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Sahara Petroleum Exploration Corp., Signs Alliance Agreement With Chasewood Consortium Ltd., To Bid for Oil and Gas Exploration Rights Under the 2005 Nigerian Licensing Round.

Posted on: Monday, 18 July 2005, 06:00 CDT

NASSAU, Bahamas, July 18 /PRNewswire-FirstCall/ -- Global Environmental Energy Corp (BULLETIN BOARD: GEECF -- FWB: Geec.F) confirmed today that its subsidiary Sahara Petroleum Exploration Corp., a Corporation registered in the Commonwealth of the Bahamas has entered into an Alliance Agreement with Chasewood Consortium, Ltd., to bid for oil and gas exploration rights under the 2005 Nigerian Licensing Round.

Under the provisions of the Alliance Agreement, SAHARA is forming and leading a consortium involving CHASEWOOD and SAHARA's contract consultants the Vetra Group A.V.V., to explore and develop CHASEWOOD's oil and gas exploration and development opportunity in Nigeria. Under the 2005 Nigerian Licensing Round the Federal Government is inviting qualified companies to contest for the allocation of 75 oil blocks.

Speaking on June 28th 2005 from Lagos, the Director, Department of Petroleum Resources (DPR), Mr. Tony Chukwueke (1), said the 284 companies picked up a total of 350 bid packages and a total of 79 foreign operators including six major oil companies namely Shell, ExxonMobil, Chevron, Total, Eni and ConocoPhillips, had applied. The licensing round, he said, is also strategic to helping the government achieve its objective of raising the country's oil reserves to 40 billion barrels by 2010 from the current levels of 35 billion barrels

SAHARA's participation in this project, which is to be partially financed from the proceeds of SAHARA's loan commitment from financier Diamond Ridge, and will further enhance SAHARA's position as a vertically integrated multinational oil and gas company. The sale of oil as a refined product, gasoline and diesel fuel for example, will significantly increase SAHARA's expected net profits as compared to the sale of crude oil alone.

SAHARA having recently confirmed they have signed an Alliance Agreement to build a 70,000-barrel per day oil refinery in Nigeria, also signed an Alliance Agreement with Quickflow, S.A., for the development of specific oil and gas rights in Africa. The new SAHARA refinery is intended under its license to refine 25 million barrels of Nigerian oil in Nigeria per year, representing a cash flow at today's market process of approximately USD$1.5 billion per annum. It is Sahara's hopes to be able to refine a large portion of its own oil at the new Nigerian refinery.

Sahara's growth is facilitated by its contract consultants the Vetra Group A.V.V. In March 2005, Sahara appointed Mr. Humberto Calderon Berti & Mr. Karl Mazeika, Mr. Alfredo Gruber, and Mr. Iker Anzola, from Vetra to its advisory board. Mr. Calderon Berti is former President of OPEC, President of Petroleos de Venezuela, S.A., Minister of Energy and Mines and Minister of Foreign Relations. Mr. Karl Mazeika is former Vice President of Pequiven and member of the Board of Directors of several of its joint ventures. He has also acted as Executive Director of Exploration, Production and Upgrading, and Vice President of Petroleos de Venezuela, S.A.

Nigeria has a population of over 110 million people and an abundance of natural resources, especially hydrocarbons. Nigeria is a member of OPEC. Its crude oils have a gravity between 21 API and 45 API. Its main export crude's are Bonny Light (37) and Forcados (31). About 65% of Nigeria's oil is above 35 API with a very low sulphur content. Nigeria's OPEC quota is 1.89 million bbl/d. It is the 10th largest oil producer in the world, the third largest in Africa and the most prolific oil producer in Sub-Saharan Africa. The Nigerian economy is largely dependent on its oil sector, which supplies 95% of its foreign exchange earnings. In January 2005 Oil and Gas Journal estimated that Nigeria contains proven oil reserves totaling 35.2 billion barrels. The Nigerian government plans to expand its proven reserves to 40 billion barrels by 2010. The upstream oil industry is the single most important sector in the country's economy, providing over 90% of its total exports. The country has four main refineries with a nameplate capacity of 438,750 bbl/d and there are eight oil companies and 750 independents all-active in the marketing petroleum products.

Sahara Petroleum Exploration Corp., was initially formed as a subsidiary of Global Environmental Energy Corp, (BULLETIN BOARD: GEECF -- FWB: Geec.F) . Global Environmental Energy Corp. maintains a web site at http://www.globalenvironmentalenergy.com/index.htm.

Sahara Petroleum Exploration Corp., intends to become a fully reporting and trading company in the future if accepted by the SEC and the NASD for trading. Sahara Petroleum Exploration Corp., is becoming a fully integrated energy company whose interests include traditional oil and gas exploration and development.

About Global Environmental Energy Corp.

Global Environmental Energy Corp., is a Corporation registered in the Commonwealth of the Bahamas and Publicly Traded on Stock markets both in Germany and the United Sates (the Corporation). Global Environmental Energy Corp., intends to become a fully integrated energy company whose interests will include traditional oil and gas and alternative energy sources, environmental infrastructure and electrical micro-power generation. Global Environmental Energy Corp.'s unique proprietary technology, EcoTechnology(TM), supplies energy through an efficient and environmentally safe process. The Biosphere Process(TM) System, a central part of the EcoTechnology(TM) system, can safely and efficiently processes traditional and non-traditional waste materials into electricity and other beneficial by-products. The Biosphere Process(TM) can assist in solving the global waste problem by converting into clean, green electricity such waste materials as: municipal solid waste (MSW), agricultural surpluses, agricultural effluents, forestry wastes, sewage sludge, medical waste, industrial wastes, flared natural gas, shale oil, sour natural gas, high sulphur oils, waste bilge oil, waste drilling muds and fluids; and many other traditional and non-traditional waste materials.

Note to Investors

This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of the 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. The forward-looking information is based upon current information and expectations regarding Global Environmental Energy Corp. These estimates and statements speak only as of the date on which they are made, are not guarantees of future performance, and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such forward-looking statements.

Global Environmental Energy Corp. assumes no obligation to update the information contained in this press release. Global Environmental Energy Corp.'s future results may be impacted by risks associated with rapid technological change, new technological developments and implementations, execution issues associated with new technology, manufacturing production to meet demand, litigation, media publicity and the negative impact this could have on sales, competition, financial and budgetary constraints of prospects and customers, international order delays, dependence upon limited source suppliers, fluctuations in component pricing, government regulations, dependence upon key employees, and its ability to retain employees. GEEC's future results may also be impacted by other risk factors listed from time to time in its SEC filings, including, but not limited to, the Company's Form 10- QSBs and its Annual Report on Form 10-KSB.

(1) http://allafrica.com/stories/200506280618.html

Global Environmental Energy Corp.

CONTACT: Dr. C. A. McCormack of Global Environmental Energy Corp.,Tel/Fax, +852-3010-3838, global@coralwave.com

Web site: http://www.globalenvironmentalenergy.com/http://allafrica.com/stories/200506280618.html

Source: PRNewswire-FirstCall

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