This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

ERHC Energy Inc. Releases Shareholder Update

HOUSTON, July 10, 2014 (GLOBE NEWSWIRE) -- ERHC Energy Inc. (OTCBB:ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today issued an update on the Company's progress.

ERHC Shareholders:

ERHC is pleased to present highlights of the Company's recent progress.

São Tomé and Príncipe Exclusive Economic Zone (EEZ) Block 11

  • Last week, ERHC President and CEO Peter Ntephe participated in ceremonies commemorating the 10 th anniversary of the National Petroleum Agency of São Tomé and Príncipe(ANP-STP), during which it was announced that ERHC and ANP-STP have concluded the final terms for the Production Sharing Contract for EEZ Block 11.
  • The PSC contains three exploration phases spread over an eight-year period. The work program in the first 4-year phase commits ERHC to purchase and re-process existing data and then carry out an aeromagnetic survey over the Block. ERHC is also committed to acquiring 2,500 kms of 2D seismic data during the first phase.
  • If, after the completion of Phase 1, ERHC chooses to continue its exploration work program, Phases 2 and 3 will last two years each with a well commitment during each phase.
  • As was the case in Kenya and earlier in the Joint Development Zone, management's intention is to bring a technically and financially capable operating partner onboard. The Company's discussions continue with several international oil companies about partnerships in EEZ Block 11. Some of those discussions are on the possibility of a 'right-to-earn' partnership where the operator commits to carrying only one aspect of the work program in return for a pre-determined interest in the PSC if the results of that aspect convince the operator to commit to the rest of the work program.
  • The PSC for EEZ Block 11 will become effective in due course following the receipt of certain legislative and administrative approvals and the official Portuguese translation of the PSC.
  • The Company has posted a presentation Mr. Ntephe delivered at the ceremony at http://erhc.com/presentations/. It provides an extensive overview of the prospectivity of EEZ Block 11, including evidence of what the Company's technical team believes could be a high quantity of hydrocarbon resources.

"Everyone familiar with our story, going all the way back to ERHC's pioneering exclusive agreement with the government of Sao Tome and Principe in 1997, understands how momentous this achievement is," said Dr. Ntephe. "We thank the government and the people of São Tomé and Príncipe, and we are looking forward to starting exploration work in the EEZ."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,161.61 +29.64 0.17%
S&P 500 2,007.01 +8.03 0.40%
NASDAQ 4,574.92 +22.1610 0.49%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs