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Management Report: “Deep Opportunity”. Presented April 22, 2008. Safe Harbor Statement.

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Management Report: “Deep Opportunity”

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Management Report:“Deep Opportunity”

Presented April 22, 2008


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Safe Harbor Statement

Statements during this meeting may concern 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.


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ERHC Energy Leadership

  • Nicolae Luca has served as acting CEO since mid-2006

  • Mr. Luca has tendered his resignation

  • We thank Mr. Luca for his leadership during a challenging period in the Company’s development


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Executive Appointments

  • The board has taken action to maintain momentum and build upon successes

  • Peter Ntephe elevated from Corporate Secretary to Chief Operating Officer

  • Mr. Ntephe will serve as acting CEO until a permanent CEO is identified


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Executive Appointments

  • New position of Vice President, Corporate Development

  • In final stage of due diligence on appointee

  • Will oversee planning and implementation of strategies for corporate growth


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Strategy formulation

Business planning

Fund raising

Stock-exchange listings

IPOs

Mergers and acquisitions

Executive Appointments

  • Appointee’s expertise is corporate finance for small and medium cap companies, emphasizing:


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Open Leadership Positions

  • ERHC’s Board will continue to seek the best candidates for leadership positions

  • Discussions continue with candidates for CEO and CFO


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Corporate Structure

  • In 2005, ERHC Energy formed a wholly owned subsidiary, ERHC Energy (Cayman) Ltd.

  • ERHC Energy shares ownership of three additional working companies with ERHC Energy (Cayman) Ltd.


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Corporate Structure

  • The three working companies:

    • ERHC Energy Nigeria JDZ Block 2 Ltd.

    • ERHC Energy Nigeria JDZ Block 3 Ltd.

    • ERHC Energy JDZ Block 4 Ltd.

  • We are making this existing structure operational


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Operational Structure

ERHC Energy, Inc.

100%

2.5%

ERHC Energy Nigeria

JDZ Block 2 Ltd.

97.5%

2.5%

ERHC Energy Nigeria

JDZ Block 3 Ltd.

ERHC Energy

(Cayman) Ltd.

97.5%

97.5%

ERHC Energy Nigeria

JDZ Block 4 Ltd.

2.5%


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Rationale

  • Incorporation in Nigeria or STP required

  • Diversifies risk to protect assets

  • Easier and cheaper to manage

  • Augments business development strengths

  • Being “local” enhances business generation

  • Other subsidiaries possible


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Joint Development Zone

* Subject to a possible transfer of 7.2% to Addax Petroleum on parameters that are currently being determined


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JDZ Block 4

JDZ Block 2

JDZ Block 3


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Operators Making Progress


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Below the Gulf Waters…


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Kina Prospect in JDZ Block 4


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Additional JDZ Milestones

  • All three operators have ordered drilling equipment to be ready when drillship(s) arrive

  • Negotiations underway with nearby operators to secure rig of opportunity

  • Aban Abraham retrofitting behind schedule

  • Negotiations underway to secure earlier drilling slot once Aban Abraham is ready


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São Tomé and Principe Exclusive Economic Zone

  • Rights to participate in exploration and production activities include:

    • Right to receive up to two blocks of ERHC’s choice

    • Option to acquire up to a 15 percent paid working interest in another two blocks of ERHC’s choice


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Other Issues and Opportunities

  • Pursuing resolution on disagreement of 9% of JDZ Block 4

  • Under leadership of Vice President, Corporate Development, will accelerate examination of strategic opportunities


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Increasing Visibility

  • This shareholders meeting

  • Quarterly conference calls

  • Successful showing at Nigeria Oil & Gas 2008 Updates from CEO


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Summary

  • New leadership structure provides stability and prepares Company for growth

  • Operational structure maximizes growth potential while diversifying risk

  • We are closer than ever to beginning exploration in the Gulf of Guinea


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