshore Namibia, EnerGulf still awaits the laboratory analysis of the various geological and hydrocarbon properties encountered in the well, from the Operator, Sintezneftegaz Namibia Ltd. so that a 2009 work program can be approved. The government of Namibia has classified Kunene No. 1 as a "tight hole," meaning no information regarding the well may be released until such time as the Namibian government determines to make the information public.
EnerGulf Resources Inc. is a publicly traded international oil and gas exploration company focused on maximizing shareholder value by targeting high impact opportunities in the world?s most prospective hydrocarbon regions.
On Behalf of the Board of Directors of
ENERGULF RESOURCES INC.Jeff Greenblum, COB/CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release. 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 Resources Inc.
200 - 675 West Hastings Street, Vancouver BC, V6B 1N2
Tel: 604.408.1990 Fax: 604.608.4822
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Energulf Resources Inc
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CODE : ENG.V |
ISIN : CA29266X1050 |
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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. |