EnerGulf Resources Inc.
TSX VENTURE : ENG

EnerGulf Resources Inc.

January 28, 2008 01:40 ET

EnerGulf Updates Drilling Schedule for Block 1711

HOUSTON, TEXAS--(Marketwire - Jan. 28, 2008) - EnerGulf Resources Inc. (TSX VENTURE:ENG): EnerGulf is providing an update on the drilling schedule for the Kunene #1 offshore Namibia, further to its News Release dated January 7, 2008.

The contracted drillship, DeepVenture, is currently drilling for ExxonMobil offshore Angola. Sintezneftegaz, the operator, has contracted on behalf of itself and the other co-venturers on Block 1711, EnerGulf, PetroSA and NAMCOR, with Esso Exploration Inc., a division of ExxonMobil, and Larsen Oil and Gas Ltd. (Venture Drilling) for use of the drillship as soon as it completes the drilling of ExxonMobil's well. Latest reports provided to EnerGulf by the operator, Sintezneftegaz, estimate the release date of the rig from ExxonMobil around February 25, 2008. EnerGulf's drilling consultants, based on current information, estimate the rig's release could be earlier depending on ExxonMobil's drill program and drilling contingencies. However, as previously announced, the timing of the rig's release for drilling the Kunene #1 on Block 1711 remains subject to the conclusion of ExxonMobil's drill program for its well.

On Behalf of the Board of Directors of ENERGULF RESOURCES INC.

James Askew, President

Certain disclosure in this release, including the proposed private placement, use of proceeds, anticipated commencement date of on the Kunene #1, and management's assessment of EnerGulf's plans and projects, 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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