Wednesday, August 29, 2007

Offor Will Not Divest ERHC Holding, Chrome Says

Putting a damper on rampant rumor-mongering that suggested Sir Emeka Offor would divest or merge his 42 percent holding in ERHC Energy, the Chrome Group today issued an unusual statement declaring the former ERCH chairman and CEO would maintain and perhaps "enhance" his holdings. The news, however, dampened the share price, and while only 54,950 shares traded before 11:30 a.m. EST this morning, the price dropped from yesterday's close to $0.27 Ask and $0.275 Bid.

Here is the Chrome Group press release:

Securities Alert

PR Newswire and BusinessWire News

No Plans to Divest Interest in ERHC - Sir Emeka Offor
PR Newswire
6:59 AM ET

Sir Emeka Offor, the former Nigerian chairman of Houston-based ERHC Energy has said that he has no plans to divest his interest in ERHC. Indeed, he is currently consulting on enhancement of that holding. In a statement released to the press in Abuja, Nigeria, by the Group Chief Communications Officer, Mr. Val Oji confirmed that the holding of the billionaire businessman who voluntarily resigned as chairman and director of ERHC recently to concentrate on growth plans for Chrome Group, remains intact. "ERHC remains a healthy and viable business; our commitment to the company is total; therefore the issue of divesting does not in any way arise", the statement concluded.

In another development, the group informed journalists that it has repositioned its operations to meet the ever-changing challenges of doing business in a developing economy. Under the new arrangement, the oil and gas giant has rolled out a robust Corporate Social Responsibility (CSR) program aimed at affecting the lives of Nigerians positively, and other host communities where it operates. To be fully integrated into its corporate strategy in line with emerging best-in-class global practices, the main thrust of the CSR program is uplifting the well-being and living standards of the host communities where it operates and Nigerians in general.

Chrome Group will in the immediate future give more back to society. The CSR-centric strategy as envisaged will in the next two years focus on two key areas of intervention, namely: youth empowerment and promotion of a renewab i.e., sustainable and more conducive environment.

Explaining the reason behind the new strategy, Mr. Oji said, "Chrome Group in line with the philosophy of its founding fathers has made considerable inroads in Nigeria and countries outside Nigeria and, in most of these places has left a positive mark on the business landscape and continues to do so to date. The time has come to re-strategize and reposition with a view to remembering all those that are contributing to the success story that the group has become today. Today is the beginning of a whole new chapter in the life of the group - an era of total alignment of the group's Corporate Social Responsibility (CSR) programs with its corporate strategy."

About Chrome Group

Chrome Group is a leading multibillion dollar regional conglomerate based in Abuja, Nigeria with vast interests in oil and gas, insurance, destination inspection services, bio-fuels energy production, petroleum products trading, the power sector, real estate, logistics and dredging services. Chrome Oil Services Limited, the pioneer company in the group has been doing business since the early 1990s and has handled key projects (as part of a consortium) like the turnaround maintenance (TAM)for the Port Harcourt refinery- Nigeria's largest refinery. In addition to its commercial business activities, the group is committed to its Corporate Social Res ponsibility (CSR) programmes through which it intervenes strategically in key areas of youth empowerment and promoting and sustaining a renewable and greener environment. The group employs over 800 staff worldwide. Chrome Group is also a non-racial and equal opportunity employer.

SOURCE Chrome Group

Tuesday, August 28, 2007

ERHC Takes Steps To Bolster Independent Board, But Share Price Slips

A press release about the Aug. 24 Board of Directors meeting in Nigeria said the company's directors acted to bolster inedendent directorship[s on the company's board to gain better comp.liance with SEC regulations, but the company's share price nonetheless slipped from yesterday's 4 p.m. close to the after-hours Bid of $0.285 on about 43 trades totalling 537,502 shares. About 53 percent were Buys totalling 287,795 as of 2:56 p.m.

Here is the press release, which makes no mention of Sir Emeka Offor's departure twe weeks ago:

Aug 27, 2007 17:41 ET
ERHC Energy Inc. Board Adopts New Committee Charters, Approves Management Recommendation to Reformulate Business Plan
Management Meets With Leaders of Joint Development Authority to Reaffirm Commitment

ERHC Energy Operations
HOUSTON, TX--(Marketwire - August 27, 2007) - ERHC Energy Inc. (OTCBB: ERHE), an independent oil and gas company, today announced actions taken by its board of directors at its August meeting in Nigeria.

The ERHC board of directors approved revisions to the Board Committee Charters for ERHC Energy's Governance and Nominating Committee, and Compensation Committee. The revised Charters, adopted voluntarily by ERHC's board, subscribe to the NASDAQ Stock Market LLC standards of independence for independent directors. Independent directors serving on the Compensation Committee will, in addition, continue to be required to meet the standards of the relevant Internal Revenue Service and Securities and Exchange Commission rules.

Acting Chief Executive Officer Nicolae Luca explained that the board of directors of ERHC will evaluate future candidates for positions on the board to determine whether they satisfy these independence standards.

"We believe that independent directors play a crucial role in ensuring that the board of directors carries out its responsibilities in a manner consistent with its duties to shareholders," said Mr. Luca. "In coordination with the adoption of these revisions to the Committee Charters, efforts are underway to recruit three additional board members."

ERHC's board also approved a new Charter for the Audit Committee, as well as Corporate Governance Guidelines to supplement the Board Committee Charters and the Company's corporate governance policies.

Additionally, the board approved management's recommendation to reformulate the Company's business plan. The reformulated plan will permit ERHC's management to expand the Company's business focus beyond the Gulf of Guinea. Under Mr. Luca's leadership during the past year, ERHC's management has reaffirmed the Company's rights in the Nigeria-Sao Tome & Principe Joint Development Zone (JDZ), strengthened relationships with governments and regulators in the region, stabilized the Company's finances and put strict controls in place to keep expenses in check.

In coordination with the board meeting, ERHC's management met with leaders of the Joint Development Authority (JDA), which oversees activities in the JDZ. During informal discussions with the JDA Chairman Ado Wanka at the JDA's offices in Abuja, Nigeria, ERHC's representatives reiterated the Company's commitment, in conjunction with its technical partners, to fulfill its obligations in terms of exploration and production activities and community relations initiatives. ERHC representatives left with an expectation of the JDA's continuing cooperation with ERHC and other holders of rights in the JDZ. ERHC holds rights to participate in exploration and production activities in six of the JDZ Blocks.

Monday, August 27, 2007

At least part of the SEC case against ERHC Energy is dismissed

The entire case has been dismissed, and a note from pr whiz Dan Kenney says the issue is not with ERHC Energy at all, but it seems like the one straw at which the Justice Dept. grasped has been blown away much like the Attorney General himself, who resigned this morning.

Here is the document, and we'll update you as soon as we can get in touch with the SEC's counsel, Dean Conway.

Update - Here is Conway's response:

From: "Conway, Dean"
Date: 2007/08/27 Mon PM 06:36:30 EST
To: Investor's Hub poster
Subject: Re: Plaintiff SEC Notice of Dismissal

I cannot comment on nonpublic investigations. I can say, however, that the dismissal cited below pertains to a subpoena enforcement action against the named respondent. Thanks

Sent from my Blackberry wireless device (Securities and Exchange Commission)

Meanwhile, ERHC Energy shares sank $0.03 this morning to $0.29 Bid at $0.30 Ask despite renewed buying interest.

By the end of the day, the price stood at $0.285 Bid and $0.30 Ask, but the Bid moved up to $0.29 after hours, when 111,663 shares were sold in three trades, two at $0.29 and the last at $0.285. Volume overall hit 725,738 for the day, which is healthier than usual, and the number of trades - including those after hours - totaled 80.

Posted by: Fishdog
In reply to: None Date:8/27/2007 10:13:51 AM
Post #of 106592


Plaintiff Securities and Exchange Commission (“SEC”), pursuant to Rule 41(a)(1)of the Federal Rules of Civil Procedure, hereby dismisses its Application for an Order to Show Cause and An Order Requiring Obedience to Subpoena Duces Tecum against
respondent O. J. Chidolue without prejudice.

Respondent Chidolue has filed neither a response to the Application nor a motion for summary judgment as to this pleading.

Dismissal under Rule 41(a)(1) is therefore

Dated: August 24, 2007 Respectfully submitted,
s/ Dean M. Conway
Dean M. Conway (DC Bar No. 457433)
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549-4010
(202) 551-4412 (Direct)
(202) 772-9246 (Fax)
Attorney for Applicant

Friday, August 24, 2007

Time To Eat Crow - ERHE Soars 19% on Anticipation Alone

Weary investors in a wild stock market got a break today when ERHE - contrary to my very wrong prediction that it would end the week at $0.25 or below - drove the price back up 23% from $0,26 to $0.32 Ask and $0.311 Bid on volume of 831,376, as of this posting at 3:44 p.m. EST Friday. Buying outpaced sales by a margin greater than 3:1. Much of the early action came from a single purchaser who said he bought 154,000 shares at $0.27 or thereabouts in the first 15 or so trades of the day. There were 127 trades as of the close, when the Bid slipped to $0.305 but the Ask held steady at $0.32.

Of particular note was the resistance at $0.3299. First, what appeared to be related trades of 8,000 and 5,000 shares went off at $0.3299. In the five minutes between an 8,000-share purchase at 2:57 and and a 5,000-share buy at 3:02 p.m. EST, with no intervening trades, the Bid went from $0.32 $0.329, while the Ask went (one trade earlier) to $0.3299. Rather than hit $0.33 - the high purchase of the day - the $5,000 shares at 3:02 p.m. went off at $0.329 Bid and $0.3299 Ask. The Ask dropped to $0.329 five minutes later, and the bid dropped to $0.32. Rarely in the history of this stock has there been a gap of just 9/10,000ths (that ten-thousandths) of a cent.

However, six minutes later, at 3:14:17 p.m., with the Bid back at $0.32, the Ask bumped up to $0.33 for two trades just a second apart - a buy of 5,000 at $0.33 (the single trade at $0.33 for the day), a buy of 10,000 at $0.3299 at 3:14:18 p.m.- followed by a sale of 1,000 at $0.32 11 minutes later.

Someone seemed very determined to keep it from hitting $0.33. If that determination reasserts itself on Monday, we may see some slippage that should soon be offset by the naming of a new CEO.

Wrong, wrong, wrong! We need to see ERHE move beyond this range to persuade ourselves the worst is over for our minnow, but today's volatility is encouraging. Many posters have noted that they took advantage of the deep price discounts engendered by concern over possible indictments stemming from a joint SEC-FBI probe by a Houston Federal Grand Jury and by the sudden, unexpected departure of the company's longtime champion and chairman, Sir Emeka Offor.

There is little to do now but wait and hope for the best, but that investors are rethinking and stocking up would suggest better times are ahead before planned drilling starts in the third quarter of 2008.

Personally, I'm the big loser as I bet that the stock would go to $0.24 Bid and that I could load up around there. I am more reluctant to do so at these levels, although they are historically attractive going into the Fall months. I'll let you know if I increase my 15,000-share stake, acquired at an average of $0.30. At least I'm back in the black!

Thursday, August 23, 2007

Offor's Chrome Energy To Issue New Shares On Foreign Exchanges

In an unexpected but logical move, Sir Emeka Offor's wholly-owned Chrome Group is branching out into ethanol production and offering shares on two exchanges far from the purview of the U.S. Securities Exchange Commission, the official Chinese news agency Xinhua reported yesterday.

Nigerian industrial giant lists two subsidiaries on oversea bourses
+ - 21:34, August 22, 2007

Nigeria's industrial giant Chrome Group has announced plans here to list two of its subsidiaries on the European and Middle East Stock Exchanges.

In a statement signed by the Group's Chief Communications Officer, Val Orji, and made available to the media in Lagos on Tuesday, Chrome said that the listing "was part of a comprehensive growth strategy which they intend to implement in the next two years".

It said that to achieve the growth target, it had signed a multidimensional Memorandum of Understanding (MOU) with some international partners including Nigeria's state-owned NNPC on joint ventures on exploitation of ethanol.

The company said that with a vision of becoming one global producer of ethanol fuel, it had commissioned feasibility studies on sugarcane and ethanol production.

The Group, owned by Sir Emeka Offor, is into in oil and gas, insurance, port inspection services, bio-fuels energy production, petroleum products trading, real estate, logistics and dredging services.

Chrome Oil Services Ltd., the Group's pioneer company commenced business in early 1990's and has handled key projects like Turn Around Maintenance of the Port Harcourt refinery, Nigeria's largest oil refinery.

Source: Xinhua

Monday, August 20, 2007

ERHC Share-Price Gain Probably Will Not Last

There's probably nothing I can say that will please all ERHC Energy investors - and one of the things I can't say is that the stock is headed straight up from $0.295, where it ended on Friday. Or, I should say, is not headed up for long.

Two days after the news that CEO Sir Emeka Offor had resigned his posts - but held onto his stock - and sent it leaping from an $0.215 Bid to $0.295, the company has not yet announced its replacement for the irreplaceable Offor, an incredibly astute former truck driver whose tiny firm wrestled away some of the world's most sought-after oil concessions from the biggest oil companies in the world.

And for better or worse, the U.S. Attorney has not yet obtained indictments from a Federal Grand Jury looking into allegations that he bribed the President of Sao Tome and possibly others to gain our lucrative oil concessions in Blocks 2, 3 and 4 of the Nigeria-Sao Tome and Principe Joint Development Zone.

Personally, I think the stock will start sinking again, even if it trades in an upward rush later this morning (I'm writing at 3:12 a.m. EST, 6 hours before the markets open). Whether it takes a day or two weeks, the weight of the the possible pending indictments will continue to exert their gravitational effect on ERHE, probably pulling it back down to the $0.245 level by next Friday.

Painful to think about, isn't it? But not to worry.

I believe that once the indictments are handed down - if indeed they ever are (and dragging them out is the U.S. Attorney's clever strategy) - the stock can seek new levels that are unconnected to the historic price since 1999, when it was around a dollar a share (it was at $6 a share as Environmental Remwediation Holding Corp., its predecessor Colorado entity, back in 1996, but that's another, duller story).

But what if the indictments never come? How long will it take investors to feel confident enough to move the price back up to the levels we enjoyed after the concessions were granted?

And will there be any fallout from Nigeria or Sao Tome if the indictments do come down, now that Sir Emeka Offor is no longer at our helm?

Well, as to the first two questions, the legal issues can weigh down the stock for as much as another year, I think, at which point the foot-dragging would probably be interrupted by a judge, if an honest one can be found in Texas.

As for the second, whatever Sir Offor's current role with the company, so long as he and First Atlantic Bank are substantial stockholders - together they now control slightly more than 51 percent of the outstanding shares of ERHC - there will be no substantial change in the posture - which has been characterized by outrage and indifference, depending on the way the issue is presented - of either government.

No cooperation is likely to be forthcoming from either country, and no evidence is likely to support the U.S. Attorney's effort on behalf of ExxonMobil and ChevronTexaco to redistribute our (potential) wealth. However, Anadarko will be slightly stronger in the event of a Democrat taking the White House, as they are a source for Energy Department appointees, and they may be able to extend the various "investigations" into 2009 and beyond, or until ExxonMobil or Chevron get our rights, which is the goal of the entire charade.

I do have some self-interest here - I own 15,000 shares and last week hoped to buy 200,000 more at $0.245 but was frustrated by the timing rules at E*Trade.
Therefore, I am hoping that the price will sink four or five cents and that I can buy the stock more cheaply.

Yet that is also my expectation; I have seen this stock rise and fall a dozen times, and it seems to me that absent important news about the new CEO, we have no particular rerason to expect a share-price improvement until we begin drilling in 2008. Any old CEO is not going to make much difference; a great one might.

This may outrage those who would boost the stock to get rid of their cheap shares, or disappoint those who have purchased shares at a higher price and are waiting to see some green in their portfolios, but it's my best guess that the stock will slowly sink back to $0.24 or so. I can't guarantee that I'm going to spend my $50,000 at that level - especially if there's no news about the SEC case - but I still like our prospects a whole lot.

This morning, take a look at the share price at the opening, and then take a look at 10:30 a.m EST. If we get an announcement about a new CEO, there may be an additional spike, perhaps worth three or four cents at the close, but failing that the share price will likely turn downward around 10:30 a.m. and dip below the open.

Write me at if you have a different perspective.

FOLLOW UP (08/21/2007):

I was wrong about the stock's behavior on Monday, when it traded up to $0.35 Ask (momentarily) and closed up $0.02 at $0.32. Today, however, my general impression was proved right when it traded back to down to $0.26 Bid and $0.24 Ask. As I write this, it's 3:28 p.m. EST here in Florida, and the bid is $0.265 and the Ask is $0.27. Volume is under 500,000 shares after the big spike to 1.4 million yesterday.

Wednesday, August 15, 2007


Sir Emeka Offor, the tough, savvy, vastly ambitious Nigerian who has headed ERHC Energy since 2001, today resigned as non-executive director and Chairman of the Board of his company, leaving investors at sea as to the company's future and the ongoing dual SEC and FBI investigations of the company with a moving target, the company said.

It is not known what will happen now to Offor's 42 percent stake in the company, to his hand-picked CEO and longtime friend and associate, Nicolae Luca, who now heads the company, or to the highly prospective concessions in the Nigeria-Sao Tome and and Principe Joint Development Zone known as the JDZ.

Offor said in a statement released by the company at 5:52 p.m. EST that he would stand by his investment.

"I remain committed to ERHC and my investment therein, and want to assure you all that I will continue to support the Company in any way I can," Offor said in a letter to the board.

He was hailed for his many achievements at the helm of ERHC by Luca, a trusted associate of many years.

"ERHC is very grateful to Sir Emeka Offor for his years of visionary leadership," said Acting Chief Executive Officer Nicolae Luca. "Today, ERHC holds valuable assets in what was once an undeveloped oil region of the world, in large part due to the hard work of Sir Emeka Offor, and we pledge to continue to build upon that legacy," Luca was quoted as saying in a PR Newsire release obtained on E*Trade.

The resignation could also mean that an indictment on charges under the Foreign Corrupt Practices Act, which purports to govern cases of bribery by American officials of foreign firms, is imminent. That could further depress the price of the stock, which has been trading in the $0.21 - $0.225 range in recent days, but investors rallied to buy it up to $0.225 before today's close after it traded in a $0.215 - $0.225 range earlier. The last price was $0.225 in extended hours, with the Bid set at $0.22 and the Ask at $0.225. A little more than 421,000 shares traded today, with only two blocks of 25,000 ay the only substantial purchases among some 49 total trades. The company's market value is currently $162 million, yet it has almost a quarter of that amount in cold, hard cash from the sale of some of its rights to Sinopec and Addax in exchange for a "full carry" of costs to production.

It's my belief that Offor resigned to save the company any further grief and to thereby maximize the future value of his holdings. Although it deprives the company of an extraordinary leader who was responsible for all of its sucess, his resignmation also paves the way for long-suffering investors to amass a fortune in any future buyout, merger or other positive development.

At best guess, it will mean a quick sale of the company, with the rights then being its sole asset and its leadership up in the air. Any bidder for the rights will likely include more than one bidder, such as ExxonMobil, ChevronTexaco, Anadarko, Pioneer Natural Resources, Noble Energy and others who have one time or another partnered or opposed ERHC's battle to secure the lucrative rights to Blocks 2, 3 and 4 and to as-yet undistributed blocks in the independent Sao Tome and Principe development zone.

Of the more significant issues, the first is whether the resignation came to protect the company, as both U.S. agencies frequently accept a principal's resignation in lieu of trial on the merits of a complex case in which the outcome is far from certain. In the circumstances that apply to the ERHC matter, both the person who resigns and the agencies save millions in likely legal bills, and the reputations of both are not further sullied. There was no mention of the case in the company's statement today, however.

It was extremely doubtful that either agency could secure a conviction against Offor even if they could persuade a federal grand jury to indict him. The governments of Nigeria and Sao Tome both rejected the attorney general's report and declared their unwillingness to cooperate in a probe, based on its tainted origins. Even the report itself found no evidence of wrongdoing, although it was strongly suspected due to a $100,000 campaign contribution which went to the private account of Sao Tome's current president in 2001.

Moreover, as the ERHC Energy case has become intertwined with the Rep. William Jefferson bribery case by virtue of several bit players who have both in common, the departure of Offor may mean either that he might become an unfriendly witness for the prosecution - presuming he would honor a subpoena from his native Nigeria, if he were to leave his Houston-area home - or a witness of impeachable character for the defense.

Thus, the legal end of the resignation amounts to a lose-lose deal for both sides in the Jefferson case. Jefferson and Offor were not known to be close friends.

However, the resignation will not change the fact that Chrome Energy holds what is tantamount to a controlling stake in ERHC Energy (presuming the support of Nigeria's first Atlantic Bank, whose 8 percent block of shares would likely vote with Offor on any merger or buyout propositions, but it would make the consessions held by ERHC Energy that much more palatable to a suitor looking to move through a deal with clean hands.

That appears to be a paramount condition for any new buyer's interest, given the complex circumstances in which the company's legal future has become mired. The other side of those legal issues, however, is the fact that its rights asre worth billions, and they could never have been pried loose from Offor's grip within the constraints of Nigerian political system, which are determinative. That system, of which Offor is a grand master, has unequivocally supported his role in EDRHC Energy from his earliest days as a major businessman seeking the JDZ rights.

It was Offor's role as a mediator, businessman and trusted associate of President Olusegun Obasanjo and Vice President Atiku Abubakar that led directly to the development of the JDZ, then to the bitter battles over his victory in bidding for the consessions, and to the subsequent investigations ginned up by oil company lawyers using the Sao Tome Attorney General as their pawn, and bankrolled by major Pioneer Natural Resources shareholder George Soros.

With the help of corrupt officials in Washington, probably including disgraced Energy Committee chairman Sen. Ted Stevens of Alaska, the Justice Dept. moved against Offor on the flimsiest of grounds - a request from the Sao Tome Attornery General for an investigation.

His 1996 report on the matter was written by a close friend and teacher of Sen. Steven's Republican chief counsel on the Senate Energy Committee, who is married to Anadarko's chief government lobbyist, and the effort was bankrolled by Soros through the Senior Lawyer's Project, at one time a reputable organization with altruistic aims.

The oil companies that developed the conspiracy to gain ERHC Energy's rights probably included ExxonMobil, ChervonTexaco and Anadarko, which wanted the rights to Block 4 and Block 2, respectively but lost out to ERHC in the bidding. Pioneer and Noble were both partnered with Offor at one time but felt pressure to withdraw from their agreements with ERHC Energy about four months before the Sao Tome report.

The company is now partnered with Addax Petroleum, a mid-sized Swiss player with a clean reputation, and Sinopec, the Chinese energy giant that is the sixth largest oil company on earth and China's second-largest. They are on the inside track as buyer candidates, and the loss of ERHC's American leadership is likely to lead to significant new deficits in the U.S. drive for energy independence if either or both are the ultimate buyers.

Sinopec, in particular, is said to be loaded with cash and willing to buy any major oil prospects if the price is right; the ERHC rights could encompass some 6 to 10 billion barrels of oil, while the overall JDZ is said to contain 14 billion barrels, and the entire JDZ is significantly insulated from troubles in either nation, being 150 miles oujt at sea in waters some 10,000 to 14,000 feet in depth. ERHC and Addax and Sinopec have secured a drilling rig to begin prospecting in the third quarter of 2008.

So far, Chevron, partnered with Exxon, is the only company that has said it has struck out in the JDZ after what the Wall Street Journal, in a story that was fundamentally dishonest, broadly hinted was a discovery of a billion barrels of oil in a test well in Block 1, its sole holding.

Major media fell hook, line and sinker for the carefully engineered operation, which I believe waslikely run in part by a law firm headquartered in Houston in which presidential candidate Rudolph Giuliani is a named partner. The company's servers have frequently visited this blog in recent years.

Here is the company's announcement. We will update this site frequently with any additional news.

ERHC Energy Inc. Board Accepts Resignation of Chairman

HOUSTON, TX, Aug 15, 2007 (MARKET WIRE via COMTEX) -- ERHC Energy Inc. (ERHE), an independent oil and gas company, today announced the resignation of Sir Emeka Offor from his positions as non-executive director and chairman of the Company's board of directors to concentrate on his diverse business interests. The ERHC board accepted his resignation and has begun the process of identifying a successor.

"I remain committed to ERHC and my investment therein, and want to assure you all that I will continue to support the Company in any way I can," Offor said in a letter to the board.

Sir Emeka Offor has been on the board of ERHC since 2001, when a company he controls acquired a controlling interest in ERHC. He has served as a non-executive director and chairman during a period of important accomplishments.

"ERHC is very grateful to Sir Emeka Offor for his years of visionary leadership," said Acting Chief Executive Officer Nicolae Luca. "Today, ERHC holds valuable assets in what was once an undeveloped oil region of the world, in large part due to the hard work of Sir Emeka Offor, and we pledge to continue to build upon that legacy."

2007 marks the 10th anniversary of ERHC Energy's exclusive joint venture with the Democratic Republic of Sao Tome & Principe. ERHC sought that agreement because it identified the possibility of significant offshore oil reserves years before others and was willing to undertake the hard work necessary to realize the value of these assets.

ERHC holds assets in the Joint Development Zone (JDZ) between Sao Tome & Principe and Nigeria, and in Sao Tome's Exclusive Economic Zone (EEZ). The Company has signed participation agreements with subsidiaries of Addax Petroleum Inc. and Sinopec Corp., which have announced plans to begin exploration in JDZ Blocks 2 and 4 as early as the third quarter of 2008. Additionally, ERHC continues to pursue other potential oil and gas acquisitions, where feasible.

Here's the UpstreamOnline story on Sir Emeka Offor's resignation. It ran at the very top of the page - the "minnow" is again Upstream's lead story. by its veteran oil writer, Barry Morgan.:

Offor quits ERHC

By Barry Morgan

Houston-based ERHC Energy has accepted the resignation of its controversial Nigerian chairman and non-executive director Emeka Offor and has begun the process of looking for a successor.

Offor, who took control of the minnow in 2001, said he would remain committed to ERHC and his investment in the company, which signed a potentially lucrative joint venture with the government of Sao Tome & Principe back in 1997.

ERHC is currently under investigation by a US Senate sub-committee concerned with the US Foreign Corrupt Practices Act.

The Securities & Exchange Commission is also enquiring into payments allegedly made by the company to officials in Sao Tome.

ERHC holds assets in the Joint Development Zone between Sao Tome and Nigeria where it has signed participation accords with Swiss explorer Addax Petroleum and with Chinese giant Sinopec.

Deep-water exploration in the JDZ is set to start in the third quarter of 2008.

ERHC also has preferential rights to acreage in Sao Tome’s Exclusive Economic Zone. The company was the first to raise the possibility of oil exploration with the government there and orchestrated Sao Tome's efforts to demarcate its offshore claims under the United Nations Law of the Sea Treaty.