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Microcap & Penny Stocks : Environmental Remediation Hldg Corp. (ERHC) -- Ignore unavailable to you. Want to Upgrade?

To: Stevie g who wrote (305)	4/8/1998 11:14:00 AM
From: Mike	Respond to of 671

Here is the news ERHC Receives Approvals to Hold Lease Sales in Sao Tome LAFAYETTE, La.--(BUSINESS WIRE)--April 8, 1998--Environmental Remediation Holding Corporation (OTC BB: ERHC - news) ERHC announced today that the government of Sao Tome and Principe (''DRSTP'') granted approval to prepare and hold lease sales of oil concession rights offshore Sao Tome in The Gulf of Guinea. The Gulf of Guinea is considered, by oil industry analysts, as one of the most promising areas for oil development in the world. The Company plans to follow the industry practice of ''Checker Boarding'' the area by selling certain oil concessions while retaining joint ownership with the ''DRSTP''. Under the terms of the exclusive agreement made with the ''DRSTP,'' the Company will receive a five (5%) percent override on all production generated from the development of the leases as well as a percentage of the lease sale revenue. ''This is an important first step for the joint venture to realize revenue for both the people of the DRSTP and ERHC,'' said Noreen Wilson, ERHC's Chief Financial Officer, ''the offshore areas surrounding our concession have demonstrated huge production potential. ERHC's geologists have reviewed the preliminary data and are extremely optimistic.'' The Gulf of Guinea borders oil-producing countries such as Angola, Nigeria, Cameroon, and Togo. The sizes of the discoveries have begun to justify the enormous monetary commitment by the oil industry for development. Recent offshore finds west of DRSTP's concession border include Chevron's 1 billion barrel estimated reserve in Cabinda/Angola and Elf Aquitaine [NYSE:ELF - news]'s 1.1 billion barrel Girasol field off of Angola. Mobil Oil announced a billion barrel discovery to the north of DRSTP's concession border off Bioko Island, Equatorial Guinea, currently producing 80,000 barrels per day. ''The significant finds around the DRSTP rival those found in Prudhoe Bay and The North Slope Alaska in terms of sheer magnitude,'' said Sam Bass Jr., CEO and President of ERHC. The seismic data necessary to hold a lease sale will be available for review and analysis in May 1998. The number, size, and the location of the blocks to be sold have yet to be determined, however, we anticipate the sale taking place before the end of 1998. In addition ERHC will once again retain the services of Geosystems to prepare the concession blocks. In past months ERHC has worked closely with top official of the DRSTP to officially establish concession boundaries and pass the necessary legislation to file the concession boundaries with the United Nations. ''We wish to thank the Government of Sao Tome, including President Trovoada, Prime Minister Neto, Oil Minister Carvalho and the technical committee for working so quickly and diligently,'' said James Griffin, ERHC's Secretary and Treasurer. Environmental Remediation Holding Corp. 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 the company's 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 on or behalf of ERHC. Contact: Environmental Remediation Holding Corp. James Griffin/Noreen Wilson, 516/433-4730 or Cynthia DeMonte 212/473-3700 e-mail: cdemonte@aol.com or GFC Darryl Hackman, 303/680-8014