EnerGulf Makes Payment for Gulf of Mexico Selectron Shallow Prospect - Seite 2

The issuance of the proposed bonus warrants is subject to acceptance by the Exchange and the proposed acquisition of the Selectron Prospect and the other five prospects described in the Company's June 9, 2016 news release remains subject to acceptance by the Exchange. In light of the fact that the Carrelton loan was advanced prior to the Company making a filing with the Exchange in respect of the proposed bonus warrants, the Company has agreed to pay a cash bonus in the amount of US$30,000.00 to Carrelton if the issuance of the proposed bonus warrants is not acceptable to the Exchange. The Loan Agreement also provides that if the Exchange does not accept the TexSo Agreement for filing by October 25, 2016, or if the Borrower's filing in respect of the TexSo letter agreement is withdrawn or abandoned by the Company or deemed to be withdrawn by the Exchange at any time prior to October 25, 2016, then in lieu of repayment of the principal amount of the Loan and payment of the commitment fee, the Borrower will assign to the Lender, at the deemed price of US$220,000, all of the Borrower's rights relating to the Selectron Shallow Prospect under the TexSo LOI.

On Behalf of the Board of EnerGulf

Ernest B. Miller IV, CEO and Director

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.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

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 intended use of proceeds raised from the private placement; 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: the Company's business objectives; changes in the business or prospects of the Company; unforeseen circumstances; general business and economic conditions; 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.

EnerGulf Resources Inc.
Jonathan Buick
The Buick Group
416-915-0915
[e-mail]