GREY:ENGFF - Post by User
Post by
Bernhardowon Apr 01, 2009 11:08pm
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Post# 15890029
NEWS RELEASE - Options
NEWS RELEASE - OptionsApril 1, 2009
(Houston) EnerGulf Resources Inc. (ENG-TSXV) (“Energulf” or the “Company”) The Company has determined to re-price 4,904,799 outstanding incentive stock options to reflect current market conditions. The options were granted at prices ranging from $0.70 to $2.62 between July 7, 2005 and June 4, 2008. The new exercise price for the options is $0.40.Insiders hold 2,619,899 of the options. The re-pricing of the optionsis subject to acceptance by the TSX Venture Exchange and the exerciseof re-priced options held by insiders will be subject to disinterestedshareholder approval, which means approval by shareholders other thanthe insiders having their options re-priced and associates of suchinsiders. The requisite approval is expected to be sought at theCompany’s next annual general meeting, currently intended to be heldduring August 2009. In addition, EnerGulf has today approved the grantof incentive stock options under its Stock Option Plan to Directors forthe purchase of a total of 600,000 common shares in its capitalexercisable on or before April 1, 2014 at a price of $0.40 per commonshare.
On Behalf of the Board of Directors of
EnerGulf Resources Inc.
“Jeff Greenblum”, COB/CEO