Columbus Copper Obtains Final Order for Merger With EnerGulf by Plan of Arrangement - Seite 2

EnerGulf has developed a geological and geophysical construct for Block 1711 with prospective oil and gas leads, which include a Tertiary Turbidite play, Syn-Rift play, both of which have giant field analogs in Angola and Brazil, and a Basement play. Netherland Swell and Associates, Inc. ("NSAI") estimates a mean of 3.166 billion barrels of potentially recoverable oil from Block 1711. To view the NSAI report in its entirety as reported on February 23, 2012, visit www.sedar.com or www.energulf.com. (As per NI 51-101 section 5.9, there is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.)

EnerGulf is actively marketing a portion of its working interest in the Lotshi Block. EnerGulf has entered into a Strategic Exploration with Gazania 148 Investments (Pty) Ltd (75% working interest) for Bock 1711, under which EnerGulf will be carried for all costs under the Petroleum Agreement until a consensus drill site is approved by the Technical Operating Committee, including costs to acquire and process 3D seismic, to acquire and process all other exploration data (excludes exploration well), to develop one independent geological and geophysical construct, and to engage qualified professionals to prepare reports, maps and presentations.

About Columbus Copper

Columbus Copper, a British Columbia incorporated company, is a copper and precious metals exploration and development company with hydrocarbon and chromite interests located in Albania.

The securities to be issued pursuant to the arrangement agreement will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws. Any securities to be issued under the arrangement are anticipated to be issued in reliance upon available exemptions from such requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.