EnerGulf retains Moyes & Co
Dallas,Texas (September 11, 2013), EnerGulf Resources Inc. (TSX-V: ENG; FSE:EKS) (EnerGulf) is pleased to announce it has retained Moyes & Co (UK) Limited (Moyes) to assist in facilitating a transaction with a strategic co-venturer for the development of EnerGulf’s Lotshi Block in the Democratic Republic of Congo (DRC). Moyes & Co. (www.moyesco.com) has 30 years of worldwide consulting experience in the oil & gas industry. With over 550 transactions completed, and projects evaluated in all major basins in the world, Moyes & Co has established an international reputation for superior transaction advice.
Christopher Moyes, project lead for Moyes & Co, comments “The EnerGulf team has developed high value acreage in the West African pre-salt onshore and offshore play trend. EnerGulf has a 500 square kilometer property in the highly prospective DRC Coastal Basin, with the DRC and Cabinda onshore and offshore oilfields to the west and north, oil seeps reported in the block and a highly encouraging technical evaluation from DeGolyer & MacNaughton and Digital Prospectors Inc. The technical work has developed multiple drill ready prospects and leads with independent play types and the potential for stacked reservoir targets. Moyes is very excited about the potential of EnerGulf’s Lotshi interest and working with EnerGulf on this project.â”
Jeff Greenblum, EnerGulf Chairman and CEO, said “Moyes & Co. has a proven track record in facilitating oil and gas exploration and development joint venture transactions. We look forward to working with Moyes and leveraging its past success to find a qualified co-venturer for our Lotshi block.”
EnerGulf is focused on acquiring, exploring and developing high impact, large acreage oil and gas projects. EnerGulf has a 90% working interest, is the operator, and will carry COHYDRO, the national oil company of the DRC, for a 10% interest in the Lotshi Block. A March 2011 NI 51-101 report prepared by DeGolyer and MacNaughton, an independent international petroleum consulting firm located in Dallas, Texas, shows a mean estimate of prospective oil resources of 313.2 million barrels and is available on SEDAR (sedar.com) and the EnerGulf website (energulf.com). (As per NI 51-101 section 5.9, there is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.)
On Behalf of the Board of Directors of EnerGulf Resources Inc.
Jeffrey L. Greenblum
Chairman & CEO