CORPORATE PRESENTATIONJANUARY 2014

www.energulf.comTSX: ENG

Frankfurt:  EKS1

DIRECTORS & OFFICERSJOHN D. ELMOREDirector & President

ANU DHIRDirector

Bachelor of Business Administration in Accounting from Texas Tech University in 1981

Doctor of Jurisprudence from Texas Tech University in 1984

Owned and represented oil and gas

Managing Director of Miniqs Limited, a private group primarily focused on developing resource projects

Formerly Vice President, Corporate Development Owned and represented oil and gas exploration and operating companies, and represented landowners and oil and gas service companies

JEFFERY L. GREENBLUM

Formerly Vice President, Corporate Development and Corporate Secretary at Katanga Mining Ltd. (DRC)

Non‐executive lead director of Southern Africa’s Atlatsa Resources Corp. and Frontier Rare Earths

JEFFERY L. GREENBLUMDirector

Chairman of the Board

Served as senior official in President George H.W. Bush administration at the Department of Energy and  Department of Commerce.

PETER GIANULISDirector

President and Managing Director of CarreltonA t M t Senior executive with Diamond Fields Resources, 

Inc (Sold to Inco for $4B) and KP Exploration (Kidder Peabody)

Extensive Experience in West Africa

Asset Management

Formerly partner of Saranac Capital Management, a NYC‐based hedge fund

Director of Columbus Gold Corporation

2

INVESTMENT HIGHLIGHTS

ACTIVIST BOARD IN PLACE Create and implement new business plan Create and implement new business plan

Upgrade technical and non‐technical team

Cost discipline and corporate restructuring

WORLD CLASS HYDROCARBON PROJECTS Lotshi Block (90% working interest, 320 mm BOE mean resource estimate) 50 km to port(1)

Block 1711 in offshore Namibia (3.16 billion BOE recoverable, 15% net to ENG) with financial strong partners(2)

STRONG TECHNICAL TEAM & ADVISORS Success in finding and farming out commercial deposits in frontier markets

Experienced in‐country local teamExperienced in country local team

(2) The report was prepared by independent oil and natural gas reservoir engineers Netherland Sewell and Associates, Inc. Further information is provided in the prospective resource report at www sedar com

(1) The report was prepared by independent oil and natural gas reservoir engineers DeGolyer & MacNaughton Report 2011. Further information is provided in the prospective resource report at www.sedar.com

provided in the prospective resource report at www.sedar.com

3

PROJECTSNAMIBIA BLOCK 1711‐ OVERVIEW 

BLOCK 1711 – NAMIBIABLOCK 1711  NAMIBIA

• Northernmost offshore block in Namibia• EnerGulf – 15% interest in 2013 Petroleum Agreement• 3 independent plays & 15 prospects (turbidite, syn‐rift, basement)• Mean Resource estimate : 3.166 billion BO recoverable(1)• Non‐commercial Hydrocarbons discovered in 2008 drill program• Working Interest

– 75% Gazania 148 Investments (PTY) Ltd75% Ga ania 48 Investments (PTY) td– 15% EnerGulf Resources, Inc.– 10% NAMCOR – (National Oil Company of Namibia – carried to 

production)– Shannxi Yuyang Petroleum Technology Engineering (Operator)

4

(1) The report was prepared by independent oil and natural gas reservoir engineers Netherland Sewell and Associates, Inc. Further information is provided in the prospective resource report at www.sedar.com

PROJECTSLOTSHI BLOCK ‐ OVERVIEW 507 km2oil concession located 35 km onshore DRC with 313 million BOE(1) Prospective Oil Resources from structural traps (exclusive of inversion traps – Wash)

Located in the Congo Basin (a Rift Basin) within a similar but much larger scale depositional environment than the Apache Corporation recent 198 MMBO Canyon Wash discovery in the Whittenburg Trough

LOTSHI BLOCK• Energulf holds 90% WI (Operator), COHYDRO 10% WI (DRC 

National Oil Company – carried)• Exploration License effective as of 31 October 2009p• 5 year exploration term (through October 2014) • Favorable PSC terms with government• Independent prospective resource report by DeGolyer & 

MacNaughton (31 December 2010)• Access to drill sites from Muanda road completed in 2013• Oil to market 50 km to Perenco port (truck or build 

pipeline) 

(1) The report was prepared by independent oil and natural gas reservoir engineers DeGolyer & MacNaughton Report 2011. Further information is provided in the prospective resource report at www.sedar.com

5

PROJECTSLOTSHI BLOCK – HISTORY

507 KM2 LOTSHI BLOCK507 KM LOTSHI BLOCK

Originally held by a Fina/Shell consortium in the 1970’s and 80’s

Conoco also held an interest in the 1990’s

Forabola #1 well is the only well on the block, drilled in 1973 – promising oil show.y , p g

2D seismic acquired in the late 1970’s and 80’s, later reprocessed by Conoco in the 1990’s

DRC Civil War in the 1990s and 2000s (until 2004) made it difficult to conduct any drilling

1973 2005 2008 2009 2010 2011 2012

Forabola #1 Drilled

PSA Signed In Presidential decree

Airborne magnetic / gravity survey

Boundary Survey

Exploration License Issued

2D seismic survey

Prospective resource report completed

Drill program preparation

License Issued

6

PROJECTS

M’BOUNDI FIELD NGANZI BLOCK

LOTSHI BLOCK – GREAT LOCATION

PROVEN HYDROCARBON AREAM BOUNDI FIELDOperator : ENI50,000 bbls/oil/day production1.4 billion original oil in placeENI purchased for $5b in 2007

NGANZI BLOCKOperators : SOCO 65%, Inpex 20% & Cohydro 15% carried

NGANGA #1 WELLSpud July 2010MALONGO FIELD COMPLEX CABINDA

Operator : Chevron300,000 bbls/oil/day production

CABINDA SOUTH BLOCKOperators: Plus Petrol, Lacunda Oil,

Spud July 2010500m of source rock with significant hydrocarbon shows245m of sand with avg porosity of 17.5% 

LOTSHI BLOCKForce Petroleum, Sonangol & Cuba Petroleum

CASTANHA #2 WELLDiscoveryChela Formation15 gross meter pay below depth of 2,214m

LOTSHI BLOCKOperators: Energulf 90%, Cohydro 10% carried500 square kilometers

NDUNDA BLOCKTested 2,275 bbls/oil/day of 33 API

ONSHORE & OFFSHORE PRODUCTION DRCOperator : Perenco28,000 bbls/oil/day production

Operator: ENI 55%, Surestream 30%, Ibos 7% carried, Cohydro 8% carriedChela Formation15 gross meter pay below depth of 2,214mTested 2,275 bbls/oil/day of 33 API

7

PROJECTSLOTSHI BLOCK – PROSPECTIVE RESOURCE

MEAN ESTIMATE313 MM BOE 

P10 AGGREGATE429 MM BOE

RESERVES(1) GROSS PROSPECTIVE OIL RESERVES SUMMARY

PROSPECTS MEAN ESTIMATE (MMBO)

428.6313.12

DALLAS 67

DURANGO 28

HOUSTON 34

I‐35 18

207.7MIDLAND 61

ODESSA 58

SEABROOK 47

P10 HIGH ESTIMATE P90 CONSERVATIVE ESTIMATE

MEAN ESTIMATE UNRISKED TOTAL 313

(1) The report was prepared by independent oil and natural gas reservoir engineers DeGolyer & MacNaughton Report 2011. Further information is 

8

provided in the prospective resource report at www.sedar.com

PROJECTSBLOCK 1711 – PROSPECTIVE RESOURCE

MEAN ESTIMATE3,166 MM BOE 

RESERVES(1)

GROSS PROSPECTIVE OIL RESERVES SUMMARY

PROSPECTS MEAN ESTIMATE (MMBO)

6,1083,166

( )

PALEOCENE – EOCENE TURBIDITES 2,067EARLY CRETACEOUS SYNRIFT SANDSTONES 696PRECAMBRIAN – PALEOZOIC

742

PRECAMBRIAN  PALEOZOIC BASEMENT 403

UNRISKED TOTAL 3.166

P10 HIGH ESTIMATE P90 CONSERVATIVE ESTIMATE

MEAN ESTIMATE

(1) The report was prepared by independent oil and natural gas reservoir engineers Netherland, Sewell & Associates Report dated December 31, 

9

2011. Further information is provided in the prospective resource report at www.sedar.com

LOTSHI TECHNICAL TEAM

GREGORY A. WILSONS i l G l i l Ad i

DR. YVES NEUVILLESpecial Advisor to Chairman and CEOSpecial Geological Advisor

Bachelor of Science in Geology from West Texas State University in 1979

Master of Science in Geology from West Texas State University in 1988

Special Advisor to Chairman and CEO

Former advisor to Minister of Industry, Budget and Finance, Education, France

Consultant for World Bank, ISO, and CEN

Professor of Economics and Technology at ParisTexas State University in 1988 Originating Geologist for the Apache 

Corporation 198 MMBO Canyon Wash discovery in the Whittenburg Trough

DR JOE DAVIS

Professor of Economics and Technology at Paris Sorbonne University

PROF ALBERT ONGENDANGENDADR. JOE DAVISExploration Manager

Formerly R&D at Acro, Sr. Advisor at Maxus Energy

VP E l ti t St t i P t l d

PROF. ALBERT ONGENDANGENDADirector General – Energulf Congo SARL

Located in Kinshasa, DRC.

Served as as the Advisor to the President of the DRC for Mines Energy and Infrastructure from VP Exploration at Strategic Petroleum and 

Hyperion Resources With EnerGulf since 2006

DRC for Mines, Energy and Infrastructure from 2002 until recently. 

Ph.D. with honors in Geology from the Universitdes Sciences et Techniques de Montpellier 

10

LOTSHI FARM‐OUT PROCESS 

Retained industry leader Moyes & Co.

www.moyesco.com

Boutique firm specializes in oil & gas farm‐out, mergers and acquisitions g qand financial transactions

Chris Moyes, Principal, lead advisor to EnerGulf

Over 550 transactions completed Over 550 transactions completed, superior reputation for A&D advice

Established virtual data room that includes 2D seismic

Global Energy Database 41,000 Companies

Mandate: Seeking reputable, experienced joint venture partner to explore the Lotshi Block

69,000 Projects (Tracking A&D opportunities

5,000 transaction reports

77,000 Industry Contacts

11

LOTSHI PATH TOWARD PRODUCTION

2Q14 3Q14 4Q14 2Q15 3Q152Q14 3Q14 4Q14 2Q15 3Q15

SECURE FARM-OUT PARTNER EXTEND

3D SEISMIC & INTERPERTATION

DRILL 2-3

DRILL 2 3

EXPLORATION LICENSE OR APPLY FOR COMMERCIAL

APPRAISAL WELLS AND 2-3 EXPLORATION WELLSDRILL 2-3

WELLS AT LOTSHI BLOCK

PRODUCTION PERMIT

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TORONTO LISTING ENG

FRANKFURT LISTING EKS

CAPITAL STRUCTURE

FRANKFURT LISTING EKS

PRICE C$0.22

52 WEEK HIGH‐LOW C$0.14‐C$0.37

SHARES OUTSTANDING 80.7 million

OPTIONS &WARRANTS ( $0.35 ‐ $0.69) 17.2 million

MARKET CAPITALIZATION C$17.75MM

CASH C$1.1MM

WEBSITE www.energulf.com

LARGEST SHAREHOLDERS

DHIR/GIANULIS GROUP ~40%

RAYMOND JAMES ~13%RAYMOND JAMES 13%

JEFF GREENBLUM ~7%

SPROTT INC ~1%

CLIVE BROOKES ~1%Market data, capital structure and cash data as of January 17, 2014

13

RISKS & MITIGATION

RISKS MITIGATIONRISKS MITIGATION

Funding Drilling Program in Lotshi Seek farm‐out partner  for 2 ‐ 3‐well program

Political & Licensing Seek to extend license prior to drilling program and/or with signing of farm‐out agreement

Country Risk Lotshi block located in stable region of DRC

Geological Risk – Lotshi Drill Program At least 4 ‐ 5 independent drill targets

Company Funding & Capital Risk Closed oversubscribed private placement.  Lowered ongoing G&A costs.  Farm‐out in Namibia and seeking farm‐out in the DRC.  Current warrants may provide additional C$3.5 million in capital if exercised.

14

REPORT CARDJOIN BOARD OF DIRECTORS

CLOSE NON‐BROKERED PRIVATE PLACEMENT

RETAIN MOYES & COMPANY

COST & SPEND DISCIPLINE

MEET NEW AND EXISITING INVESTORS

SIGN CONFIDENTIALITY AGREEMENTS & DATA ROOM MEETINGS

CLOSE NON BROKERED PRIVATE PLACEMENT

UPGRADE TEAM

SIGN FARM‐OUT PARTNERS FOR LOTSHI ☐☐

TARGET SELECTION & DRILL ONE WELL DRILLED AT BLOCK 1711

2‐ 3 WELL PROGRAM DRILLING LOTSHI

3D SEISMIC BLOCK 1711 ☐☐☐TARGET SELECTION & DRILL ONE WELL DRILLED AT BLOCK 1711 ☐

15

INVESTMENT RECAP

WORLD CLASS EXPLORATION TARGETS Proven Hydrocarbon area – “Elephant Hunting”

STRONG TEAM WITH  SKIN IN THE GAME Majority shareholderMajority shareholder

Leading industry talent to aid management

LOW BURN RATE $1 2 million in cash ith lo b rn rate $1.2 million in cash with low burn rate

No Debt and No Contingent Liabilities

ATTRACTIVE RISK/REWARD$ Lotshi Block ‐ $30 MM / 320 MMboe (Mean Est)

Block 1711  ‐ $30 MM / 3,166 MMboe (Mean Est)

16

APPENDIX

2003 2005 ‐ 2007 2008 2009 2010 2012 2013

CORPORATE DEVELOPMENTS

Company reorganized as oil/gas company. Name changed

MOU signed on Lotshi Block

Acquires interest in Block 1711 Namibia

$8.8 Million Private Placement Closes

Drilling completed on Block 1711

Exploration License received for LotshiBlock 

Seismic program on

ENG appointed interim operator of Block 1711

Block 1711 recieves 2 year renewal from the Nambian government

Granted 15% interest in New Petroleum Agreement Block 1711Block 1711 Namibia on Block 1711 Seismic program on 

Lotshi Block1711

Netherland, Sewell & Associates provide prospective resource report on Block 1711

Presidential Decree received for LotshiBlock

Anu Dhir , Peter Gianulis  and John D. Elmore, join EnergulfBoard

Drill schedule announced on Block 1711 and drill rig contracted

Moyes & Co retained to farm‐outLotshi Block

$2.4 million Private Placement Closes

Hired John D. Elmore as new President

17

APPENDIXCOST DISCIPLINE & SPEND REDUCTION

$120 000

$140,000 

MONTHLY COST BREAKDOWN  BEFORE & AFTER NEW BOARD

$60 000

$80,000 

$100,000 

$120,000 

$

$20,000 

$40,000 

$60,000 

INVESTOR RELATIONS

LEGAL, CONSULTANTS, T&E

G&ADRC LOCAL OPERATIONS

NAMIBIAN LOCAL OPERATION

TOTAL 

BEFORE $5,500  $33,000  $42,650  $30,350  $3,000  $114,500 

AFTER $2,500  $21,500  $26,650  $30,350  $3,000  $84,000 

$‐

18

APPENDIX

WEST AFRICA EXPERIENCE

TECHNICAL TEAM EXPERIENCE

Billion barrel discovery (Zafiro) in 

Equatorial Guinea

Development experience at Zafiro and Alba 

(Equatorial Guinea)

Successful bid in Nigeria License Round

Development project in Ivory Coast

E&P projects in Angola, Cameron, Gabon, 

Republic of South Africa

ADDITIONAL EXPERIENCE

B t C t lli W h E t Basement Crystalline Wash Expert

Siberia, Venezuela, Colombia, Indonesia, 

Malaysia, Iraq

USA onshore and offshore Gulf of Mexico

19

APPENDIX

WILLIAM BRUMBAUGHDrilling Manager

DR. JAMES EDWARDSExploration Advisor

NAMIBIA TECHNICAL TEAM 

34 years international experience  West Africa Region Coordinator & Chief 

Geophysicist for Conoco‐ 17 years Angola Country Manager for Mobil ‐5 years 

Formerly Triton Oil

Responsible for Cusiana field discovery in Colombia ‐ 2nd largest in Western Hemisphere Amoco, Total, Tullow, Anadarko, ExxonMobil 

Consultant to various governments, universities and World Bank

Hemisphere

An advisor to EnerGulf since 2006

THE HONORABLE ANDIMBA TOVIO YA TOVIOSenior Advisor for African Affairs

JOSEPH CANALESGeophysical Advisor

30 years experience in Former Minister of Mines and Energy, 

Namibia Chairman of South West African People’s 

Organization (SWAPO) – Ruling party in Namibia

30 years experience in Geosciences/Geophysicist at Perenco, Ocean Energy and UMIC 

Experience in on‐shore and extensive off‐shore West Africa Exploration

Developed EnerGulf Projects since 2006p j

20

APPENDIXFISCAL TERMS

DRC Fiscal TermsDRC Fiscal Terms Namibia Fiscal TermsNamibia Fiscal Terms

• 9% Royalty on first 4 MMBO, 12.5% thereafter

• Exploration License Duration of 5 Years with 5 Year renewal

• 5% Royalty

• Exploration License Duration of 4 Years with 4 Year renewal

• All costs immediately expensed and recoverable from 75% of production

• 60% EnerGulf share of Profit Oil on first 8 MMBO, 45% thereafter

• All costs expensed under Namibian tax law

• 10% carried State Participation (Namcor) up to production stage

• 10% carried State Participation (COHYDRO) reimbursed out of COHYDRO’s Cost and Profit Oil with interest

N i t l t ti d ti th

• 42% Petroleum Income Tax on taxable income

• 5% ‐ 15% Additional Profits Tax (lower than Petroleum Taxation Act)

• Amounts exceeding capital expenditures are• No income or petroleum taxation, duties or other taxation

• Amounts exceeding capital expenditures are considered gross income

21

APPENDIXWEST AFRICA & BRAZIL GEOLOGICAL CONNECTION

• Available data today, mostly provided by 3D seismic, oil and source rock geochemistry, and 3D basin modeling reveals a close match between the South American and West African margin basins with respect to their pre-salt depositional sequences including reservoir and source facies of the pre-salt tectono-sedimentary sequencesdepositional sequences, including reservoir and source facies of the pre salt tectono sedimentary sequences.

• This strong similarity allows the predictions of huge discoveries of light oil and gas in the pre-salt sequences of Angola, Namibia, Gabon, and Congo.

• With the support of petroleum system technology, it has been proven that there is an almost perfect similarityWith the support of petroleum system technology, it has been proven that there is an almost perfect similarity (duplication) between all the elements and processes of the petroleum system such as source rocks, reservoirs, seals and traps, and oil types of the pre-salt sequences of Brazil when compared with the pre-salt systems of West Africa

22

APPENDIXLOTSHI BLOCK WEST‐SIDE & EAST‐SIDE PROSPECTS

23

APPENDIXLOTSHI BLOCK PRIMARY & SECONDARY TARGETS

24

APPENDIXLOTSHI BLOCK PROPOSED WELLS

25

APPENDIXWEST AFRICA MAJOR PLAYERS

COMPANY NAME AREAS OF OPERATION

ANADARKO PETROLEUM GHANA, COTE D’IVOIRE, SIERRA LEONE, MOZAMBIQUE

TULLOW OIL GABON, GHANA, UGANDA, SL, TANZANIA

COBALT INTERNATIONAL ANGOLA, GABON

KOSMOS ENERGY CAMEROON, GHANA, MOROCCO

GULF KEYSTONE PETROLEUM ALGERIA, IRAQ

DNO INTERNATIONAL KURDISTAN, YEMEN, OMAN, UAE, TUNISIA

COVE ENERGY MOZAMBIQUE, TANZANIA, KENYA

TRANSGLOBE ENERGY CORP EGYPT, YEMEN

HERITAGE OIL DRC, IRAQ, MALI, TANZANIA

TRANSATLANTIC PETROLEUM MORROCO, TURKEY

VAALCO ENERGY ANGOLA, GABON

AFRICA OIL CORP KENYA, ETHIOPIA, SOMALIA

PETROCELTIC INTERNATIONAL ALGERIA, TUNISIA

MELROSE RESOURCES EGYPT, TURKEY

HYPERDYNAMICS GUINEA

CAMAC ENERGY NIGERIA, CHAD

CANADAX ENERGY TUNISIA, MADAGASCAR

26

ENERGULF RESOURCES NAMIBIA, DRC

APPENDIXCONTACTS

ANU DHIRanu@energulf.com+ 1 (416) 270 9240

PETER GIANULISpeter@energulf.com+ 1 (786) 252 4948

JOHN D. ELMOREjohn@energulf.com+ 1 (512) 838 1183+ 1 (512) 480 8056

www.energulf.com

27

• Certain disclosure in this presentation, constitute forward‐looking statements that aresubject to numerous risks uncertainties and other factors relating to the Company’s

DISCLAIMER

subject to numerous risks, uncertainties and other factors relating to the Company soperation as an oil and gas exploration company that may cause future results to differmaterially from those expressed or implied by those forward‐looking statements. Readers arecautioned not to place undue reliance on these statements as they involve known andunknown risks, uncertainties and other factors that may cause a hinge in assumptions and, y g pthe actual outcomes and estimates may be materially different from the estimated oranticipated future results, achievements or positions expressed or implied by those forward‐looking statements. The Company disclaims any intentions or obligations to update or reviseany forward‐looking statements whether as a result of new information, future events orotherwise Neither TSX Venture Exchange nor its Regulation Services Provider (as that term isotherwise. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this presentation. Furthermore, any resource estimate(s) contained in thisdocument that have been prepared in‐house by the Company (including any such referencesto resource estimate‐potential) is not compliant with National Instrument 51‐101 – Standardsp ) pof Disclosure for Oil & Gas Activities. Such resource estimate(s) contained in this document isbased on management’s interpretation of available data and the assumptions stated herein.Accordingly, such estimate(s) should not be relied upon. The reader is advised to obtainindependent advice regarding the available data and the assumptions, and the opinions,t t d h istated herein.

28