ERHC Energy Inc. Announces Board Re-Election, Leadership Changes
Company to Implement Existing Operational Structure to Manage Operations in Joint Development Zone Blocks
HOUSTON, TX--(Marketwire - April 22, 2008) - ERHC Energy Inc. (OTCBB: ERHE), a Houston-based
company with valuable oil and gas assets in the Gulf of Guinea, today
announced the re-election of directors Howard Jeter, Clement Nwizubo and
Dr. Andrew Uzoigwe. Their respective terms will run through the Company's
next Annual Shareholders Meeting.
ERHC also announced the resignation of Nicolae Luca as director and acting
chief executive officer. Mr. Luca, who did not seek re-election after
serving on the ERHC board since 2001, will pursue other interests. The
board of directors thanked Mr. Luca for his devoted service to the Company
and accepted his resignation.
"Mr. Luca's leadership made it possible for ERHC to continue advancing the
interests of shareholders during a sometimes challenging period," said
Board Member Howard Jeter. "We thank Mr. Luca for his guidance in
stabilizing the Company's operations and finances. His contributions have
been instrumental in putting ERHC on the threshold of exploration
activities in the Gulf of Guinea."
ERHC announced the appointment of Peter Ntephe to the newly created
position of chief operating officer (COO). Mr. Ntephe, who has served as
corporate secretary since 2001, will oversee the administration and
corporate governance of ERHC and its subsidiaries. Pending the appointment
of a chief executive officer for ERHC Energy, Mr. Ntephe will replace Mr.
Luca as acting CEO.
The ERHC board announced that it will continue its efforts to appoint a
permanent CEO. The board continues to discuss the Company's future with
qualified candidates and will make an announcement when an agreement has
been reached.
ERHC announced the creation of the position of vice president corporate
development. This person will oversee planning and implementation of
strategies for corporate growth. Responsibilities will include the
identification of appropriate opportunities for corporate mergers and
acquisitions, and corporate finance options.
With exploration in at least one of the Joint Development Zone (JDZ) Blocks
in which ERHC has interests expected to begin in as little as six to eight
months, ERHC announced that it will implement the operational structure
originally created in 2005. ERHC Energy Inc.'s wholly owned subsidiary,
ERHC Energy (Cayman) Ltd., will serve as holding company for three working
subsidiaries through which its activities in the Gulf of Guinea will be
operated. The three working subsidiaries are ERHC Energy Nigeria JDZ Block
2 Ltd., ERHC Energy Nigeria JDZ Block 3 Ltd. and ERHC Energy Nigeria JDZ
Block 4 Ltd. Each is jointly owned by ERHC Energy Inc. and ERHC Energy
(Cayman) Ltd. And each will manage the operations in the JDZ Block for
which each is respectively named.
"This operational structure is similar to those used by ERHC's technical
partners in the JDZ and has been in place for years," said Peter Ntephe,
ERHC's COO. "The subsidiary operational structure has numerous important
legal, operational and business development advantages for ERHC and its
shareholders now that exploration imminent."
The Company has interests in Blocks 2, 3, 4, 5, 6, and 9 of the JDZ. ERHC
has additional interests in the territorial waters of São Tomé and
Príncipe, known as the Exclusive Economic Zone (EEZ) and is examining
potential strategic acquisition targets.
About ERHC Energy
ERHC Energy Inc. is a publicly traded American company with valuable oil
and gas assets in the in the highly prospective Gulf of Guinea. 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. For more information, visit www.erhc.com.
This press release contains 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 São Tomé and Príncipe, 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 these statements. Each of the
above statements 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 of the above
statements is based.
Contact Information: Contact:
Dan Keeney
APR
DPK Public Relations
832-467-2904