Environmental Remediation Holding Corporation Retains Strategic Advisory Team.
HOUSTON, Jan. 28, 2002 - Environmental Remediation Holding Corporation ("ERHC") (OTCBB:ERHC), an oil and gas exploration company focused on the Gulf of Guinea offshore West Africa, is pleased to announce that it has retained the services of acornventures limited, a strategic advisory firm, to represent ERHC in commercial negotiations with potential oil industry partners.
The team members at acornventures, which includes the former head of Global Oil and Gas at Chase Manhattan Bank and the former deputy managing director and head of transactions at Nomura International, have advised many international oil companies and governments, and have West African experience.
Mr. Chude Mba, president of ERHC, said: "With the recent ratification of the JDZ treaty and the expectation of rapid progress toward the first licensing round in the JDZ this year, ERHC has begun to consider proposals from international oil companies with deep water expertise to form joint ventures and bidding groups. The depth of resources provided by the strategic advisory team will be invaluable in representing the significance of ERHC's rights to these potential partners."
Environmental Remediation Holding Corporation ("ERHC") (OTCBB:ERHC) is a Houston-based publicly traded U.S. oil and gas company focused on oil and gas exploration in prospective undeveloped basins of West Africa. ERHC's initial goal is to maximize value arising from existing contractual rights in the Joint Development Zone (JDZ) of the Federal Republic of Nigeria and the Democratic Republic of Sao Tome & Principe (DRSTP), and the Exclusive Economic Zone (EEZ) of DRSTP. ERHC is also in a position to seek other growth options, including additional oil and gas interests within the JDZ and EEZ, elsewhere offshore the Gulf of Guinea, and in other parts of the West African region.
This press release contains certain "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. Except for historical information contained in this release, these forward-looking statements are subject to risks and uncertainties, including government regulation, competition, capital resources, general economic conditions and other risks detailed in ERHC's SEC reports. These forward-looking statement can be identified by the use of terminology such as "intends," "may," "will," "should," "could", "expects" and "plans". Forward-looking statements in this release include the ability of ERHC to exploit its oil and gas exploration concession in Sao Tome and its ability to locate, acquire and develop high potential oil and gas prospects.