Energulf Resources Inc. ENGFF

RE: RE: RE: RE: RE: back in?

[steadfast]

Vanisland:
Your point of finances is valid.  Jeff must be in quite a dilemma today.
1.  I understand there is $5.5M in the Bank, he is likely saving $3.2M in case Sintez announce a
    Commercial Discovery, the est amt to buy back-in.
2. I would expect he wants to proceed with Lotishi Seismic asap, likely cost $2.5M.
3. So, how to get money?  If we get Results from Independent Audit of a commercial find,
    surely the stock would reach $1.50, thus 8M wts @$1.35 get exercised $11M goes in till.
4. If the well is commercial, Jeff will have lots of options, the suitors will come knocking.
5. If the well is not commerical, he has the money for Lotishi.
6. Perhaps he will want to do a PP for a safety net. 
7. I can appreciate this total lack of news from Sintez & Govt of Namibia not only puts we
    Investors in a difficult position, but it must be likewise for Mgt of ENG & UNX. 
8. I feel I have been a hostage since April 9th 2008 to this Tight Hole Status, yet I am sure many
    know the results.
9.  Who would have ever believed on April 9th, 2008 the day drilling started that it would take
    130 days to drill at a cost of $130M and one year later still no results.  Either, it is marginal
    if the hole is commercial or it is One Hell of a Find.  Time will tell.
Steadfast