ERHC Energy Inc. Announces Formal Closure of All Government Probes
April 27 2012 - 09:18AM
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.
The ERHC Energy Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=11579
Cautionary Statement
This press release contains statements concerning ERHC Energy
Inc.'s future operating milestones, future drilling operations, the
planned exploration and appraisal program, future prospects, future
investment opportunities and financing plans, future shareholders'
meetings as well as other matters that are not historical facts or
information. Such statements are inherently subject to a variety of
risks, assumptions and uncertainties that could cause actual
results to differ materially from those anticipated, projected,
expressed or implied. A discussion of the risk factors that could
impact these areas and the Company's overall business and financial
performance can be found in the Company's reports and other filings
with the Securities and Exchange Commission. These factors include,
among others, those relating to the Company's ability to exploit
its commercial interests in Chad, the JDZ and the Exclusive
Economic Zone of São Tomé and Príncipe, general economic and
business conditions, changes in foreign and domestic oil and gas
exploration and production activity, competition, changes in
foreign, political, social and economic conditions, regulatory
initiatives and compliance with governmental regulations and
various other matters, many of which are beyond the Company's
control. Given these concerns, investors and analysts should not
place undue reliance on these statements. Each of the above
statements speaks only as of the date of this press release. The
Company expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statement to reflect any change in the Company's expectations with
regard thereto or any change in events, conditions or circumstances
on which any of the above statements is based.
CONTACT: Dan Keeney, APR
DPK Public Relations
832-467-2904
dan@dpkpr.com
ERHC Energy (CE) (USOTC:ERHE)
Historical Stock Chart
From Feb 2024 to Mar 2024
ERHC Energy (CE) (USOTC:ERHE)
Historical Stock Chart
From Mar 2023 to Mar 2024