ERHC & Pioneer to Jointly Evaluate Block 2 Offshore San Tome

Environmental Remediation Holding Corporation reports that Pioneer Natural Resources has entered into a Memorandum of Understanding with ERHC for Block 2 of the Nigeria/Democratic Republic of Sao Tome and Principe Joint Development Zone ("JDZ") in the Gulf of Guinea offshore West Africa.

The Memorandum of Understanding provides a period of exclusivity whereby the companies will jointly evaluate and negotiate participation in Block 2 of the JDZ. The MOU also sets forth the terms and conditions under which the companies will enter into a Participation Agreement relating to Block 2 of the JDZ.