ERHC Energy Inc. Appoints Vice President Corporate Development
David Bovell Will Oversee Planning and Implementation of Corporate Growth Strategies
HOUSTON, April 30, 2008 - ERHC Energy Inc. (OTCBB: ERHE), 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.
About ERHC Energy
ERHC Energy Inc. is a publicly traded American company with valuable oil and gas assets in the in the highly prospective Gulf of Guinea. ERHC is committed to creating and delivering significant value for its shareholders, investors, and employees; sustainable and profitable growth through risk balanced smart exploration, cost efficient development and high margin production. For more information, visit www.erhc.com.
This press release contains statements concerning ERHC Energy Inc.'s future operating milestones, future drilling operations, the planned exploration and appraisal program, future prospects, future investment opportunities and financing plans, future shareholders' meetings, response to the Senate Subcommittee investigation, developments in the SEC investigation of the Company and related proceedings, as well as other matters that are not historical facts or information. Such statements are inherently subject to a variety of risks, assumptions and uncertainties that could cause actual results to differ materially from those anticipated, projected, expressed or implied. A discussion of the risk factors that could impact these areas and the Company's overall business and financial performance can be found in the Company's reports and other filings with the Securities and Exchange Commission. These factors include, among others, those relating to the Company's ability to exploit its commercial interests in the JDZ and the exclusive territorial waters of São Tomé and Príncipe, general economic and business conditions, changes in foreign and domestic oil and gas exploration and production activity, competition, changes in foreign, political, social and economic conditions, regulatory initiatives and compliance with governmental regulations and various other matters, many of which are beyond the Company's control. Given these concerns, investors and analysts should not place undue reliance on these statements. Each of the above statements speaks only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any of the above statements is based.