HOUSTON, TX -- (MARKET WIRE) -- April 18, 2007 -- The following update on Company activities was
issued by Nicolae Luca, interim chief executive officer of ERHC Energy Inc.
(
OTCBB:
ERHE), prior to the market opening on Wednesday, April 18, 2007.
"To ERHC Shareholders:
"I am pleased to again update the ERHC Energy family on the company's
progress during the past two months.
"You may have read that ERHC's consortium partners in the Joint Development
Zone (JDZ), Addax Petroleum and Sinopec Corp., have jointly secured the
deepwater drill ship Aban Abraham to start exploratory drilling operations
as early as mid-2008 in Blocks 2 and 4 of the JDZ. These are exciting
developments for ERHC shareholders and have resulted from years of planning
and preparation.
"There is plenty of excitement about the extensive exploration and
appraisal program that is planned. The goal is to realize value from our
asset base in the JDZ in order to have a positive impact on the Company's
profitability for the benefit of its shareholders. That said, I want to
continue to caution that there are many contingencies that affect
operations of this nature and guidance for when exploratory drilling may
commence could change. We will continue to look to the operators of each of
the Blocks to make the relevant announcements when the time is right.
"A number of shareholders have asked about the status of JDZ Block 3, in
which ERHC has a 10 percent carried working interest and a production
sharing contract with Addax. Another oil and gas company, Anadarko, which
has a 51 percent working interest, is the operator of that Block and will
be the source of any updates related to drilling timelines.
"Last month, ERHC's Vice President, Technical, James Ledbetter, was in
Nigeria on an intensive working tour. He had positive and productive
discussions with Addax and Sinopec. He also participated in meetings of the
Operating Committee and the Technical Committee for each of the Blocks in
which ERHC has an interest. We remain positive about the progress being
made.
"While in Nigeria, Mr. Ledbetter also participated in meetings with the
Joint Development Authority to build trust and strengthen ERHC's bonds with
the organization. He has also been exploring prospects in the region for
ERHC and met with several parties who might have interesting opportunities
for investment by ERHC. Nigeria, as many shareholders are aware, has
announced it will soon auction exploration licenses for 45 offshore and
onshore oil and gas blocks. In addition, marginal fields which might
provide good investment for companies of ERHC's size and capacity are
starting to become available. ERHC is seriously looking at all available
opportunities right now and assessing them for feasibility of
participation.
"The Board of Directors has appointed the national law firm of Duane Morris
LLP, which is one of the 100 largest law firms in the world, as ERHC's
corporate securities counsel. The Company's corporate-securities legal work
had previously been handled by a local Houston firm. Going forward, Duane
Morris will handle matters relating to ERHC's corporate securities,
including compliance with the federal reporting requirements. Meanwhile,
the law firm of Akin Gump Strauss Hauer and Feld LLP continues to interface
with U.S. Department of Justice and the Securities and Exchange Commission
investigators and respond to their requests for information.
"We have fully settled into our new and expanded Houston headquarters. With
more than double our previous space, we are prepared for an acceleration of
business operations in the months and years ahead. While the Board
continues its efforts to identify the appropriate CEO and CFO, the Company
remains confident in the capabilities of the interim leadership to maintain
our positive momentum.
"Thank you for your continued interest and please know that everyone
associated with ERHC Energy values your trust and support."
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.
Safe Harbor Statement
This press release contains "forward-looking statements," including
statements about ERHC Energy Inc.'s future operating milestones, financing
plans, as well as other matters that are not historical facts or
information. These forward-looking statements are based on management's
current assumptions and expectations and involve risks, uncertainties and
other important factors, specifically including 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, that may cause the
Company's actual results to be materially different from any future results
expressed or implied by such forward-looking statements. The Company
undertakes no obligation to update or revise any such forward-looking
statements, whether as a result of new information, future events or
otherwise, nor is there any assurance that the contemplated financing will
be effected, under the terms set forth herein or any other terms.
Contact Information: Contact:
Dan Keeney, APR
DPK Public Relations
832-467-2904
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