HOUSTON, TX--(Marketwire - July 9, 2007) - The following update on Company activities was
issued by Nicolae Luca, interim chief executive officer of ERHC Energy Inc.
(
OTCBB:
ERHE), following the market close on Monday, July 9, 2007.
"To ERHC Shareholders:
"I am pleased once again to provide an update on ERHC Energy Inc.'s recent
progress.
"We continue to see activity toward eventual exploration in the Joint
Development Zone. The Company's consortium partners in the JDZ, Addax
Petroleum and Sinopec Corp., are proceeding with plans to bring the
deepwater drill ship Aban Abraham to the JDZ next year. According to our
most recent information, Addax and Sinopec continue to anticipate that
exploratory drilling operations may begin as early as mid-2008 in Blocks 2
and 4 of the JDZ.
"As we have reported in the past, we will continue to look to the operators
of each of the Blocks to make relevant announcements when they determine
that the time is right. In May, Addax released the results of a prospective
oil and contingent gas resources report of JDZ Blocks 2, 3 and 4, in which
both Addax and ERHC Energy hold a participating interest, on its website at
www.addaxpetroleum.com.*
"As noted previously, ERHC's Vice President (Technical), Mr. James
Ledbetter, also has been assessing the feasibility of various other
prospects in the region, including marginal fields that might provide good
investment opportunities for companies of ERHC's size and capacity.
"We have started planning an ERHC annual shareholders' meeting. At the
moment, budgets and timelines are being drawn up for consideration by
management and the board. I am confident that we will be able to announce a
date for the meeting as soon as the preliminaries are sorted out. At the
moment, we are exploring dates in late 2007 or early 2008. Of course, the
formal notice and documentation will be provided to shareholders at the
appropriate time in advance of the meeting.
"On July 5th 2007, the U.S. Senate Committee on Homeland Security and
Governmental Affairs Permanent Subcommittee on Investigations served ERHC
with a subpoena, in connection with its review of matters relating to the
potential abuse of payments made to foreign governments, seeking documents
and information related to ERHC's activities, particularly those related to
the acquisition of ERHC's interests in the Gulf of Guinea. ERHC's
attorneys, Akin Gump Strauss Hauer & Feld LLP, will assist ERHC in
responding to the subpoena.
"The New York Times and The Houston Chronicle recently ran stories
regarding ERHC. There are a few points that I would like to emphasize.
ERHC's rights in the JDZ, as well as those granted to other companies, were
recognized by the Joint Development Authority pursuant to the terms of the
treaty establishing the JDZ, which was ratified by the governments of
Nigeria and Sao Tome & Principe. Our position is that the circumstances
during the past decade -- including numerous concessions and renegotiations
on our part -- led to development rights in the JDZ being legitimately
awarded to ERHC.
"The Houston Chronicle's report focused on the Securities and Exchange
Commission's filing of a subpoena enforcement action against an attorney
working for Chrome Oil Services Limited, which is a significant shareholder
in ERHC. The subpoena related to the SEC's investigation of ERHC. Our
investigation counsel, Akin Gump, has informed us that the SEC and the
attorney in question, through his own individual attorney, are working
toward resolving compliance with the subpoena.
"ERHC Energy remains focused on building positive momentum and values your
ongoing trust and support. The management and board look forward to getting
together with you in due course at the shareholders' meeting."
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.
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.
* Information on that website is not incorporated into this press release
or any of ERHC's filings with the Securities and Exchange Commission, and
ERHC can provide no assurance as to the accuracy or completeness of any
such information.
Contact Information: Contact:
Dan Keeney
APR
DPK Public Relations
832-467-2904