Energulf Resources Inc. ENGFF

Energy

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.

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Energulf Resources Inc.

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Comment by Columbus1494on Nov 21, 2012 12:30pm

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Post# 20627567

RE: Question for the board

Thats how I read it too.Sintez earlier had to pay 80% of the cost,that was to expensive for them so the jv agreed that they could convert the operating interest to a 10% carried interest for seismic and the next well.Its up to Energulf to negotiate other terms with a new operator.Maybe ENG is trying to achieve that the new operator pays back what they spent earlier,even what Sintez and Petrosa spent.Could be the reason why Eng`s interest isnt defined yet,19%-15%.If ENG achieves good terms for the others they could get a 19% interest?Maybe ENG also is trying to get a free carry for seismic or even the next well for itself.

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