HOUSTON, Aug. 13, 2013 (GLOBE NEWSWIRE) -- ERHC Energy Inc. (OTCBB:ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today updated shareholders on the Company's progress.
ERHC Shareholders:
ERHC is pleased to present highlights of the Company's recent progress. Greater detail is available in the Company's quarterly 10-Q filing, which can be read at http://erhc.com/secfilings/.
São Tomé and Príncipe Exclusive Economic Zone (EEZ)
- ERHC has concluded negotiations with the National Petroleum Agency (ANP-STP) on the EEZ Block 4 and 11 Production Sharing Contracts (PSCs).
- Translations, final legal review and certain approvals will precede signature.
Republic of Kenya Block 11A
- Negotiations continue with an international operator interested in farming into the Block following a Letter of Intent entered into in May 2013.
- ERHC awarded a contract to Bell Geospace to acquire an airborne Full Tensor Gravity Gradiometry (FTG) survey of the Block.
- ERHC conducted community outreach with government and local leaders to precede of the Company's exploration program.
Republic of Chad
- ERHC has contracted ASAT (Archeologie et Socio-Antropologie au Tchad), an environmental consultancy with Chad expertise and experience, to conduct a comprehensive Environmental Impact Assessment (EIA) in accordance with the PSC.
- ERHC has applied to the Chadian Ministry of Energy to harmonize ERHC's acreage with current determinations of prospectivity.
Nigeria - São Tomé and Príncipe Joint Development Zone (JDZ)
- ERHC and other contracting parties continue negotiations with the Joint Development Authority on how to progress with JDZ Blocks 2, 3 and 4.
Fundraising
- ERHC is pursuing ongoing discussions with investment banks and brokers regarding potential new investments and financing facilities.
If you have questions, please reference the Company's quarterly 10-Q filing, which is available at http://erhc.com/secfilings/ or contact Daniel Keeney, ERHC's investor relations representative, at dan@dpkpr.com.
About ERHC Energy
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on growth through high impact exploration in Africa and the development of undeveloped and marginal oil and gas fields. ERHC is committed to creating and delivering significant value for its stockholders, investors and employees, and to sustainable and profitable growth through risk balanced smart exploration, cost efficient development and high margin production. For more information, visit www.erhc.com.
Cautionary Statement
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 stockholders' meetings 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 Kenya, Chad, the JDZ and the Exclusive Economic Zone 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.