Management Report: Deep Opportunity

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Management ReportDeep Opportunity

• Presented April 22, 2008

2
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
  Companys overall business and financial
  performance can be found in the Companys reports
  and other filings with the Securities and
  Exchange Commission. These factors include, among
  others, those relating to the Companys 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 Companys 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 Companys expectations with regard thereto
  or any change in events, conditions or
  circumstances on which any of the above
  statements is based.

3
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 Companys 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

5
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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Executive Appointments

• Appointees expertise is corporate finance for
  small and medium cap companies, emphasizing

• Strategy formulation
• Business planning
• Fund raising

• Stock-exchange listings
• IPOs
• Mergers and acquisitions

7
Open Leadership Positions

• ERHCs Board will continue to seek the best
  candidates for leadership positions
• Discussions continue with candidates for CEO and
  CFO

8
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 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 ERHCs
  choice
• Option to acquire up to a 15 percent paid working
  interest in another two blocks of ERHCs 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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• Questions?