EnerGulf Resources Inc.
TSX VENTURE : ENG
FRANKFURT : EKS

EnerGulf Resources Inc.

April 14, 2009 08:30 ET

EnerGulf Announces Financing to Raise Up to $3.15 Million

HOUSTON, TEXAS--(Marketwire - April 14, 2009) - EnerGulf Resources Inc. (TSX VENTURE:ENG)(FRANKFURT:EKS) ("Energulf" or the "Company"): The Company is pleased to announce plans for a non-brokered private placement of up to 9 million units at a price of $0.35 per unit, to raise gross proceeds of up to $3,150,000. Each unit will consist of one common share and one share purchase warrant entitling the holder to purchase one additional common share of EnerGulf for two years at the price of $0.50 during the first year and $0.75 during the second year. The proceeds will be applied to the upcoming seismic survey and work program on the Lotshi Block project located in the Democratic Republic of Congo, the anticipated work program for Block 1711, including the Kunene #1 well evaluation, and for general working capital.

No "control persons" (as defined in Policy 4.1 of the TSX Venture Exchange) or new insiders are expected to be created as a result of the private placement. All shares issued by the Company will be subject to resale restrictions and may not be resold in Canada for a period of four months from the Closing date. The private placement is subject to acceptance of a filing to be made in respect of same by the TSX Venture Exchange. EnerGulf may pay finders' fees in accordance with the policies of the TSX Venture Exchange with respect to the private placement.

On Behalf of the Board of Directors of EnerGulf Resources Inc.

Jeff Greenblum, CEO

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.

Neither 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.

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