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ERHC Energy Inc. Interim CEO Issues December Update
| Source: ERHC Energy
HOUSTON, TX -- (MARKET WIRE) -- December 7, 2006 -- Nicolae Luca, interim chief executive officer
of ERHC Energy Inc. (OTCBB : ERHE ), issued the following update after the
market closed on Thursday, December 7, 2006.
"To ERHC Shareholders:
"I am pleased to again update the ERHC Energy family on the company's
progress during the past two months.
"This has been a busy period. In November, ERHC representatives
participated in more meetings on the Joint Development Zone (JDZ) Blocks.
Working closely with our consortium partners, Addax Petroleum and Sinopec
Corp., we secured approvals on certain budgets and other operational
details related to the Blocks. As a carried interest partner, ERHC Energy's
commitments are being satisfied by our consortium partners.
"We continue to interview impressive candidates for the positions of the
Company's new Chief Executive Officer, Chief Financial Officer, and Vice
President (Technical). We are pleased to report that negotiations are at
an advanced stage with some of the candidates that impressed us during
recent interviews. We are enthusiastic about the prospect of working with
these individuals if negotiations are ultimately successful, and have
already put in place plans to increase available office space in the
Houston headquarters to accommodate new staff.
"The process of filling ERHC Energy's leadership positions has taken more
time than we would have liked, but we are hopeful that our extensive due
diligence will result in the best possible fit for the Company. We remain
convinced that a deliberate process that leads to the selection of the
right CEO and CFO is in the best interests of both the Company and its
shareholders.
"In the meantime, ERHC Energy's business operations continue unabated under
the interim management. For instance, we are exploring new business in
Nigeria, where the chance to work in marginal fields and to farm into
existing concessions is increasingly available.
"As many of you are aware, the Company's annual report for the fiscal year
ending September 30th is scheduled to be issued in December. It has been
the focus of a great deal of attention during the past several weeks and we
look forward to sharing the annual report with you.
"Finally, I know there is great interest in the status of the
investigations by U.S. Department of Justice and the Securities and
Exchange Commission. Through the Company's attorneys, ERHC continues to
interface with investigators and respond to their requests for information.
"Thank you for your continued interest and please know that everyone
associated with ERHC Energy values your trust and support."
About ERHC Energy
ERHC Energy Inc. is a Houston-based independent oil and gas company focused
on growth through high impact exploration in the highly prospective Gulf of
Guinea and the development of undeveloped and marginal oil and gas fields.
ERHC is committed to creating and delivering significant value for its
shareholders, investors, and employees; sustainable and profitable growth
through risk balanced smart exploration, cost efficient development and
high margin production.
Safe Harbor Statement
This press release contains "forward-looking statements," including
statements about ERHC Energy Inc.'s future operating milestones, financing
plans, as well as other matters that are not historical facts or
information. These forward-looking statements are based on management's
current assumptions and expectations and involve risks, uncertainties and
other important factors, specifically including those relating to the
Company's ability to exploit its commercial interests in the JDZ and the
exclusive territorial waters of Sao Tome and Principe, that may cause the
Company's actual results to be materially different from any future results
expressed or implied by such forward-looking statements. The Company
undertakes no obligation to update or revise any such forward-looking
statements, whether as a result of new information, future events or
otherwise, nor is there any assurance that the contemplated financing will
be effected, under the terms set forth herein or any other terms.