EnerGulf Announces the Acquisition of Columbus Copper - Seite 2

The Acquisition is subject to five principal conditions: (a) each of the Company and Columbus being satisfied with its respective due diligence review to be completed by April 23, 2015; (b) Columbus acquiring the Block 8 hydrocarbon license in Albania; (c) Columbus acquiring the Bulqiza-Batra chromite license in Albania; (d) Columbus obtaining the required approval of 66 2/3 percent of its shareholders for the Acquisition; and (e) all necessary court and regulatory approvals of the Acquisition and related agreements being obtained, including, without limitation, that of the TSX Venture Exchange.

Upon closing of the Acquisition, the Company will own 100% of Columbus and its subsidiaries. Under the terms of the LOI, the Company's Board of Directors would be expanded from four to five directors, with Robert Giustra, Director of Columbus, appointed as the fifth director. The existing Board of Directors of the Company will remain intact. The parties have agreed to use best efforts to replace the LOI with a definitive agreement by May 7, 2015 and to complete the Acquisition no later than July 31, 2015. No finder's fees are payable in connection with the Acquisition.

Columbus has entered into an agreement to acquire the rights to onshore hydrocarbon license Block 8 in Albania and has submitted an application for a mining license covering much of the productive Bulqiza-Batra chromite terrain in Albania. The Block 8 hydrocarbon license is located in the northern tip of Albania bordered by Montenegro and Kosovo, and is one of the largest blocks within onshore Albania (See Columbus News Release dated March 6, 2015 for a map). Block 8 includes prospective areas with materially identical tectonic position to known oil and gas fields in southern Albania. The complex geodynamic history of the Albanides provides high potential projects which can now be fully explored with new technology.

The Bulqiza-Batra mineral license is comprised of 5.77 square kilometers with two distinct project areas containing numerous chromite showings, prospects and past-producing mines. The Bulqiza-Batra mineral license surrounds and extends from the producing Bulqiza and Batra mines which have aggregate past production of approximately 20 million tonnes grading 35-42% Cr2O3. The Bulqiza-Batra mineral license includes the east and west mineralized extensions of the fold structures controlling and hosting the chromite ores and includes much of the past producing Thekna mine which is reported to host a historical resource of 330,000 tonnes grading +40% Cr2O3 and where drilling in 2011 demonstrated the potential for significant expansion.