EnerGulf Amends Private Placement and Provides Update on Nigeria Block 252.HOUSTON -- Further to the private placement of EnerGulf Resources Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:ENG ENG electronystagmography. ENG abbr. electronystagmography ENG enzootic nasal granuloma. ) announced on October 13, 2005, EnerGulf announces that, subject to regulatory approval, it has amended the price to $3.50 per unit for up to 500,000 units. All other terms of the private placement remain unchanged. With respect to Nigeria Oil Prospecting License ("OPL OPL Open Publication License OPL Olympus Product Line (Sun) OPL outer plexiform layer OPL Organiser Programming Language (PSION) OPL On-Premise Laundry OPL Optical Path Length OPL Open Public License ") 252 (the "block"), the EnerGulf/Derock JV has been informed that it has been granted an extension until January 30, 2006 to pay the required signature bonus. EnerGulf has licensed the Veritas 3D seismic data covering the block, and as technical partner of the EnerGulf/Derock JV, is conducting a continuing evaluation, which is developing estimates as to the hydrocarbon potential of the block. Such analysis is being performed by EnerGulf's geological and geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. consultants, Digital Prospectors, under the direction of Dr. Bill St. John, EnerGulf's Senior Advisor In some countries, a Senior Advisor is an appointed position by the Head of State to advise on the highest levels of national and government policy. Sometimes a junior position to this is called a National Policy Advisor. for African Exploration. EnerGulf is currently engaged in ongoing discussions with various parties, including qualified potential industry partners, regarding the future of the block. Developments will be made public as appropriate. Commenting on current events, Jeff Greenblum, Chairman of EnerGulf's Board of Directors said "We are in discussions with various parties regarding the future operations and financial obligations that are associated with signing OPL 252's Production Sharing Contract (PSC (Public Service Commission) Same as PUC. ). Progress has been made to date and these discussions are ongoing. However, an opportunity of this size and nature, presents complex issues and no assurances can be made at this time regarding the signing of the PSC." On Behalf of the Board of Directors of ENERGULF RESOURCES INC. "Jeff Greenblum," Chairman of the Board |
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