ERHC Energy Inc (ERHE)

[balance_builder]

Lowman....here is a very simplified version:

ERHC has significant working interests in the JDZ.

ERHC has full carries on each of their 3 working interests.

ERHC has 7 additional "rights" waiting to become working interests (3 in the JDZ and 4 in Sao Tomes EEZ...of which 2 are 100% interests).

Chevron drilled the first hole in the zone last year and discovered hydrocarbons.

It "appears" they drilled their first well "off structure" as a stratigic move to gain information and still hunt for cheap properties in the zone. It further "appears" they could be drilling well #2 this month (ERHC has no working interest in this block...it is merely next door to our interests).

A somewhat similar company (EEL) is in talks of being taken over.

I believe ERHC has around $35 million in their bank account and has approximately $38K in debt.

Lastly, ERHC's partners, Addax and Sinopec, have secured a drill rig to begin drilling as early as 2'nd Q 2008. They have secured the rig for up to 10 wells.