Monday, February 27, 2006

New PSC Signing Date Set For March 14, ERHC Says

Reacting to Friday's events with remarkable speed, ERHC Energy announced in a press release minutes ago saying that it has been advised its Production Sharing Contract for Block 4 will be signed on March 14, 2006, fulfilling a promise by the Nigeria-Sao Tome and Principe Joint Development Authority to set a new date for the ceremony "very shortly."

It is one of those rare occasions when deeds have followed words for the JDA.

However, ERHC On The Move believes that the company's press release and a corresponding statement by the JDA (see belw) reflect wishful thinking on the part of both.

Investrs should look for a confirming statement from the Sao Tome side of the Joint Development Zone equation before accepting the new date at face value.

Here is the ERHC Energv release from Business Wire:

ERHC Energy Inc. Advised of New Signing Date for PSC in Block 4
Business Wire - February 27, 2006 11:01

HOUSTON, Feb 27, 2006 (BUSINESS WIRE) -- President/CEO of ERHC Energy Inc. (OTCBB:ERHE), Mr. Walter Brandhuber, stated today the Production Sharing Contract for Block 4 was not signed on Friday, February 24, 2006, due to minor political issues.

Management at ERHC Energy Inc. has been advised by government officials to anticipate signing the PSC on Block 4 on Tuesday, March 14, 2006.

Mr. Brandhuber also indicated all parties to the PSC are prepared to execute the PSC on that date.

SOURCE: ERHC Energy Inc.

ERHC Energy Inc., Houston
Jane Barker, 713-626-4700

Copyright Business Wire 2006

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