EnerGulf Resources Inc.
TSX VENTURE : ENG
FRANKFURT : EKS

EnerGulf Resources Inc.

February 02, 2011 08:31 ET

EnerGulf Provides Update on Africa Projects

HOUSTON, TEXAS--(Marketwire - Feb. 2, 2011) - EnerGulf Resources Inc. (the "Company") (TSX VENTURE:ENG)(FRANKFURT:EKG) is pleased to provide project updates on the Lotshi Block in the Democratic Republic of Congo ("DRC") and Block 1711 offshore Namibia.

Lotshi Block – Onshore DRC:

State-of-the-art processing of the 2-D seismic that was acquired during the summer of 2010 has been completed. EnerGulf is currently interpreting and mapping the new seismic and integrating it with the older seismic data which we re-processed in 2009. We also plan to integrate the seismic data with the airborne gravity and magnetics data, which was acquired and processed in 2008-09. This work is expected to yield several drillable prospects by the 2nd Quarter 2011, in time for a drilling program which is anticipated to begin in the late summer. We are currently in the process of canvassing available drilling rigs and drilling engineering consultants for the drill program.

The Lotshi Block covers approximately 500 square km of the Les Zones du Bassin Côtier in the onshore coastal salt basin of western DRC. EnerGulf is the operator of the project and has a 90% interest. The Block is contiguous to Cabinda, Angola where Pluspetrol/ROC Oil Company have drilled 4 wells and encountered oil in the Chela formation on its Cabinda South Block which is immediately contiguous to the Lotshi Block's western boundary. They reported the Castanha-1 well struck light oil (33 API) over 15 gross metres below a depth of 2214 metres in the Chela formation, the Castanha-2 well drilled to a depth of 2,448m encountered a 21metre gross hydrocarbon column, the Castanha-3 well encountered a gross hydrocarbon column of approximately 7 metres, and the Castanha-4 well encountered a gross hydrocarbon column of approximately 15 metres. The Chela sands are a target formation for the Lotshi block. SOCO International has encountered oil shows to the north of the block in the Lower Bucomazi and the Chela formations. The Bucomazi formations are also targets in the Lotshi block.

The Lotshi Block is also on trend with the M'Boundi giant field in Republic of Congo and situated in a similar geological setting and is in relatively close proximity to the offshore Cabinda, Malongo and Takula giant field complexes operated by Chevron and the onshore and offshore Perinco fields in DRC. 

Block 1711 - Offshore Namibia:

EnerGulf, as interim operator of Block 1711, is coordinating the work program approved by the co-venturers to further evaluate the current and additional prospects, identify future drilling locations and consider potential re-entry of the Kunene #1. Most of the work is focused on properly evaluating the results of the Kunene #1 well and integrating this information with existing seismic data. The work also involves evaluating samples from the well for several different types of marine and terrestrial microfossils. A detailed petrographic study of samples from the side-wall cores, is almost complete. This new data is being evaluated and integrated with the available 3-D and 2-D seismic. Additional leads are also being developed and we expect various results to be ready in the 2nd Quarter 2011.

Block 1711 comprises 2.2 million acres and is situated in the Namibe basin off the northern coast of Namibia along the international boundary with Angola. EnerGulf has a 10% working interest in Block 1711.

EnerGulf's Chairman/CEO, Jeff Greenblum, comments, "EnerGulf is pleased to report that its exploration work programs for the Lotshi (DR Congo) and 1711 (Namibia) blocks are on schedule. This sets the stage for an exciting year of 2011 for EnerGulf. The Lotshi Block should soon be drill ready, and we are working towards spudding the 1st well of a possible 3 well drill program in late summer, 2011. The valuable geological work we are completing for Block 1711 should yield additional prospects and lead the way forward to unleash the potential of this outstanding block."

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, CEO/COB

Certain disclosure in this release constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to the Company's operation 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. 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.

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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