Contact Information: Contact: Daniel Keeney, APR DPK Public Relations 832-467-2904
Chief Operating Officer Updates ERHC Energy Inc. Shareholders
| Source: ERHC Energy
HOUSTON, TX--(Marketwire - October 28, 2008) - The following update on Company activities was
issued by Peter Ntephe, chief operating officer of ERHC Energy Inc. (OTCBB : ERHE ), after the market close on Tuesday, October 28, 2008.
To ERHC Shareholders:
I am pleased to update the ERHC Energy family once again on the company's
recent progress.
We are happy to report that the deepwater drillship Aban Abraham, which has
been contracted by our technical partners Addax and Sinopec Corp., has
completed sea trials and is expected to set sail in the coming weeks. Addax
has indicated that it expects to take possession of the Aban Abraham to
commence drilling operations in the Joint Development Zone in the second
half of 2009. As of this update, Addax continues to seek a rig of
opportunity to begin drilling operations in JDZ Block 4 sooner.
Earlier this week ERHC's Vice President, Corporate Development, David
Bovell, presented at the 2008 Global Investment Symposium in Dubai. It was
a great opportunity to meet with more than 100 international investors,
investment bankers and fund managers, and introduce them to ERHC Energy. We
will also present at the RedChip Elite Investment Conference at the Harvard
Club in New York on November 5, 2008.
The presentations are part of a comprehensive communications strategy to
spread the word about ERHC. Our goal in participating in these investment
conferences is not only to enlighten the investment community on ERHC but
also to explore potential business partnerships that will enhance our
shareholder value. The feedback thus far has been very positive and we
expect to step up the strategy in the coming months.
Earlier this year, ERHC representatives participated in the Nigeria São
Tomé & Príncipe Joint Development Authority "Investment Forum 2008" in São
Tomé & Príncipe. The Company's management team also presented at the
RedChip Small Cap Investors Conference in San Francisco, the Growth Company
Investors Show in London and the Sub Saharan Africa Oil & Gas Conference in
Houston. ERHC also participated at the Nortia Capital Partners' Equities
Conference by the Beach in Atlantic City.
Those interested in what we had to say in Dubai may review the presentation
slides and speaking points at www.erhc.com/presentations.
ERHC has a great story to tell even in these challenging times for global
financial markets. We are operating from a position of uncommon strength
for a company in our stage of development. We are in a strong financial
position and have virtually no debt. Furthermore, we continue to carefully
monitor our financial risk. Our Controller, Sylvan Odobulu, has worked
hard to ensure that ERHC's risk of exposure to adverse money-market
conditions are kept to a minimum. While we are confident in our banking
relationships, we will continue to pay close attention to developments in
the sector with a view to maintaining the safety and security of the
Company's cash assets.
Finally, work is underway on ERHC's fourth quarter and annual financial
report for the period that ended September 30, 2008.
ERHC Energy remains focused on enhancing value for the benefit of its
shareholders. Thank you for your continued trust and support.
Sincerely,
Peter Ntephe
Chief Operating Officer
This document 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 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 these statements. Each of the
above statements speaks only as of the date of this document. 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.