ERHC Energy Inc. Interim CEO Updates Shareholders
HOUSTON, 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.
“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.
“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.”
Acting Chief Executive Officer
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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. For more information, visit www.erhc.com.
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.