EnerGulf Resources Inc.
TSX VENTURE : ENG
FRANKFURT : EKS

EnerGulf Resources Inc.

January 05, 2015 16:30 ET

EnerGulf Announces an Amendment to the Non-Brokered Private Placement and Insider Participation

TORONTO, ONTARIO--(Marketwired - Jan. 5, 2015) - EnerGulf Resources Inc. (TSX VENTURE:ENG)(FRANKFURT:EKS) ("the Company") is pleased to announce that it intends to complete the non-brokered private placement ("Private Placement") offering of Units of its publically traded securities at the lowered Unit price of C$0.15 (See December 9, 2014 News Release with Unit price of C$0.20), in the total sum of C$500,000. All other details of the offering remain the same as disclosed in the December 9, 2014 News Release. Insiders are anticipated to participate in the Private Placement for more than 25% of the Private Placement. Closing of the proposed Private Placement is anticipated to occur on or about January 9, 2015 and will be conditional upon, among other things, the receipt of all necessary regulatory approvals (including from the TSX Venture Exchange). Net Proceeds from the Private Placement will be used towards the extension of the Contrat De Partage De Production, and Permis d' Exploration, for the Lothsi Block and for general corporate purposes.

The Units and the common shares underlying the warrants have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold in the United States or to or for the account or benefit of a "U.S. person" (as defined in Rule 902(k) of Regulation S under the U.S. Securities Act) unless an exemption from registration is available.

The Units will be sold in the United States on a private placement basis pursuant to an exemption from registration provided by Rule 506(b) of Regulation D under the U.S. Securities Act.

Readers are cautioned not to place undue reliance on these statements as they involve known and unknown risks, uncertainties and other factors that may cause a change in assumptions and the actual outcomes and estimates may be materially different from the estimated or anticipated future results, achievements or positions expressed or implied by those forward-looking statements. The Company disclaims any intentions or obligations to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

About EnerGulf see www.energulf.com.

On Behalf of the Board of Directors of

ENERGULF RESOURCES INC.

John D. Elmore, Director & 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.

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