EnerGulf Announces Participation in Gulf of Mexico Projects - Seite 3

Debt Settlement with Columbus Gold

The Company has entered into a debt settlement agreement dated June 1, 2016 for the settlement of existing debt in the amount of CDN$50,925 owed to Columbus Gold Corp. ("Columbus"), a company that provided head office and management services to EnerGulf until May 31, 2016. Under the settlement agreement, half of the debt was forgiven and cancelled, and subject to acceptance by the TSX Venture Exchange, the remaining half will be exchanged for common shares of the Company at a price of CDN$0.05 per share, for an aggregate issuance of 509,250 common shares to Columbus. The shares will be subject to a four-month hold period.

About EnerGulf

EnerGulf is a publicly traded international oil and gas exploration company with property interests located in the Gulf of Mexico, Democratic Republic of Congo, the Republic of Namibia and the Republic of Albania.

On Behalf of the Board of EnerGulf

"Ernest B. Miller IV"

Ernest B. Miller IV, CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This release may include certain forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"). In particular, and without limitation this news release contains forward-looking statements respecting the Company's proposed entry into a definitive agreement with Texso for the purchase by the Company of a portion of the drilling rights to be acquired by Texso from GulfSlope and the consideration to be included therein; the Company's intention to seek an extension of the Lotshi Block Production Sharing Contract; completion of the proposed shares-for debt settlement with Columbus, which is subject to acceptance by the TSX Venture Exchange; the future prospects for the Company; management's beliefs, assumptions and expectations; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about the following: Texso's ability to complete the acquisition of certain drilling rights to concerning the Canoe and the Selectron Prospects from GulfSlope; the ability by EnerGulf to thereafter complete a definitive agreement with Texso; the time frame within which a development strategy will be determined for Block 8 in the Republic of Albania, and the associated costs, permitting, and other requirements being met, if at all; the expectation that the Democratic Republic of Congo will be willing to entertain negotiations as to the extension of the Lotshi Block and that an extension can be agreed upon on terms that are acceptable to EnerGulf; the Company's ability to raise sufficient capital to carry out its goals and objectives; changes in the business or prospects of the company; unforeseen circumstances; general business and economic conditions, including those impacting the oil and gas industry and the global economy as a whole; and ongoing relations with employees, consultants, partners and joint venturers. The foregoing list is not exhaustive and we undertake no obligation to update any of the foregoing except as required by law.