Shareholder Support Will Bode Well For ERHC Energy Inc.'s African Exploration Programs
HOUSTON, Oct. 4, 2012 (GLOBE NEWSWIRE) -- The management and Board of ERHC Energy Inc. (OTCBB:ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today stated appreciation for the expressions of support by many of the Company's shareholders for a proposed intensification of the Company's fund raising activities. ERHC is seeking formal shareholder approval of an increase in the Company's authorized share capital as it raises funds for exploration programs in the Company's highly prospective acreages in East, Central and West Africa.
"We are enthused by the level of support so far from our shareholders and exhort those who haven't voted to do so in advance of the closure of voting and announcement of final tallies next week," said ERHC President and CEO Peter Ntephe. "Our ambitious exploration plans are intended to enhance shareholder value, an objective which we expect our shareholders will embrace."
Earlier this week, Chrome Oil Services Ltd. and Chrome Energy LLC, which beneficially own approximately 43 percent of ERHC Energy's outstanding common stock, announced their support for ERHC's shareholder proposal. The Company's management and Board have recommended an increase in the number of authorized shares of Common Stock from 950 million shares to three billion shares and to authorize the Company's Board to create and issue preferred stock.The proposal is subject to approval by a Special Meeting of Shareholders of ERHC scheduled for Tuesday, October 9, 2012. The meeting will be held at 3:00 p.m. at the Renaissance Houston Hotel, 6 Greenway Plaza East, in Houston, Texas. Shareholders of record at the close of business on August 22, 2012 are entitled to vote their shares for or against the proposed amendments. ERHC holds oil and gas exploration interests in the Republic of Kenya, the Republic of Chad, the Sao Tome and Principe Exclusive Economic Zone (EEZ) and the Nigeria-Sao Tome and Principe Joint Development Zone (JDZ). In the Republic of Kenya, ERHC has 100 percent of the interest in Block 11A, which is in the vicinity of Block 10BB where significant oil discoveries have recently been announced. In the Republic of Chad, ERHC has 100 percent of the interest in BDS 2008 and Manga, and 100 percent interest in half of Chari-Ouest Block 3. In the EEZ, ERHC holds 100 percent working interests in Blocks 4 and 11 with an option to acquire up to 15 percent working interests in two more Blocks. In the JDZ, ERHC holds working interests in Blocks 2, 3, 4, 5, 6 and 9.
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