EnerGulf owns a 25% working interest in the Prado #1 and the Alborada block. Additionally, EnerGulf owns a warrant convertible into 150,000 shares of privately held Gulfsands Petroleum Ltd. at US$6.00 per share and Gulfsands owns 2,000,000 common shares of EnerGulf.
EnerGulf has restructured its management organization. Directors James Askew and Jeffrey Greenblum, both of Houston, have been appointed President and Chairman of the Board, respectively. Clive Brookes, formerly President, remains a director of EnerGulf.
EnerGulf's previously announced private placement has been completed and is pending final acceptance for filing of documentation by the TSX Venture Exchange.
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