News Release
EnerGulf Updates Drilling Rig Status and Management Changes
HOUSTON, TEXAS
- March 28, 2008 - EnerGulf Resources Inc. (TSX
VENTURE:ENG)
As previously reported Block
1711 project operator, Sintezneftegaz Namibia Ltd., contracted the drillship
DeepVenture on behalf of itself and the other co-venturers on Block 1711
(EnerGulf, PetroSA and NAMCOR) to drill the Kunene #1 well. EnerGulf has been notified by the project operator, that Exxon has
completed its drill program in Angola with the Deep Venture; however Exxon has
various customs issues to sort out with the Angola customs authorities regarding
the release of the vessel. The operator is hopeful that the vessel should be
released for the drilling of the Kunene #1 by next week.
EnerGulf
will update the status of the drill ship when it has received official
notification the Deep Venture has been released and is underway to the drill site.
Block 1711 is situated in
the Namibe basin off the northern coast of Namibia along the international
boundary with Angola. The two separate exploration prospects, the Kunene and
Hartmann, have been identified by extensive modern seismic data on the 893,100
hectare (2.2 million acre) block. Based on a Prospective Resource Assessment
provided by Netherland Sewell & Associates, Inc. (see news release dated
September 8, 2006), the co-venturers are targeting a potential multi-billion
barrel oil and gas resource on Block 1711. EnerGulf has a 10% working interest
in the block.
Also, Jeff Greenblum has
assumed the additional titles of President and CEO of EnerGulf, with Jim Askew
resigning as President and a Director to accept a position with a private energy
company. His new position requires he resign all oil and gas directorships to
avoid any potential conflicts of interest. However, Mr. Askew will remain an
advisor to EnerGulf. EnerGulf appreciates Mr. Askew?s service.
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, Chairman of the Board
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.