Contact Information: Contact: Dan Keeney, APR DPK Public Relations 832-467-2904
ERHC Energy Inc. Interim CEO Updates Shareholders
| Source: ERHC Energy
HOUSTON, TX--(Marketwire - January 31, 2008) - The following update on Company activities was
issued by Nicolae Luca, interim chief executive officer of ERHC Energy Inc.
(OTCBB : ERHE ), after the market close on Thursday, January 31, 2008.
"To ERHC Shareholders:
"I am pleased once again to provide an update on the recent progress of
ERHC Energy Inc.
"I hope you had an opportunity to participate in our January 15th investor
conference call. Corporate Secretary Peter Ntephe updated everyone on
ERHC's financial position and ongoing operations. The Company's Vice
President, Technical, Jim Ledbetter weighed in on progress toward drilling
in the Joint Development Zone (JDZ). A replay of the entire call is
available at
https://www302.livemeeting.com/lrs/8000074869/PublicEvents.aspx.
"There is more progress to report toward drilling in the JDZ. The Joint
Development Authority (JDA), which was set up by the governments of Nigeria
and Sao Tome & Príncipe to administer the JDZ, has approved the budgets for
JDZ Blocks 2, 3 and 4 in which ERHC has interests. The JDA also has
approved well locations in two of those Blocks.
"These approvals open the door for the relevant consortia to order the
custom drilling materials necessary to drill in the JDZ's deepwater. The
custom order will take up to nine months to deliver.
"Meanwhile, the Aban Abraham deepwater drill-ship, which has already been
jointly contracted by the operators in JDZ Blocks 2 and 4, Sinopec and
Addax Petroleum, remains under refurbishment in Singapore. It is expected
out of dry dock and into sea trials within the coming months, before it can
be transported to West Africa.
"We continue to support Addax's efforts to secure a drilling rig of
opportunity to avert delay or at least mitigate its impact. Addax has
disclosed that it still plans to commence drilling of the Kina prospect in
JDZ Block 4 as early as the fourth quarter of 2008.
"ERHC is continuing to assess the feasibility of acquisition prospects to
diversify its asset portfolio. We seek opportunities that will produce
significant enough revenue in the short-term to justify expenditures.
"Work is also underway on ERHC's first quarter financial report for the
period that ended December 31, 2007.
"ERHC's executives are making final preparations for participation in the
Nigeria Oil and Gas Conference 2008 in Abuja, Nigeria. ERHC is the
registration sponsor for the event, which will give us a highly visible
presence among the more than 4,000 corporate executives, vendors and
service partners in the region's oil industry, as well as the more than 600
senior delegates who will participate. Our sponsorship of Nigeria Oil & Gas
2008 is part of the Company's efforts to raise awareness about our ongoing
operations and the progress being made toward eventual drilling in the JDZ.
The conference takes place from February 18-21 at the International
Conference Centre in Abuja.
"ERHC also is continuing to implement a careful, cost-efficient community
relations strategy. It is our intent to be a good corporate citizen by
contributing our energies and resources to helping each local community to
be a better place to live. To date, that has included token contributions
to an orphanage in Nigeria, a conference by Let's GoAfrica (an
Africa-focused charity in Washington, D.C.) and support for an anti-drug
radio campaign targeting inner-city youths in Houston. We also are working
toward identifying appropriate charity initiatives in São Tomé & Principe
to which we will lend our support. Each of these localized grass roots
initiatives makes a small, yet profound impact. When you put them together,
they represent a true commitment to community outreach.
"Finally, we hope you can join us for ERHC's next annual shareholders'
meeting on Tuesday, April 22, 2008 in Houston, Texas. Shareholders of
record as of March 14, 2008 will be eligible to receive notice of and vote
at the meeting.
"ERHC Energy remains focused on building positive momentum and values your
ongoing trust and support."
Sincerely,
Nicolae Luca
Acting Chief Executive Officer
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" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. Such statements
include, but are not limited to, statements concerning ERHC Energy Inc.'s
future operating milestones, future drilling operations, the planned
exploration and appraisal program, future prospects, future investment
opportunities and financing plans, future shareholders' meetings, response
to the Senate Subcommittee investigation, developments in the SEC
investigation of the Company and related proceedings, as well as other
matters that are not historical facts or information. Such statements are
inherently subject to a variety of risks, assumptions and uncertainties
that could cause actual results to differ materially from those
anticipated, projected, expressed or implied. A discussion of the risk
factors that could impact these areas and the Company's overall business
and financial performance can be found in the Company's reports and other
filings with the Securities and Exchange Commission. These factors
include, among others, 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, general economic and business conditions, changes in
foreign and domestic oil and gas exploration and production activity,
competition, changes in foreign, political, social and economic conditions,
regulatory initiatives and compliance with governmental regulations and
various other matters, many of which are beyond the Company's control.
Given these concerns, investors and analysts should not place undue
reliance on forward-looking statements. Each forward-looking statement
speaks only as of the date of this press release. The Company expressly
disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statement to reflect any change in the
Company's expectations with regard thereto or any change in events,
conditions or circumstances on which any forward-looking statement is
based.