ERHC Energy converts promissory note and consolidated note to stock

By Sheri Kasprzak

Atlanta, Feb. 23 - ERHC Energy Inc. said it has converted to stock a consolidated convertible note for $10,134,084 and a promissory note for $2.5 million.

The conversion follows a Jan. 28 agreement with investor Chrome Energy LLC that on funding of the promissory note it would convert it stock.

On Feb. 14, the company received the entire principal of the $2.5 million note and interest of $11,986.30, and converted the outstanding principal and interest. On Jan. 28, the company cancelled $10,134,084 in principal and $146,597.17 in interest on the consolidated note.

In exchange for the notes' principal and interest, ERHC issued to Chrome Energy a total of 73,100,962 shares.

The promissory note was converted at $0.175 per share.

Based in Houston, ERHC is an oil exploration company.

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