Replies to post #7691 on ERHC Energy Inc (ERHE)

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ERHC Consortium Proceed in Blocks 2 and 3
Business Wire - July 07, 2005 09:01

HOUSTON, Jul 07, 2005 (BUSINESS WIRE) -- Houston-based ERHC Energy Inc. (OTCBB:ERHE) announced today the company is proceeding with consortium partner Pioneer Natural Resources in Blocks 2 and 3 of the Joint Development Zone, in which the Nigeria-Sao Tome and Principe Joint Development Authority awarded the consortium interests on May 31, 2005. The consortium originally included Devon Energy as the third consortium partner, which has since announced its decision to decline the bid award due to the low interest the company would receive as one of three consortium partners.

"We understand Devon's need for a greater interest in Blocks 2 and 3. We will miss the excellent working relationship we had underway. Pioneer and ERHC will now proceed to negotiate the Joint Operating Agreements and Production Sharing Contracts," said Ali Memon, President and CEO of ERHC.

In Block 2, the JDA awarded the consortium a 65 percent interest inclusive of ERHC's 30 percent signature bonus free interest, and in Block 3, a 25 percent interest inclusive of ERHC's 20 percent signature bonus free interest. Pioneer will be the operator for Block 2.

ERHC has accepted the awards of its pre-existing interests in the five blocks in the Joint Development Zone.

Based in Houston, Texas, ERHC Energy Inc. is an oil and gas company focused on exploration in the Gulf of Guinea offshore West Africa. For more information, visit the company's website at www.erhc.com.

The statements in this document are forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements and the business prospects of ERHC are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties are described on Forms 10-Q and 10-K filed with the Securities and Exchange Commission.

SOURCE: ERHC Energy Inc.

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