Energulf Resources Inc. ENGFF

zero interest

[wallywill]

My turn to vent.

I share the same sentiment as many of you. It just took some members a little longer to realize it. Many times in the last few years I questioned why I stay. Partially because my original investment is a mere fraction of what it once was and partially of the HRT Namibian drill campaign. After HRT's attempts the interest in offshore Namibia have waned and any oil will take a lot longer to come to fruition. Jeff gambled and waited hoping a positive drill will help propell ENG but the outcome did not.

They were suposed to have finalized the JV agreement by last fall and it has not happened. In a way this delay helps ENG's cause because they do not have any money to pay for their share of siesmic anyways.

As for the Lotshi block,  I questioned the viability of small targets at Lotshi, the use of a picture of a drill rig in Texas just to give people the impression that Lotshi will look like that. Poor tactics in promoting the company. Better dump those IR people and bring in new ones. We now have a more "professional looking" web site. Really??? Who is that guy smiling at you?? What are those things in the other picture? Personally I can't stand looking at that fella grinning at me.

The reality is that ENG is on life support. Some say that they closed a sucessful PP..thats a joke! that PP will go to pay their saliaries. Insiders buying! Peter and Anu each bought in on the very last day of the PP and received the same amounts in options Jeff bought a little bit and no other insider bought any. John recieve options as our new president.

I know people personally who spent more than what these insdier buys were. 
 
Losing Lotshi is a definite possibliity. The current PSC will expire later this year and ENG will need to spend around $20 million.(very rough estimte) to in order to keep the PSC.

Looking at the cash on hand, we are lucky to be at the share price that we are at.
Wally
the grumpy bear