Due Dilligence bei EnerGulf

ENERGULF RESOURCES INC. ("ENG")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: May 24, 2007
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced March 20, 2007 and April 13, 2007:

Number of Shares: 7,085,000 shares

Purchase Price: $0.70 per share

Warrants: 7,085,000 share purchase warrants to purchase 7,085,000 shares

Warrant Exercise Price: $0.90 for a one year period

Number of Placees: 111 placees

Insider / Pro Group Participation:
Insider=Y /
Name ProGroup=P / # of Shares

Jock Ross P 57,500
Michael O'Brien P 15,000
Reg Smith P 15,000
Andrew Johns P 10,000
Eric Savics P 200,000
Clive Stockdale P 50,000
Martin Tielker P 16,000
Darcy Higgs P 55,000
Union Bancaire Privee Bahamas Ltd. (Paul Russell) P 100,000
Cheri Pedersen Y 135,000
Thomas Raidl P 10,000
Sean Fahy P 30,000
Robert Sali P 150,000
Sean Gallagher P 30,000
Irene Stewart P 30,000
Alfred B. Stewart P 15,000
Paul Heinrich P 80,000
Lynn Heinrich P 30,000
Daniel Seiter P 25,000
David Hamilton Smith P 20,000
Resources Finance Ltd. (Jeffrey Greenblum) Y 500,000
Clive Brookes Y 40,400
David Doherty P 100,000

Finder's Fees: $560 cash, 16,500 Units and 17,100 Warrants payable to Canaccord Capital Corporation
$3,640 cash payable to Dave Heyman
$56,000 cash payable to Element & Associates (Martyn Element)
$36,400 cash, 12,000 Units and 51,000 Warrants payable to Haywood Securities Inc.
12,600 Units payable to Kenneth Lum
9,600 Units payable to Michael Aichinger
33,600 Units payable to Peter Shepherd
27,000 Units payable to Pre Capital Market AG (Andrea Gisler)
34,200 Units and 34,200 Warrants payable to Raymond James Ltd.

Finders' Units are under the same terms as those to be issued pursuant to the private placement.
Each Finder's Warrant is exercisable at $0.90 per share for one year.

Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company must issue a news release announcing the closing of the private placement and setting out the expiry dates of the hold period(s). The Company must also issue a news release if the private placement does not close promptly. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.

TSX-X

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