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Energulf Resources Inc. ENGFF

Energulf Resources Inc is an oil and gas exploration company. Along with its subsidiaries, the company acquires and develops oil and gas projects in the Gulf of Mexico in Africa and Albania. The company's assets are located in Canada, Namibia, Albania and the Democratic Republic of Congo. Majority of the revenue is derived from the properties in Canada.


GREY:ENGFF - Post by User

Bullboard Posts
Post by stargazer1on Jun 24, 2008 10:57pm
346 Views
Post# 15225172

Just a guess.

Just a guess.People may be selling because there has been no news since drilling started. True it is a tight hole and so no information is allowed to  be given out, but people may think that by now they should have reached the 4,400m level, and since we haven't had confirmation, they are giving up or getting scared. But as some people have  pointed out, it could be due to mechanical proplems. 4,400 m is is almost 2 1/2 miles down. That's a long way. Things can happen, and as a poster pointed out, it looks like a repair ship was sent to the site, validating the information of a temporary halt in drilling due to mechanical problems. So, even it has taken longer  than the company originally anticipated, the drilling ship is still in place, and it is just a matter of time untill we hear something. Plus we still have our on shore oil concession. Plus as  was just pointed out, we have fallen so far, that even if we don't hit off shore, it may not fall so far from here. Of course, I too never conceived that it could fall this far after announcing the commencement of drilling. I'll hold on. I too bought at higher levels. I could sell for not too big a loss, but if they hit, then people will know we have oil here and so also at our other off shore site, plus possibly a monster field on shore, and so the stock could climb, over time, to multiples and multiples of this price.
Bullboard Posts