Energulf Resources Inc. ENGFF

RE: RE: Soon new contract for Deep Venture

[Columbus1494]

Due to the conflict between Venture Drilling(Petrolia+Aban) and Arktikmor/Zarubezhneft that has went to court
 it will be difficult for Venture Drilling to find new clients for the vessel before a deal with the russians is made.
A court decision regarding the claim to return Deep Venture to the russians is expected later this month in St.Petersburg.Another hearing is expected in Norway.Venture drilling loses money for every day with no contract
for Deep Venture so a compromise with the russians is likely.
There are negotiations between Venture drilling and the russians regarding return of the vessel to the russians.

"Venture Drilling AS has a Bareboat agreement with the Russian stated owned company

Arktikmorneftegazrazvedka, for use of the drillship Deep Venture.

The agreement is according to Russian courts invalid. The decision is appealed and the hearing

should have taken place 9.March 2010,but has been postponed with 2.5 months. A redeliveryagainst

compensation is under discussion with the vessel’s Russian owners.

The agreement with the Russian owners is governed by Norwegian law and arbitration in Norway is initiated, cf note 17."