updated 9/3/2010 9:18:52 AM ET 2010-09-03T13:18:52

HOUSTON, Sept. 3, 2010 (GLOBE NEWSWIRE) -- EFL Overseas Inc. (OTCBB:EFLO) wishes to announce it has executed a Memorandum of Understanding for the acquisition of Nahanni Energy Inc. of Calgary, Alberta. Nahanni currently holds a 30.67 percent ownership in the Kotaneelee gas facility and certain proven and producing gas fields. The MOU is subject to customary contingencies, including, but not limited to, the completion of due diligence, financial statement audit and definitive documentation.

EFL Overseas Inc. President Herbert Schmidt went on to say, "We are excited about the long term potential of the Kotaneelee area, including the pursuit of other possible opportunistic acquisitions in the area."

Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which the Company has little or no control. The Company does not intend (and is not obligated) to publicly update any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the Company's recent filings with the SEC.

ON BEHALF OF THE BOARD OF DIRECTORS

EFL Overseas Inc.

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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