Environmental Remediation Holding Corporation Announces Memorandum of Understanding with Pioneer Natural Resources USA Corporation.HOUSTON -- Environmental Remediation Holding Corporation ("ERHC ERHC Essential Reproductive Health Care ") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ERHC), announced today that Pioneer Natural Resources USA, Inc., the wholly-owned subsidiary of Pioneer Natural Resources Company ("Pioneer") (NYSE NYSE See: New York Stock Exchange :PXD) has entered into a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. with ERHC for Block 2 of the Nigeria/Democratic Republic of Sao Tome and Principe Joint Development Zone ("JDZ") in the Gulf of Guinea Noun 1. Gulf of Guinea - a gulf off the southwest coast of Africa Bioko - an island in the Gulf of Guinea that is part of Equatorial Guinea Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa 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. Environmental Remediation Holding Corporation is an oil and gas exploration company focused on the Nigeria/Democratic Republic of Sao Tome and Principe Joint Development Zone ("JDZ") in the Gulf of Guinea offshore West Africa. For more information, visit ERHC's website at www.erhc.com. Pioneer is a large independent oil and gas exploration and production company with operations in the United States, Canada, Argentina, South Africa, Gabon and Tunisia. Pioneer's headquarters are in Dallas. For more information, visit Pioneer's website at www.pioneernrc.com. |
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