ENG Energulf Resources (delisted)

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS OR FOR
DISTRIBUTION TO U.S. NEWSWIRE SERVICES. THIS PRESS RELEASE DOES NOT CONSTITUTE
AN OFFER TO SELL OR AN INVITATION TO PURCHASE THE SECURITIES DESCRIBED IN IT


EnerGulf Resources Inc. (TSX VENTURE:ENG)(FRANKFURT:EKS) ("EnerGulf" or "the
Company") is pleased to announce the Company has engaged Jacob Securities Inc.
("JSI") of Toronto, Ontario, as agent, in connection with a private placement
offering of units ("Units") to raise up to CAD $18 million, on a best efforts
basis (the "Offering"). Each Unit is priced at $0.45 and will consist of one
common share and one-half of one common share purchase warrant (a "Warrant"),
each whole Warrant exercisable at $0.65 to purchase one common share for a
period of 24 months from the closing date. The Warrants will be subject to
acceleration, at the option of the Company, in the event the trading price of
the shares of the Company closes at or above $1.00 per share for 10 consecutive
trading days at any time after four months from closing of the private
placement. 


EnerGulf has agreed to pay JSI a 6% cash commission on the gross proceeds and
broker warrants exercisable to purchase common shares at $0.45 for a period of
18 months in the amount of 6% of the total number of units. The Company may also
pay other fees with respect to the private placement in accordance with the
policies of the TSX Venture Exchange with respect to a portion of the private
placement. Closing of the Offering is subject to receipt of all necessary
regulatory approvals, including the approval of the TSX Venture Exchange.


The net proceeds of the Offering will be used for the upcoming drilling program
on the Lotshi Block in the Democratic Republic of Congo and for general working
capital. The Company continues in discussions with potential farm in
participants for both the Lotshi Block and Block 1711 Offshore Namibia. 


On behalf of the Board of Directors, 

EnerGulf Resources Inc.

Jeffrey L. Greenblum, Chairman & 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. Such factors include, among others, the ability to complete
contemplated private placements and the timing and amount of expenditures.
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.

Energulf Resources Inc. (TSXV:ENG)
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Energulf Resources Inc. (TSXV:ENG)
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