Wednesday, January 19, 2005

In New SEC Filing, ERHC Names Key Legal Consultant

In a filing with the Securities Exchange Commission today, ERHC named a new consultant, Frank Cascio, whom it will pay 175,000 shares valued at $0.46.

Cascio is to prepare "a written status report describing the status of any sales of the Company Common Stock sold hereby."

Cascio was hired to provide "general legal services" to the company. A search of Google did not turn up any mentions of his name. He is required under the contract to report to the company if he sells any of his stock.

Said one particularly knowledgeable investor:

Frank Cascio is a major deal maker and assisted [I think] ERHC on the JDZ Participation Agreements with Noble and Pioneer, and I believe this is his speciality.

He was discussed at length some months back when his name popped up. He has appeared at several trade gatherings and conferences and speaks often on the subject.

According to a post on the RB board:

FRANK L. CASCIO JR is a partner in the firm of Barnes & Cascio LLP in Houston Texas, where he is engaged in a transactional and negotiating practice representing mostly large independent energy companies in upstream and midstream projects around the world. Most of his recent activity has been in the Pacific Rim countries, principally China.


That information is from a PDF file at http://www.cailaw.org/brochures/Intl%20Energy%20brochure.2004.pdf.

Cascio is the second new hire in recent months. CEO Ali Memon was hired late last year following the departure of CEO Chude Mba.

A copy of the Consulting Agreement is provided below and at the www.sec.gov/edgar site.

CONSULTING AGREEMENT
This Consulting Agreement dated January 4, 2005 (“Agreement”) is by and between, ENVIRONMENTAL REMEDIATION HOLDING CORPORATION d/b/a CHROME ENERGY CORPORATION, a Colorado corporation (“Company”) and FRANK CASCIO, an individual (“Consultant”).

W I T N E S S E T H :

WHEREAS, Consultant desires to provide certain consulting services to the Company; and

WHEREAS, the Company and Consultant desire to set forth in writing the terms and conditions of their agreement;

NOW, THEREFORE, in consideration of the premises and the mutual covenants, agreements, and considerations herein contained, the parties hereto agree as follows:

1. Engagement . Subject to the terms and provisions of this Agreement, the Company hereby affirms the engagement of Consultant, as an independent contractor, to provide general legal services.

2. Compensation . For legal services performed by Consultant for the Company, the Company will issue to Consultant 175,000 shares of common stock of the Company pursuant to a S-8 Registration Statement, which shares are valued at $82,250 based on the average of the high and low prices of the Company common stock on January 3, 2005, or $0.47, as reported on the OTC Bulletin Board.

3. Status Reports . At the Company’s written request, Consultant shall prepare and submit to the Company a written status report describing the status of any sales of the Company Common Stock sold hereby.

4. Term . The term of this Agreement shall commence on the date herein and shall continue in full force and effect for a period of six months.

5. Miscellaneous .

(a) Assignment . All of the terms, provisions and conditions of this Agreement shall be binding upon and shall inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns. This Agreement shall not be assigned or transferred by either party, nor shall any interest herein be assigned, transferred, pledged or hypothecated by either party without the prior written consent of the other party.

(b) Applicable Law . This Agreement shall be construed in accordance with and governed by the laws of the State of Texas.

(c) Entire Agreement, Amendments and Waivers . This Agreement constitutes the entire agreement of the parties hereto and expressly supersedes all prior and contemporaneous understandings and commitments, whether written or oral, with respect to the subject matter hereof. No variations, modifications, changes or extensions of this Agreement or any other terms hereof shall be binding upon any party hereto unless set forth in a document duly executed by such party or an authorized agent or such party.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above.

ENVIRONMENTAL REMEDIATION HOLDING
CORPORATION

By: /s/ Ali Memon
Ali Memon, President

FRANK CASCIO

By: /s/ Frank Cascio
Frank Cascio

Exhibit 23.2

7 comments:

Anonymous said...

He made $8K already since he signed on. Good to see erhc tending to its operation and share prices. so, Joe, reading the tone of your last article it appears you were selling and trying to get back in lower. If so, I doubt this will go down any lower given where we are in the award process....

...Joe Shea said...

I have not sold any shares and continue to maintain the same 123,000 I have had since last week (when I bought 1,000 at .44), and I only regret that I did not take advantage of the .055 swing today, which would have netted me $6,000.

I find it interesting that so many pumpers bashed me on RB following this post. That indicates that there is a problem lurking here. None of them can - or none want to - answer the question about ECL/ECI. The JDA is certainly not going to ignore this huge $175 million bid if it originates with Exxon, and that is a profound problem for them. It is apparently in someone's interest to keep it a mystery, possibly until it bites us in the butt.

Anonymous said...

Frank Cascio is a renowned expert and speacker in International Energy Law,Contracts and Negotiations with the prestigeous law firm of James B. Barnes, Barnes & Cascio LLP, Houston Texas.

http://64.233.161.104/search?q=cache:TbBeobVkkBYJ:www.cailaw.org/brochures/Intl%2520Energy%2520brochure.2004.pdf+FRANK+CASCIO+consultant&hl=en

Anonymous said...

Speaking of filings, it does seem that there was a flurry of them for ERHC at the end of 2004. I just wonder if this was an effort by ERHC to "clean up house" in preparation for listing on a stock exchange? Perhaps NASDAQ or AMEX? The upcoming shareholders meeting would be a timely occasion to announce such a step forward, especially if the company is validated with wins of Blocks 2 & 4 in the JDZ, not to mention the fact that its “Going Concern” qualification was removed. -- MM

Anonymous said...

Isn't possible that the ECL/ECI hoopla is nothing more than a typo?..which has happened about 1000 times already with these African fish wrap newspapers!

Oh by the way you have a typo above...its Frank Cascio not Frank Fascio as you stated above.

Anonymous said...

Many thanks for the typo - I hate 'em!

sfreed101 said...

Frank Cascio has obviously been doing work for the company for a while. He was paid stock from S-8 filed in October.

By the way the former CEO is not Chris Mba. His name is Chude Mba.

I expected more diligence in ensuring your facts are correct before you "publish" and less hyperbole when you do.