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To: Goose94 who wrote (1158)	5/17/2013 9:34:54 AM
From: Goose94	Respond to of 203329

EnerGulf Resources (ENG-V) pleased with dismissal of Veritas lawsuit May 17, 2013 - News Release The lawsuit brought against EnerGulf Resources Inc. by Veritas DGC Ltd. and Veritas Geophysical (Nigeria) Ltd. has been finally dismissed by the Supreme Court of British Columbia. Costs of the action have been awarded to EnerGulf as the prevailing party to the litigation. Veritas' claim of $700,000 plus interest is now eliminated as a Company contingent liability. Lotshi Block, Onshore Democratic Republic of Congo: The Company continues its efforts to secure funding and to identify qualified participant(s) for the drill ready Lotshi Block, onshore Democratic Republic of Congo ("DRC"). As previously reported, a prospective resource estimate prepared for the Lotshi Block includes a mean estimate of 313,176,000 barrels of potentially recoverable oil. The report was prepared by DeGolyer and MacNaughton (D&M), an independent international petroleum consulting firm located in Dallas, Texas. The report is available on SEDAR and on the EnerGulf website. The Block is situated on the far west side of the DRC contiguous to Cabinda, Angola, next to the Atlantic Ocean. The Lotshi Block is believed to be on trend with the billion barrel M'boundi field in the Republic of Congo and has at least 7 independent prospects. The Company also reports that cross-awards have been made in the arbitration proceeding between the Company and The Geophysical Institute of Israel ("GII"), recently concluded in Houston, Texas in The International Centre for Dispute Resolution. The arbitrator awarded equipment demobilization costs to GII and awarded damages to EnerGulf for property remediation, in arbitration proceedings relating to a contract for seismic data acquisition services. The net result is an award in favour of GII for $161,200 plus interest at the rate of 5% per annum from April 1, 2012. The Company is considering its options regarding the award. Block 1711, Offshore Namibia: EnerGulf continues to search for qualified potential participants and make data room presentations for Block 1711 as the Government of Namibia works to restructure the interests in the block by seeking a new majority participant. A prospective resource report for Block 1711 was prepared covering four prospects and nine leads. The report includes a mean estimate of 3,166,000,000 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. EnerGulf currently has a 15% working interest in Block 1711. The next proposed work program calls for a 3D seismic program in the southern part of the block with a follow up well. 2013 Annual General Meeting: EnerGulf also reports that it has set the date for its 2013 Annual General Meeting at August 15, 2013. Management does not contemplate that it will be proposing any special business at the Meeting. We seek Safe Harbor.

To: Goose94 who wrote (1158)	6/28/2013 9:03:04 AM
From: Goose94	Respond to of 203329

ENG-V halted at open

To: Goose94 who wrote (1158)	6/28/2013 10:30:01 AM
From: Goose94	Read Replies (1) \| Respond to of 203329

EnerGulf Resources (ENG-V) receives 15-per-cent interest in block 1711 June 28, 2013 - News Release EnerGulf Resources Inc. has been granted a 15-per-cent interest under a new petroleum agreement recently approved by the Namibian government for block 1711 offshore Namibia. The parties to the New PA are the Government of the Republic of Namibia, Ministry of Mines and Energy, Gazania 148 Investments (PTY) Ltd. ("Gazania") and EnerGulf Namibia Ltd. ("EnerGulf"), a wholly owned subsidiary of the Company. The Operator will be Shaanxi Yuyang Petroleum Technology Engineering Co. Ltd. Gazania will have a 75% working interest in the 1711 project, EnerGulf will have a 15% working interest and NAMCOR (National Petroleum Corporation of Namibia (Pty) Ltd) will have a 10% carried interest to production. The New PA replaces in its entirety the 2006 Petroleum Agreement under which the Company participated in the drilling of the Kunene #1 offshore well during 2008 in which hydrocarbons were produced in the well bore, however not commercial. The New PA and related Exploration License have an initial term of four years commencing June 2013, may be renewed by the Government twice for additional two year periods, and provides for the following work programs and minimum expenditures: Initial Exploration Period (4 years), the minimum exploration expenditure is US$40,000,000 and the work program includes: Acquire at least 2500 square kilometers of 3D seismic lines to image some of the existing prospects in the south-western quadrant of block 1711; Process the seismic data via pre-stack depth migration; AVO processing for post-rift prospects; Optional processing through Reverse Time Migration; Acquire sea-floor piston cores over vents identified with side-scan program; Procure drilling vessel and drill one exploration well to the base of the syn rift and not less than a depth of 5500m below the sea level The First Renewal Period (2 years) and the Second Renewal Period (2 years) each have a Minimum Exploration Expenditure of US$40,000,000 and each include the requirement to drill one exploration well to a depth based on the results of the previous wells. Gazania has provided the Government with the guarantees required to cause the Exploration License to be issued, a $4,000,000 Bank guarantee (equal to 10% of the first period exploration requirement) and a guarantee of performance of the parties' obligations. A joint operating agreement ("JOA") will be entered into among Gazania, EnerGulf and NAMCOR, which will further define their respective rights and obligations relating to exploration of Block 1711 and, if warranted, production. The JOA will address such matters as any assignments of interests under the PA and License, changes in operatorship, and differences between payment obligations and participating interests in the project to accommodate matters such as cost recoveries and the NAMCOR carried interest. The Company expects to have the JOA settled and exploration under way by early fall, 2013. Block 1711 is situated in the Namibe basin off the northern coast of Namibia along the international boundary with Angola and covers 8,903 sq.km (2.2 million acres). A prospective resource report for Block 1711 was prepared covering four prospects and nine leads. The report includes a mean estimate of 3,166,000,000 barrels of potentially recoverable oil. (As per NI 51-101 section 5.9, there is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.) 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 (www.sedar.com) and the EnerGulf website (www.energulf.com). Jeff Greenblum, Chairman and CEO, comments: "We are delighted to have offshore Block 1711 back on track. It is a world-class project with multiple prospects and three independent plays, being geologically similar to the highly successful fields of the Santos Basin, Brazil, nearby offshore Luanda, Angola and Deepwater Gulf of Mexico. We are confident that the quality of our Namibian asset will be proven through the upcoming work programs, and we look forward to working with our new co-venturer and operator to achieve significant hydrocarbon discoveries." We seek Safe Harbor.