EnerGulf Resources Inc. has received a prospective oil resources report for four prospects and nine leads on Block 1711, Offshore Namibia, including a mean estimate of 3.166 billion barrels of potentially recoverable oil. The report was prepared by independent oil and natural gas reservoir engineers Netherland Sewell and Associates, Inc. of Dallas, Texas.

The estimates in this report have been prepared in accordance with the definitions and guidelines set forth in Canadian National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and Section 5 of Volume 1, Second Edition, of the Canadian Oil and Gas Evaluation Handbook (COGEH), prepared jointly by the Society of Petroleum Evaluation Engineers (Calgary Chapter) and the Canadian Institute of Mining, Metallurgy & Petroleum (Petroleum Society) (the latter of which is now the Petroleum Society of Canada).

Block 1711 comprises 2.2 million acres (8,900 square km) and is situated in the Namibe basin off the northern coast of Namibia along the international boundary with Angola. The co-venturers in Block 1711 are currently EnerGulf 15% (with a possible additional 4%), PetroSA 10%, NAKOR 10% (carried), NAMCOR 7% (carried), HRT 2.7%, and Kunene Energy 0.3% (carried). EnerGulf has been granted the authority to market and negotiate the terms for the remaining 51% to 55% interest in Block 1711 with potential qualified industry participants with the consent of the Namibian Ministry of Mines and Energy. EnerGulf will continue as the interim Operator under the Joint Operating Agreement (EnerGulf News Release October 12, 2011).

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