VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 07/27/12 — EnerGulf Resources Inc. (TSX VENTURE: ENG)(FRANKFURT: EKS) (“EnerGulf” or “the Company”) announces that due to market conditions the Company will not proceed with the private placement announced in the press release dated May 29, 2012. The Company had announced a brokered financing to raise up to CAD $18 million, on a best efforts basis.
Corporate Update
The Company continues with its efforts to develop its African assets. Over the past twelve months the Company has:
Block 1711
Lotshi Block
Moving forward, EnerGulf continues to market Block 1711 to qualified industry co-venturers that could provide successful operating and investment capability. Following the appointment of a new operator, a 3-D seismic program will be conducted to enhance the overall understanding of the geology of the block and assist in identifying the best drill targets for the 2013 exploration season. EnerGulf now plans a Lotshi Block, 3-4 well drill program for the next dry season and will continue to market the opportunity to potential farm-in participants. The PSC from the DRC remains in good standing. The Company will announce an appropriate financing when market conditions permit.
On Behalf of the Board of Directors of 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. 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.
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.
Contacts:
The Buick Group
Jonathan Buick
(416) 915-0915
Progressive Investor Relations
Ben Curry
(6040 689-2881
EnerGulf Resources Inc.
(604) 408-1990
(604) 608-4822 (FAX)