HOUSTON, May 3, 2012 (GLOBE NEWSWIRE) -- ERHC Energy Inc. (OTCBB:ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today announced the re-election of five directors by shareholders at the recent Annual Meeting of Shareholders. ERHC shareholders re-elected Leslie Blair, Ambassador (rtd.) Howard Jeter, Friday Oviawe and Dr. Andrew Uzoigwe as non-executive directors. ERHC President and CEO, Peter Ntephe, was re-elected to serve as an executive director.
Each director's term of office will run until the Company's next Annual Shareholder's Meeting or a successor is elected.
Following the business of the Annual Meeting of Shareholders, ERHC's management delivered a 'State of the Company' presentation. Leading the presentation, Mr. Ntephe stated that the Company has prepared its proposed exploration work program for its blocks in Chad for presentation to Chadian authorities for approval. ERHC has 100 percent of the interest in BDS 2008 and Manga, and a 100 percent interest in half of the Chari-Ouest Block 3. In view of the prolific nature of the Doba and Doseo basins, which abut the Company's Chari-Ouest 3 and BDS 2008 Blocks, the Company proposes a fast-track exploration program focusing initially on these two Blocks. ERHC has also opened a data room for the Blocks to enable E&P companies interested in farming in to evaluate the Blocks. Management stated that that Company is currently in discussions with several highly qualified E&P companies about the possibility of farming into the Blocks.
Mr. Ntephe also stated that negotiations are proceeding well in respect of Production Sharing Contracts for the Company's Blocks in the São Tomé and Príncipe Exclusive Economic Zone ("EEZ"). ERHC has 100 percent working interests in Blocks 4 and 11 of the EEZ. With significant progress having been made on most of the key terms, ERHC expects that negotiations would be concluded over the next few meetings with the São Tomé and Príncipe National Petroleum Agency ("ANP-STP"). Several credible deepwater operators have, on ERHC's invitation, visited the EEZ data room maintained jointly by the ANP-STP and Petroleum Geoservices ("PGS"). ERHC seeks to interest some of these operators in partnering with ERHC on ERHC's Blocks, both of which are signature-bonus free.
ERHC also confirmed the expiration in March 2012 of Exploration Phase 1 in Blocks 2, 3 and 4 of the Nigeria – São Tomé and Príncipe Joint Development Zone ("JDZ") in which the Company has rights. Mr. Ntephe stated that regardless of whether next steps in JDZ Blocks 2, 3 and 4 involved immediate commitment to further exploration, further extensions or a complete change in operatorship, ERHC intended to remain an active and significant interest-holder in all three Blocks.
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 shareholders, 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.
The ERHC Energy Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11579
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 shareholders' 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 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.