Update, 5:30pm EST, 12/20/06: The good news lifted ERHE shares 9.5 percent by Wedbesday's close to $0.46 Bis and ).47 Ask on double our average volume - more than 1.5 million shares. The stock hit $0.50 for the second time during trading, as we predicted it would back on November 4.
Here is the release, courtesty of publicist Dan Keeney:
FOR IMMEDIATE RELEASE
ERHC Energy Inc. Appoints Vice President Technical
HOUSTON, December 19, 2006 – ERHC Energy Inc. (OTCBB: ERHE), an independent oil and gas company with assets in the Gulf of Guinea, has announced the appointment of James Ledbetter to the position of Vice President Technical. Mr. Ledbetter begins his duties with ERHC Energy immediately.
Mr. Ledbetter brings more than 25 years experience in exploration and production projects to ERHC Energy. He has an international background, having worked on projects in more than 20 countries, including work in Australia, Europe, the Middle East, North and South America, and the Pacific Rim.
In addition to managing the Company’s relationships with consortium partners and various regulatory agencies in this new position, it is expected Mr. Ledbetter will play a key role in helping ERHC Energy expand its asset base and diversify beyond the Joint Development Zone.
“We are very pleased to have James join us and anticipate he will be pivotal in implementing a focused acquisition strategy that targets a credible portfolio of low- to medium-risk properties,” said Sir Emeka Offor, chairman of ERHC Energy’s Board of Directors. “We sought a person who could help to identify, acquire and manage prospects in which we discern a competitive advantage, and I believe James has the right background for the job. The Board’s goal is to build a significant revenue base that will have a positive impact on ERHC’s profitability for the benefit of its shareholders.”
Most recently, Mr. Ledbetter served as a technology coordinator for Saudi Aramco’s Research & Technology Division, where he coordinated more than 200 technology initiatives. Prior to that, he developed and evaluated the worldwide exploration portfolio for Occidental Oil & Gas Corporation as its chief of strategic planning & economics, worldwide exploration.
Prior thereto, Mr. Ledbetter worked for International Economic & Engineering Consultants, Inc., Kuwait Foreign Petroleum Exploration Company, Capitol Steel & Iron Company, Kerr-McGee Corporation and Cities Service Company.
“As operations are initiated in the Joint Development Zone (JDZ), the depth of experience and international perspective that James offers will be very valuable for ERHC Energy,” said Nicolae Luca, acting chief executive officer for ERHC Energy. “We are very pleased to welcome James onto our management team and look forward to his contribution to the exploration and exploitation of ERHC Energy’s rights.”
ERHC Energy holds exploration rights in six JDZ blocks, consisting of a 22 percent participating interest in JDZ Block 2, a 10 percent participating interest in JDZ Block 3, a 17.7 percent participating interest in JDZ Block 4, and a 15 percent working interest in JDZ Blocks 5, 6 and 9. Additionally, subject to certain restrictions, ERHC holds the right to receive up to two blocks of ERHC’s choice in Sao Tome’s Exclusive Economic Zone (EEZ) and holds the option to acquire up to 15 percent paid working interest in up to two additional blocks of ERHC’s choice in the EEZ.
Mr. Ledbetter earned a Bachelor’s Degree in Petroleum Engineering from the University of Tulsa.