NEWS RELEASE FROM ERHC!!!!
Wednesday March 11, 8:04 am Eastern Time
Company Press Release
Environmental Remediation Announces First Shipments of Brine Water from
U.S. Department of Energy
Through Recently Acquired Subsidiary VenVirotek
LAFAYETTE, La.--(BUSINESS WIRE)--March 11, 1998-- Environmental Remediation Holding Corporation (OTC BB:ERHC -
news) today announced that its subsidiary, VenVirotek, received the first shipments of brine water waste from the U.S. Department of
Energy (''DOE'') Weeks Island. DOE estimates indicate approximately 2.8 million barrels of brine water and 250,000 barrels of
salvage oil are stored and leaking in a salt mine located in Houma, LA.
VenVirotek accepted over 30,000 barrels of brine water for disposal since initial shipments began last week. The barrels are
transported via barge to ERHC's Houma facility for disposal into the Company's injection well. ERHC's facility can accommodate in
excess of 8,000 barrels in a six hour time period. Shipments are anticipated to continue for the next nine to twelve months.
''The strategic location of the VenVirotek injection well situated on the intercoastal waterway provides ERHC an advantage in
procuring similar contracts for waste disposal,'' commented Samuel Bass, the Company's President and CEO. Under the current
contract ERHC will receive $1.00 for each barrel and anticipates a minimum profit of 35%. With DOE estimates growing, contracts of
this type promise to be lucrative and enhance the Company's bottom line.''
ERHC recently acquired VenVirotek in anticipation of the procurement of this government project as reflected in the Company's News
Release dated February 18, 1998.
Environmental Remediation Holding Corporation is engaged in oil and gas production activities and environmental remediation, both
domestically and internationally. This includes the development and rework of oil and gas properties, plug and abandonment services
(P&A), environmental engineering and consultation, hazardous waste management (including NORM waste), non-hazardous waste
clean-up, transportation and disposal, and the manufacture and distribution of waste clean-up materials.
For more information concerning ERHC, please visit our website at www.erhc.com.
Safe Harbor Act notice: Certain matters discussed in this news release are forward-looking statements, as it is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to a number of known and unknown risks and
uncertainties including, but not limited to, fluctuations in the price of crude oil and natural gas, the success taught of exploration efforts,
the timeliness of development activities in Texas, Utah, and the Gulf of Guinea, West Africa, changes in the political and economic
environment in which ERHC has international operations, as well as availability of human and financial resources; which may cause
actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of ERHC.
Contact:
Noreen Wilson, CFO
Jim Griffin, Corporate Secretary
ERHC
(516) 433-4730
or
Darrel Hackman
(303) 680-8014
or
Cynthia DeMonte
(212) 473-3700 |
