NEWS RELEASE
EXPLORATION LICENSE RENEWED FOR BLOCK 1711 OFFSHORE NAMIBIA
April 1, 2010
(Houston) EnerGulf Resources Inc. (ENG-TSXV) ("EnerGulf"): EnerGulf is pleased to announce that the Exploration License for offshore Block 1711, has been renewed for an additional 2 year period by the Ministry of Mines and Energy, Republic of Namibia. The Exploration License was originally granted in March 2006 for an initial term of four years and provided for two additional two year renewal exploration periods.
The co-venturers in Block 1711 are NACOR Investments Limited, an affiliate of the Sintez Group LLC (70% interest), EnerGulf Resources Inc (10% interest), PetroSA (10% interest), Namcor (7% carried interest) and Kunene Energy (the BEE - 3% carried interest).
Block 1711 is situated in the Namibe basin off the northern coast of Namibia along the international boundary with Angola. Two separate exploration prospects, the Kunene and Hartmann, have been identified by extensive modern seismic data on the 893,100 hectare (2.2 million acre) block. In August 2008, the Company reported that drilling and logging operations on the Kunene #1 had been completed to a depth of 5,050 meters below sea level in 772 meters of water. The well had significant hydrocarbon shows. EnerGulf believes the results of the operations to date have enhanced the prospectivity of Block 1711 by demonstrating that hydrocarbons are present.
EnerGulf's COB/CEO, Jeff Greenblum stated, "With the receipt of our Block 1711 license renewal, we look forward to expeditiously continuing our work program to identify promising drill targets."
EnerGulf Resources Inc. is a publicly traded international oil and gas exploration company focused on maximizing shareholder value by targeting high impact opportunities in the world's most prospective hydrocarbon regions.
On Behalf of the Board of Directors of
EnerGulf Resources Inc.
"Jeff Greenblum" Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain disclosure in this release constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to EnerGulf's operations as an oil and gas exploration company that may cause future results to differ materially from those expressed or implied by those forward-looking statements and readers are cautioned not to place undue reliance on these statements. EnerGulf disclaims any intentions or obligations to update or revise any forward looking statements whether as a result of new information, future events, or otherwise.
