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Quarterly Conference Call. January 15, 2008. Safe Harbor Statement.

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Quarterly Conference Call

January 15, 2008


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Safe Harbor Statement

Statements in this conference call that may contain "forward-looking statements" within the meaning of Section 27-A of the Securities Act of 1933, as amended, and Section 21-E of the Securities Exchange Act of 1934, as amended may include, but are not limited to, statements concerning the Company'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 Securities and Exchange Commission 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 Joint Development Zone and the exclusive territorial waters of Sao Tome and Principe, 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 forward-looking statements. Each forward-looking statement speaks only as of the date of this call. 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 forward-looking statement is based.


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Peter Ntephe ERHC Company Secretary


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Highlights We Will Discuss

  • Improved operational efficiencies

  • Strengthened financial position

  • Decreased general/administrative expenses

  • Growing relationships with strategic partners

  • Moving closer to exploratory activities

  • Keeping an eye out for acquisition prospects

  • Working to protect/enhance the brand image


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Financial Performance Highlights

  • Cash assets totaling $34.7 million

  • General/administrative expenses down 12% for the quarter and 17% for the year

  • Fiscal year 2007 net loss of $1.7 million




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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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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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JDZ Block 4

JDZ Block 3

JDZ Block 2


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Moving Forward in 2008

  • ERHC partners are contracting rigs

  • Working on technical drilling issues

  • Collaborating with partners in other Blocks


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Deepwater Drillship

Addax Petroleum and Sinopec have jointly contracted the Aban Abraham, which is being upgraded to operate at water depths of 6,000 feet


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Other Issues and Opportunities

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

  • Examining acquisition prospects

  • Update on investigations


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Increasing Visibility

  • Updates from CEO

  • Quarterly conference calls

  • Nigeria Oil & Gas 2008 Conference

  • Web site




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