ERHC Energy Inc. Shareholders Approve Plan To Fund Accelerated African Oil Exploration Programs
HOUSTON, Oct. 10, 2012 (GLOBE NEWSWIRE) -- Shareholders of ERHC Energy Inc. (OTCBB:ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, have voted overwhelmingly in favor of the Company's proposals that will enable fund raising for oil and gas exploration in the Company's highly prospective acreages in East, Central and West Africa. At a shareholders' meeting held in Houston on October 9, 2012 to consider the proposals, ERHC's management announced plans to raise up to $45 million for exploration work programs in Kenya's Block 11A and Chad's BDS 2008.
Shareholders approved a proposal to amend ERHC's Restated Articles of Incorporation to increase the number of shares of common stock that the Company is authorized to issue by a vote of 511,885,807 (in favor) to 72,521,768 (against). Shareholders also voted to authorize ERHC's Board to issue Preferred Stock by a vote of 341,858,523 (in favor) to 25,394,276 (against).
ERHC expects to begin exploration operations in Kenya's Block 11A by the end of calendar year 2012. The main surface feature of Block 11A is the Lotikipi plain. The proximity and in-trend relationship between the Lotikipi plain and the Abu Gabra Rift basins of southern Sudan, which are established petroleum provinces, suggest high oil and gas prospectivity.ERHC is planning for exploration operations to commence in Chad by early 2013. The Company plans to focus initially on its 100 percent interest in BDS 2008 which is on trend with the Doba Basin oilfield that holds significant discoveries and sources of current oil production in Chad. "We are very excited that our shareholders have given us the financial flexibility needed to move our current assets forward and seize new opportunities that align with our ambitious growth plans," said president and CEO Peter Ntephe. "We are proceeding quickly with fund raising for the aggressive work programs that we intend to roll out in Kenya and Chad."
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