RE: Wheeling n dealing
Energulf Resources partnering in Namibia with mean estimate of 3.2B barrels of potentially recoverable .
DALLAS, TEXAS (December 21, 2012), EnerGulf Resources Inc. (TSX-V: ENG FRANKFURT: EKS) ("EnerGulf" or "the Company"). At the Company's Annual General Meeting held on December 17, 2012, Jeff Greenblum, Clive Brookes and Tom Fetters were re-elected as directors and Eliecer Palacios was elected as a new Director. Jeff Green Blum continues as Chairman of the Board & CEO, and Clive Brookes as CFO. All other resolutions were passed as set out in the Notice of Annual General Meeting.
The Company continues its Efforts to secure sources of funding and qualified participants for its projects.
Block 1711, offshore Namibia: EnerGulf continues on behalf of the Government of Namibia to find a participant Majority for Block 1711th The Company is marketing the project and is conducting data room presentations with qualified potential industry participants. The Company Intends to secure a joint venture participant in the first half of the 2013th 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 has a 15% working interest in Block 1711th The upcoming work program calls for a 3D seismic program in the southern part of the block with a follow up well.
Jeff Greenblum, EnerGulf Chairman and CEO comments, "We are finding strong interest in our projects among various major and mid-size energy companies. Drilling activity continues in Namibia with Galp Energia of Portugal's recent partnership with HRT of Brazil in three offshore blocks. BP, Petrobras and Tullow are so active in the area. We believe we have two world-class projects with Relatively low geological and geopolitical risk Compared to other West African opportunities. We are confident that the quality of our Namibian assets and DRC will continue to attract the interest of oil majors and large independents in the region. We have worked hard so that the DRC Lotshi Block is now drill ready. So we are delighted to have Eliecer Palacios join our Board and look forward to benefiting from his Considerable expertise in the energy and capital markets. "
On Behalf of the Board of Directors of ENERGULF RESOURCES INC.
"Jeff Greenblum"
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