EnerGulf Enters into Agreement for a Drill Rig on its Lotshi Block in the DRC
DALLAS, TEXAS (April 26, 2012), EnerGulf Resources Inc. (TSX-V: ENG; FSE: EKS) EnerGulf is pleased to announce that it has entered into a “Heads of Agreement” (HOA) with Africa Onshore Drilling Ltd. (“AOD”) whereby AOD would provide a drill rig and related services for up to 3 wells for EnerGulfâ€™s upcoming 2012 drill program on its Lotshi Block in Democratic Republic of Congo (“DRC”). The HOA is subject to the parties executing a comprehensive “Drilling and Ancillary Services Agreement”.
On May 11, 2011, EnerGulf reported the receipt of a 51-101 assessment of the Prospective Resources on EnerGulfâ€™s Lotshi Block with a mean estimate of 313 million barrels for the potentially recoverable oil on seven oil prospects on the Lotshi Block. The report was prepared by DeGolyer and MacNaughton (D&M), an independent international petroleum consulting firm located in Dallas, Texas (www.demac.com) and is available on SEDAR (www.sedar.com) and on the Company’s website (www.energulf.com). EnerGulf is the operator of the project and has a 90% interest and COHYDRO, the state oil company of the DRC, holds a 10% carried interest.
On behalf of the Board of Directors,
EnerGulf Resources Inc.
Jeffrey L. Greenblum, Chairman & CEO