Quarterly Conference Call

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Quarterly Conference Call

• January 15, 2008

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Safe Harbor Statement

• Statements in this conference call that may
  contain "forward-looking statements" within the
  meaning of Section 27-A of the Securities Act of
  1933, as amended, and Section 21-E of the
  Securities Exchange Act of 1934, as amended may
  include, but are not limited to, statements
  concerning the Company'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 Securities and
  Exchange Commission 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
  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 Joint
  Development Zone and the exclusive territorial
  waters of Sao Tome and Principe, 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
  forward-looking statements. Each forward-looking
  statement speaks only as of the date of this
  call. 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
  forward-looking statement is based.

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Peter Ntephe ERHC Company Secretary
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Highlights We Will Discuss

• Improved operational efficiencies
• Strengthened financial position
• Decreased general/administrative expenses
• Growing relationships with strategic partners
• Moving closer to exploratory activities
• Keeping an eye out for acquisition prospects
• Working to protect/enhance the brand image

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Financial Performance Highlights

• Cash assets totaling 34.7 million
• General/administrative expenses down 12 for the
  quarter and 17 for the year
• Fiscal year 2007 net loss of 1.7 million

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General Administrative Expenses
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Net Income or Loss
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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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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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JDZ Block 4
JDZ Block 2
JDZ Block 3
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Moving Forward in 2008

• ERHC partners are contracting rigs
• Working on technical drilling issues
• Collaborating with partners in other Blocks

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Deepwater Drillship

• Addax Petroleum and Sinopec have jointly
  contracted the Aban Abraham, which is being
  upgraded to operate at water depths of 6,000 feet

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Other Issues and Opportunities

• Pursuing resolution on disagreement of 9 of JDZ
  Block 4
• Examining acquisition prospects
• Update on investigations

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Increasing Visibility

• Updates from CEO
• Quarterly conference calls
• Nigeria Oil Gas 2008 Conference
• Web site

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Annual Shareholders Meeting

• April 22, 2008

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• Questions?