Monday, May 05, 2008

An Enterprising Move On The Corporate Development End

ERHC Energy has acquired a well-qualified VP for Corporate Development who will search for new ways to extend the company's holding, assets base and profits in coming years. It's a positive step in the current trading environment, but ERHE shares responded anemically after the appointment was made on April 30.

Here is the press release:

ERHC Energy Inc. Appoints Vice President Corporate Development

Apr 30, 2008 16:00:40 (ET)

HOUSTON, TX, Apr 30, 2008 (MARKET WIRE via COMTEX) -- ERHC Energy Inc. (ERHE, Trade ), a Houston-based company with valuable oil and gas assets in the Gulf of Guinea, today announced appointment of David Bovell to the position of Vice President Corporate Development. Mr. Bovell begins his duties with ERHC Energy immediately.

Mr. Bovell brings more than 25 years experience in corporate finance to ERHC Energy. He most recently served as managing director of Green Corporate Finance Ltd. and as director of Equity Partners for Emerging Markets. He was previously Finance Director for Antonov plc, where he initiated the company's listing on the Alternative Investments Market (AIM) of the London Stock Exchange.

In the newly created position of Vice President Corporate Development, Mr. Bovell will oversee planning and implementation of strategies for corporate growth. Responsibilities will include the identification of appropriate opportunities for corporate mergers and acquisitions by ERHC. Mr. Bovell will also pursue future corporate finance options, including stock-exchange listings.

"We are pleased to have David join us and anticipate he will be pivotal in designing and implementing a focused growth strategy for ERHC Energy," said Peter Ntephe, acting Chief Executive Officer for ERHC. "We sought a person who could accelerate our examination of various strategic opportunities to enhance shareholder value, including expanding the Company's assets through acquisitions and exploring various stock exchange listing alternatives."

Mr. Bovell's expertise is corporate finance for small and medium cap companies, with an emphasis in strategy formulation, business planning, fund raising, stock exchange listings initial public offerings and mergers and acquisitions.

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