EnerGulf Announces Participation in Gulf of Mexico Projects - Seite 2

Texas South (OTCBB:TXSO) is a Houston based oil and gas exploration company with interests in the US Gulf of Mexico.

GulfSlope (OTCBB:GSPE), also based in Houston, is an exploration company focused on the Gulf of Mexico under the leadership of its Chairman and CEO, John Seitz, the former President and CEO of Anadarko Petroleum.

Albania - Block 8

EnerGulf has been issued a Production Sharing Agreement ("PSA") for Block 8 in the Republic of Albania. The Company will evaluate the optimal development strategy for the Block. Block 8 is one of the largest oil and gas blocks in the Republic of Albania, a member of NATO and an official candidate for membership in the European Union. The Company also acquired various chromite properties in Albania and is currently evaluating its strategic options.

Namibia - Block 1711

EnerGulf is awaiting the 3D program required of the operator and remains committed to the very prospective block.

Lotshi Block (Democratic Republic of Congo "DRC")

EnerGulf intends to seek a further extension of the Lotshi Block Production Sharing Contract with the government of the DRC. The Company remains committed to the DRC and the Block's potential in the face of current industry difficulties.

Addition of Advisors

In connection with the Gulf of Mexico acquisition, EnerGulf has named John B. Connally III and James M. Askew as Advisors to the company.

Mr. Connally, a Houston, Texas based independent energy investor, is a former partner of the law firm Baker Botts in Houston, Texas specializing in corporate finance transactions in the oil and gas sector. Mr. Connally has participated in founding various oil and gas ventures. He served as a founding director of Nuevo Energy and was a founding director and former CEO of both Pure Energy Group, Inc. and Pure Gas Partners. Mr. Connally currently serves as Chairman of the Lt. Governor's Energy Advisory Board in Texas.

Mr. Askew is a Houston, Texas based independent oil and gas investor. He is a co-founder and formerly served as EnerGulf's President and as a Director. He is also a founder, Chairman of the Board, President and CEO of Texas South and is a founder, former President and former Director of GulfSlope. Mr. Askew has been active as an investor and entrepreneur in oil and gas projects for over 20 years.