Hi Jim:
Here's the release from yesterday which I don't believe was posted.
Regards,
Bonnie
( BW)(ENVIRONMENTAL-REMEDIATION)(ERHC)(MOB) STPETRO and
Mobil Corp. Unit Sign Letter of Intent to Begin Early Evaluation of Offshore Oil Potential in Sao Tome and Principe -- West Africa
Business Editors
LAFAYETTE, La.--(BUSINESS WIRE)--August 19, 1998--Environmental Remediation Holding Corporation (OTC Bulletin Board: ERHC) announced today that a unit of Mobil Corp. (NYSE: MOB)
and Sao Tome & Principe National Petroleum Co. (STPETRO) have signed a letter of intent to enter into a Technical Assistance Agreement to evaluate the early hydrocarbon potential of offshore acreage
located in the Exclusive Economic Development Zone (EEZ) of the Democratic Republic of Sao Tome and Principe (DRSTP).
Under the terms of the agreement, Mobil New Exploration and Producing Ventures is expected to complete an 18-month technical evaluation which will concentrate on Blocks 1 through 22, comprising approximately 12 million acres, previously scheduled for an open round bid. Mobil will then have an exclusive option on the acreage to acquire a production sharing contract with STPETRO for further
evaluation through exploratory drilling.
STPETRO, the national oil company of the Democratic Republic of Sao Tome and Principe, is managed by Environmental Remediation Holding Corporation for the exploration and development of the country's oil and gas reserves in the Gulf of Guinea. STPETRO is a joint venture between the government of the DRSTP and ERHC, which own 51% and 49% respectively.
Environmental Remediation Holding Corporation is an independent oil and gas company engaged in the exploration, development, production and sale of crude oil and natural gas properties. Its current
operations are focused domestically in Texas and Utah, and internationally in the Democratic Republic of Sao Tome and Principe.
For more information concerning ERHC, please visit the company's website at www.erhc.com.
Note: This press release may contain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, regarding Environmental Remediation Holding Corporation. Actual
events or results may differ from the company's expectations, which are subject to a number of known and unknown risks and uncertainties including but not limited to fluctuation in the price of crude oil and
natural gas; the success of exploration efforts; the timeliness of development activities in Texas, Utah and the Gulf of Guinea; changes in the political and economic environment in which the company has
international operations; as well as availability of human and financial resources. Other risk factors listed in the company's SEC filings may also affect the actual results achieved by the company.
--30--de/ny*
CONTACT: STPETRO
Jim R. Callender Sr., President
318/264-9657
or
Shareholder Contact:
Cynthia DeMonte / Sean Leous
212/473-3700
or
Media Contact:
The Cavior Organization
Warren J. Cavior
212/687-6070
caviorg@aol.com |
