-- JDZ Block 2, in which ERHC has a 22 percent interest, has recoverable
reserves potential of 2.63 billion barrels.
-- JDZ Block 3, in which ERHC has a 10 percent interest, has recoverable
reserves potential of more than 600 million barrels.
-- The recoverable reserves potential of JDZ Block 4, in which ERHC has a
26.7* percent interest, is estimated to be 1.86 billion barrels.
The estimate of "recoverable reserves potential" is based on the report,
which interpreted and mapped seismic data, highlighted prospectivity and
calculated volumetrics. It did not include any attempt to comply with any
SEC definition of reserves. ERHC's percentage interest determines the
amount of oil to which it will be entitled from any proven reserve, after
deductions from the reserves for cost, taxes, royalties and the Joint
Development Authority's share.
"We are looking forward to the start of exploratory drilling," said Acting
President and Chief Executive Officer Peter Ntephe. "At the same time, we
are pushing forward aggressively with other initiatives to accelerate
growth by duplicating what we have been able to accomplish in the Gulf of
Guinea."
In his presentation to the RedChip Small-Cap Investor Conference, Mr.
Ntephe outlined ERHC's plan to establish or acquire a subsidiary that will
be listed on the Alternative Investments Market of the London Stock
Exchange. That subsidiary will invest in assets that leverage the Company's
strengths in central West Africa. Investors are invited to listen to a
replay of his presentation at www.redchip.com.
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.
Cautionary Note to U.S. Investors -- The United States Securities and
Exchange Commission permits oil and gas companies, in their filings with
the SEC, to disclose only proved reserves that a company has demonstrated
by actual production or conclusive formation tests to be economically and
legally producible under existing economic and operating conditions. We use
certain terms on this Web site, such as "recoverable reserves potential,"
that the SEC's guidelines generally prohibit us from including in filings
with the SEC. U.S. Investors are urged to consider closely the disclosure
in our Form 10-K. You may review our filing with the SEC at the following
Web site:
www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000799235.
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.
*Subject to a possible transfer of 7.2% to Addax Petroleum related to a
matter currently being negotiated.
Contact Information: Contact: Dan Keeney, APR DPK Public Relations 832-467-2904