EnerGulf, through its wholly owned subsidiary EnerGulf Corporation holds a 5% working interest in the Longoria 174 #1 and has paid 5% of the drilling and completion costs.
Commenting for EnerGulf, Jeff Greenblum, Chairman of the Board stated, "We continue to be optimistic about the outcome of our South Texas drilling program. The Longoria 174 #1 is currently being completed with testing to begin immediately thereafter. EnerGulf has elected to participate with Killam Oil Co. in South Texas in an effort to establish operational cash flow at a time of historic energy prices while limiting our capital exposure by participating for a minor interest in each well. We look forward to the results of the Longoria 174 #1 and to continued exploration in South Texas through our association with Killam."
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