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| SUMMARY OF ERHC CHAD PRODUCTION SHARING CONTRACT (PSC) |                                             |
|--------------------------------------------------------|--------------------------------------------------|
|                                                   |                                             |   |   |
| 1.                                                     | PARTIES TO PSC                                   |   | ERHC ENERGY (BVI) LTD.   -and-   THE REPUBLIC OF CHAD |
|                                                   |                                             |   |   |
| 2.                                                     | DATE OF EXECUTION                                |   | 30 June 2011 |
|                                                   |                                             |   |   |
| 3.                                                     | PSC ITEMS                                        | PERIOD | WORK PROGRAM COMMITMENT |
|                                                   |                                             |   |   |
| a.                                                     | Exclusive Exploration Authorization              |   |   |
|                                                   | Initial Period                                   | 5 years | USD15 Million + 50% Bank Guarantee |
|                                                   | Renewal Period1                                  | 3 years | USD1Million + 50% Bank Guarantee |
|                                                   |                                             |   |   |
|                                                   | Signing Bonus                                    |   | USD6 Million |
|                                                   | Administrative Fee                               |   | USD480 Thousand |
|                                                   | Recurring Yearly Fees                            |   |   |
|                                                   | Annual Meeting                                   |   | USD75 Thousand |
|                                                   | Ministry Training                                |   | USD250 Thousand |
|                                                   | Chadian ERHC Personnel and Training              |   | Max USD 100 Thousand |
|                                                   | Surface Royalty (Initial Period)                 |   | USD1/km2 |
|                                                   | Surface Royalty (Renewal Period)                 |   | USD5/km2 |
|                                                   |                                             |   |   |
|                                                   | Drilling Obligations                             |   | One exploratory well during Exclusive Exploration Authorization |
|                                                   |                                             |   |   |
| b.                                                     | Extension of Exclusive Exploration Authorization | 2 years | Conditioned upon Feasibility Study |
|                                                   | Recurring Yearly Fees                            |   |   |
|                                                   | Surface Royalty                                  |   | USD10/km2 |
|                                                   |                                             |   |   |
|                                                   | Exclusive Exploitation Authorization2            | 25 years |   |
|                                                   | Award Bonus                                      |   | USD2 Million |
|                                                   |                                             |   |   |
|                                                   | Recurring Yearly Fees                            |   |   |
|                                                   | Abandonment Work Reserve Fund                    |   | Production based formula |
|                                                   | Ministry Training                                |   | USD500 Thousand |
|                                                   | Chadian ERHC Personnel and Training              |   | 1% of Operator’s payroll |
|                                                   | Surface Royalty                                  |   | USD100/km2 |
|                                                   |                                             |   |   |
| c.                                                     | Renewal of Exclusive Exploitation Authorization  | 10 years | Conditioned upon commerciality |
|                                                   | Recurring Yearly Fees                            |   |   |
|                                                   | Surface Royalty                                  |   | USD150/km2 |

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