Contact Information: Contact: Daniel Keeney, APR DPK Public Relations 832-467-2904
ERHC Energy Inc. Responds to Announcement of Planned Acquisition of Addax Petroleum by Sinopec Corp.
| Source: ERHC Energy
HOUSTON, TX--(Marketwire - June 24, 2009) - ERHC Energy Inc. (OTCBB : ERHE ), a publicly
traded American company with oil and gas assets in the highly prospective
Gulf of Guinea off the coast of West Africa, today responded to the
announcement of an agreement for Sinopec Corp. to acquire Addax Petroleum.
Sinopec and Addax are longtime technical partners of ERHC Energy. ERHC was
instrumental in helping both companies establish a presence in the JDZ and
has worked closely with them on issues related to oil and gas exploration.
Sinopec is the operator of Joint Development Zone (JDZ) Block 2, in which
ERHC has a 22 percent interest. Addax is the operator of JDZ Block 4, in
which ERHC has a 19.5 percent interest.
"Today's announcement is the start of an intensive process, which we expect
will be beneficial for all parties involved," said Peter Ntephe, chief
operating officer with ERHC. "Most important for ERHC is that we have been
assured that today's announcement will have no impact on the commencement
of exploratory drilling in JDZ Blocks 2 and 4."
According to the operators, drilling in JDZ Blocks 2 and 4 is scheduled for
the third quarter and could begin as early as July.
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, and to sustainable and profitable
growth through risk balanced smart exploration, cost efficient development
and high margin production. For more information, visit www.erhc.com.
This document contains 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 these statements. Each of the
above statements speaks only as of the date of this document. 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 of the above statements is based.