Energulf Resources Inc. ENGFF

RE: I'm amazed none of you appear to be following

[Tinmann]

7phigyers,

Would be happy to discuss it further on the BUK board.

The thing that people aren't "getting" about BUK is that once that gascomes onstream in October, the company will be totally self-fundingthrough to 2011 at least. Lots of targets in inventory and a monsterone being drilled right now. It absolutely boggles my mind that the market hasn't caught on to North Piper yet... the well is drilling and is easily the biggest exploration target being drilled in the UK North Sea this year (could be 500 mmbbls recoverable). Results should come within 2 weeks. The well is about 20 km away from the 1.1 billion barrel Piper field that is operated by Talisman.

Some were peeved about the financing, but they clearly don't understandthat it takes money to make money. It's a testament to the quality ofthe company's assets and outlook that the company was able to raise $35million in a hugely oversubscribed deal in a crappy market like this.Management is not just issuing paper for the fun of it... they need thedough to keep things moving ahead as they wait for Durango to comeonstream in October. They'll also hedge a good chunk of their gasbetween $15-20/mcf and that will cost them $$ in the near term, but thepayoff in the longer term will be huge -- it should ensure annual cashflow in the $150-200 million range through to 2011.