ENG Energulf Resources (delisted)

EnerGulf Resources Inc. (TSX VENTURE:ENG)(FRANKFURT:EKS) (the "Company") is
pleased to announce that it has been granted a 15% interest under a new
Petroleum Agreement (the "New PA") recently approved by the Namibian Government
for Block 1711, offshore Namibia. 


The parties to the New PA are the Government of the Republic of Namibia,
Ministry of Mines and Energy, Gazania 148 Investments (PTY) Ltd. ("Gazania") and
EnerGulf Namibia Ltd. ("EnerGulf"), a wholly owned subsidiary of the Company.
The Operator will be Shaanxi Yuyang Petroleum Technology Engineering Co. Ltd.


Gazania will have a 75% working interest in the 1711 project, EnerGulf will have
a 15% working interest and NAMCOR will have a 10% carried interest to
production. The New PA replaces in its entirety the 2006 Petroleum Agreement
under which the Company participated in the drilling of the Kunene #1 offshore
well during 2008 in which hydrocarbons were produced in the well bore, however
not commercial. 


The New PA and related Exploration License have an initial term of four years
commencing June 2013, may be renewed by the Government twice for additional two
year periods, and provides for the following work programs and minimum
expenditures:


Initial Exploration Period (4 years), the minimum exploration expenditure is
US$40,000,000 and the work program includes:




--  Acquire at least 2500 square kilometers of 3D seismic lines to image
    some of the existing prospects in the south-western quadrant of block
    1711;
--  Process the seismic data via pre-stack depth migration;
--  AVO processing for post-rift prospects;
--  Optional processing through Reverse Time Migration;
--  Acquire sea-floor piston cores over vents identified with side-scan
    program;
--  Procure drilling vessel and drill one exploration well to the base of
    the syn rift and not less than a depth of 5500m below the sea level



The First Renewal Period (2 years) and the Second Renewal Period (2 years) each
have a Minimum Exploration Expenditure of US$40,000,000 and each include the
requirement to drill one exploration well to a depth based on the results of the
previous wells.


Gazania has provided the Government with the guarantees required to cause the
Exploration License to be issued, a $4,000,000 Bank guarantee (equal to 10% of
the first period exploration requirement) and a guarantee of performance of the
parties' obligations. A joint operating agreement ("JOA") will be entered into
among Gazania, EnerGulf and NAMCOR, which will further define their respective
rights and obligations relating to exploration of Block 1711 and, if warranted,
production. The JOA will address such matters as any assignments of interests
under the PA and License, changes in operatorship, and differences between
payment obligations and participating interests in the project to accommodate
matters such as cost recoveries and the NAMCOR carried interest. The Company
expects to have the JOA settled and exploration under way by early fall, 2013. 


Block 1711 is situated in the Namibe basin off the northern coast of Namibia
along the international boundary with Angola and covers 8,903 sq.km (2.2 million
acres). A prospective resource report for Block 1711 was prepared covering four
prospects and nine leads. The report includes a mean estimate of 3,166,000,000
barrels of potentially recoverable oil. (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.) The report was prepared by independent oil and
natural gas reservoir engineers Netherland Sewell and Associates Inc. of Dallas,
Texas, and is available on SEDAR (www.sedar.com) and the EnerGulf website
(www.energulf.com). 


Jeff Greenblum, Chairman and CEO, comments: "We are delighted to have offshore
Block 1711 back on track. It is a world-class project with multiple prospects
and three independent plays, being geologically similar to the highly successful
fields of the Santos Basin, Brazil, nearby offshore Luanda, Angola and Deepwater
Gulf of Mexico. We are confident that the quality of our Namibian asset will be
proven through the upcoming work programs, and we look forward to working with
our new co-venturer and operator to achieve significant hydrocarbon
discoveries." 


On Behalf of the Board of Directors of ENERGULF RESOURCES INC.

Jeffrey L. Greenblum, Chairman & CEO

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. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Network IR
Benjamin Curry / Andrew Mugridge
Investor Relations
(604) 559-5573
info@networkir.com
www.energulf.com

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