Energulf Resources Inc. ENGFF

Interoil Corp.

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Regarding the assessment of the well, I wish to bring your attention to Interoil who have been drilling and testing and logging their Antelope structure off Papua New Guinea for a couple of years now.........it was first thought to be insignificant.  But further drilling and logging and assesment of their results have now shown it is very commercial......commercial enough that it received financing from Merril's energy division along with other financiers to build a LNG pipeline from the structure to the mainland.

My point is this......drilling activity and assessment of this size is not done with one drill, and a few months of work.........it sometimes takes multiple drills from various locations and angles into the strucutre to tap into it.......it is ongoing.  While the first drill was not encouraging to Interoil, their subsequent holes flared alot of TCFs.  It took Interoil 2 years to delineate this structure............why should it take ENG et al only one drill and a few months of assessment to declare it viable.   Don't get me wrong..........I wish it were so.......but it's not REALISTIC.