May 11 (Reuters) - EnerGulf Resources Inc ENG.V :
* EnerGulf Resources Inc. corporate update
* Executed a term sheet to acquire an additional 20 percent interest in Selectron Shallow and Canoe Prospects in Gulf of Mexico
* Has executed a term sheet to acquire an additional 20% interest in Selectron Shallow and Canoe Prospects in Gulf of Mexico
* Intends to complete private placement of units for gross proceeds of up to CAD$5 million at post-consolidation price of CAD$0.10 per unit
* Subject to required approvals, EnerGulf will undergo a consolidation of its outstanding securities on a 5 for 1 basis Source text for Eikon: Further company coverage: ENG.V