Private Sector Energy Perspectives Private Sector Energy Perspectives in the in the

Gulf of Guinea:Gulf of Guinea:Aligning American and African InterestsAligning American and African Interests

Peter Ntephe (CEO, ERHC Energy)Peter Ntephe (CEO, ERHC Energy)

Cautionary StatementCautionary Statement

Statements during this presentation 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 U.S. governmental authority 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 hereof. 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.

Highly Prospective Highly Prospective RegionRegion

“The Gulf of Guinea…is one of the most prolific hydrocarbon provinces in the world, with oil and gas discoveries of more than 20 billion bbl and tremendous potential beyond that level.”

-Dr. Edmund Daukoru

President of OPEC in 2006

Strategic Importance Strategic Importance to USto US

• Fastest growing source of oil and gas for US markets

• Approximates quantum of imports from Saudi• Quality of oil: good for refining• Ease of extraction (offshore fields)• Easy and safe transport links from to East Coast

Challenging Business Challenging Business EnvironmentEnvironment

• FCPA Issues – Over a dozen US oil and service companies in the GoG

investigated in last few years– High profile convictions

• Creeping ‘Indigenization’– Local Content Laws– Niger Delta

Case StudyCase Study

www.erhc.com

Introducing ERHCIntroducing ERHC

• Incorporated in Colorado and based in Texas, USA• Publicly traded on the U.S. Over the Counter

Bulletin Board (OTCBB) – ERHE.OB• Market cap: $200 million - $500million• Valuable E&P assets in the Gulf of Guinea

ERHC in the Gulf of ERHC in the Gulf of GuineaGuinea

• Rights in six of the nine blocks of the Joint Development Zone

• 100% of two blocks and other rights in the Sao Tome & Principe Exclusive Economic Zone

• Exploring Other Opportunities in the Gulf of Guinea

The JDZ and The JDZ and DRSTP EEZDRSTP EEZ

EEZEEZJDZ

Joint Development Zone– 34,548 sq km area– Approximately 200 km off

the coastline of Nigeria and São Tomé & Principe

Exclusive Economic Zone– Approximately 160,000

square km area

ERHC’s JDZ InterestsERHC’s JDZ Interests

JDZ Block Current ERHC Interest

Block 2 22%

Block 3 10%

Block 4 19.5%

Block 5 15%

Block 6 15%

Block 9 20%

JDZ Exploration JDZ Exploration ProgressProgress

11

JDZ

• Five-well drilling campaign completed in January 2010

• Interesting drilling results• Analysis of information

gathered continuing

Nearby DiscoveriesNearby Discoveries

Bonga

Agbami

Ikija-1

Akpo-1

Ukot

Nnwa-2

Significant Discoveries:– Bonga: 700 million barrels– Ikija-1: 500 million barrels– Agbami: 1 billion barrels– Nnwa-2: Gas discovery– Akpo-1: 500 million barrels– Ukot: Oil discovery

13

Sao Tome & PrincipeSao Tome & PrincipeExclusive Economic ZoneExclusive Economic Zone

14

DRSTP EEZ StatusDRSTP EEZ Status

• ERHC exercised its preferential rights early in 2010

• Awarded EEZ Blocks 4 and 11• Signature bonus free• Expect to enter into negotiations

on Production Sharing Contracts• Will consider bidding for two

further 15% interests

EEZEEZ

15

Sao Tome & Principe Sao Tome & Principe EEZEEZ

Uniqueness of ERHCUniqueness of ERHC

• Significant investment by African business interests

• Sensitive to American and African host country policies

• Subject to international corporate governance standards; regulated by the US SEC

• Structure and governance recognized by international capital

ERHC Access to ERHC Access to Capital I: EquityCapital I: Equity

• Impressive market capitalization for OTCBB company

• Exploring listing on AIM of the London Stock Exchange for even better capitalization

ERHC Access to ERHC Access to Capital II: CarryCapital II: Carry

• ‘Carry’ arrangements with technical partners in 3 JDZ Blocks

• Costs of exploration borneby partners

• Cost recovery from production

ERHC OpportunitiesERHC Opportunities

• Technical Partners required for ERHC’s EEZ Blocks and JDZ Blocks 5, 6 and 9

• ERHC : Possible Joint Venture Partner for American (including minority) businesses seeking access to the Gulf of Guinea

• Equity investment proposition for American investors

ConclusionConclusion

A possible model for aligning African and American business interests in the Gulf of Guinea