Contact Information: Contact: Dan Keeney, APR DPK Public Relations 832-467-2904
ERHC Energy Inc. Board Accepts Resignation of Chairman
| Source: ERHC Energy
HOUSTON, TX--(Marketwire - August 15, 2007) - ERHC Energy Inc. (OTCBB : ERHE ), an independent
oil and gas company, today announced the resignation of Sir Emeka Offor
from his positions as non-executive director and chairman of the Company's
board of directors to concentrate on his diverse business interests. The
ERHC board accepted his resignation and has begun the process of
identifying a successor.
"I remain committed to ERHC and my investment therein, and want to assure
you all that I will continue to support the Company in any way I can,"
Offor said in a letter to the board.
Sir Emeka Offor has been on the board of ERHC since 2001, when a company he
controls acquired a controlling interest in ERHC. He has served as a
non-executive director and chairman during a period of important
accomplishments.
"ERHC is very grateful to Sir Emeka Offor for his years of visionary
leadership," said Acting Chief Executive Officer Nicolae Luca. "Today, ERHC
holds valuable assets in what was once an undeveloped oil region of the
world, in large part due to the hard work of Sir Emeka Offor, and we pledge
to continue to build upon that legacy."
2007 marks the 10th anniversary of ERHC Energy's exclusive joint venture
with the Democratic Republic of Sao Tome & Principe. ERHC sought that
agreement because it identified the possibility of significant offshore oil
reserves years before others and was willing to undertake the hard work
necessary to realize the value of these assets.
ERHC holds assets in the Joint Development Zone (JDZ) between Sao Tome &
Principe and Nigeria, and in Sao Tome's Exclusive Economic Zone (EEZ). The
Company has signed participation agreements with subsidiaries of Addax
Petroleum Inc. and Sinopec Corp., which have announced plans to begin
exploration in JDZ Blocks 2 and 4 as early as the third quarter of 2008.
Additionally, ERHC continues to pursue other potential oil and gas
acquisitions, where feasible.
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, and to sustainable and profitable
growth through risk balanced smart exploration, cost efficient development
and high margin production.
Safe Harbor Statement
This press release of ERHC Energy Inc. (the "Company") 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 may include, but are not
limited to, statements concerning the Company's future growth, operating
milestones, drilling operations, prospects, investment opportunities, cash
position, financial position and financing plans, 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, compliance with governmental laws and 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.