ERHC Announces Settlement with Sao Tome and Principe
HOUSTON, April 10, 2003 - Environmental Remediation Holding Corporation, DBA Chrome Energy Corporation, (OTCBB:ERHC) today announced the signing of an Option Agreement with the Democratic Republic of Sao Tome and Principe ("DRSTP") which is the definitive agreement with DRSTP as described in the Memorandum of Understanding ("MOU") previously signed, settling all outstanding disputes.
The Option Agreement, formalizing the exchange of rights between ERHC and the DRSTP in the Joint Development Zone between Nigeria and DRSTP ("JDZ") also includes the format for an agreement between ERHC and the Joint Development Authority that will administer the JDZ.
ERHC will increase its rights to participate in the JDZ from a total of 30% paid working interest in two blocks to a total of 125% working interest spread over six (6) exploration blocks. Additionally, ERHC will not be required to pay signature bonuses on four (4) of the blocks.
In exchange, ERHC will relinquish its rights to an overriding royalty interest, share of signature bonus and share of profit oil in the JDZ.
Houston-based ERHC is an independent oil and gas company and since 1996 has engaged in the exploration, development, production and sale of crude oil and natural gas properties. ERHC's goal is to maximize its value through profitable growth in oil and gas reserves and production in Sao Tome offshore central West Africa and to acquire interests in non-producing oil and gas properties, particularly high-potential international prospects in known oil-producing areas. ERHC's current focus is to exploit its only asset, which is an oil and gas exploration concession in Sao Tome. Sao Tome is an island nation located in the Gulf of Guinea off the coast of central West Africa.
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.