ERHC Energy Inc (ERHE)

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ERHC Energy Inc. Announces Formal Closure of All Government Probes


HOUSTON, April 27, 2012 (GLOBE NEWSWIRE) -- ERHC Energy Inc. (OTCBB:ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today announced it has received formal confirmation from the Department of Justice and the Securities and Exchange Commission (SEC) that proceedings on subpoenas served on the Company several years ago are closed. The announcement follows ERHC's receipt of letters from the Department of Justice and the SEC confirming that they have closed action related to the subpoenas served on ERHC between 2006 and 2007. ERHC had earlier sought and obtained confirmation that it had fully satisfied the subpoenas of the Senate Permanent Subcommittee on Investigations and that the Subcommittee is undertaking no further action on the subpoenas.

ERHC has always insisted that subpoenas are merely requests for information and that service of the subpoenas on the Company did not necessarily mean that any further proceedings were intended or would result with respect to the Company.

"Today's announcement is the culmination of six long years of work aimed at protecting ERHC's oil and gas interests and advancing the interests of our shareholders," said ERHC President and CEO Peter Ntephe. "Now that the cloud of suspicion resulting from the subpoenas has been formally removed, we expect that many of the challenges of selling the ERHC proposition to prospective partners and the larger investment community may be significantly diminished."

ERHC holds oil and gas exploration interests in 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 Chad, ERHC has 100 percent of the interest in BDS 2008 and Manga. The Company has a 50 percent interest in 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.

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.

http://www.nasdaq.com/article/erhc-energy-inc-announces-formal-closure-of-all-government-probes-20120427-00626