Contact Information: Contact: Dan Keeney, APR DPK Public Relations 832-467-2904
ERHC Energy Inc. Reports Third Quarter 2008 Financial Results
| Source: ERHC Energy Inc.
HOUSTON, TX--(Marketwire - August 12, 2008) - ERHC Energy Inc. (OTCBB : ERHE ), a publicly
traded American company with oil and gas assets in the highly prospective
Gulf of Guinea off the coast of central West Africa, today reported
financial results for the third quarter ended June 30, 2008.
As of June 30, 2008, ERHC reported cash assets totaling approximately $32.4
million, compared to approximately $35.7 million one year ago.
During the three months ended June 30, 2008, ERHC's interest income totaled
$225,079. ERHC's net loss totaled $604,173, compared with a net loss of
$587,219 for the three months ended June 30, 2007. General and
administrative expenses during the third quarter totaled $820,462, which
was a down nearly 24 percent from the third quarter of 2007.
"The Company has been prudent in its spending and has consistently been
able to reduce its quarterly expenses during the past two years," said
Chief Operating Officer and Acting Chief Executive Officer Peter Ntephe.
ERHC will hold a conference call at 8 a.m. Central Time today, August 12,
2008 to discuss third quarter financial results and Company operations. To
participate, please dial 877-890-0968 (domestic) or 706-902-1710
(international) five to ten minutes before the call begins and reference
the pass code 57619351. A simultaneous live Webcast of the call will be
available over the Internet and will be accessible by going to
www.livemeeting.com/cc/erhcenergy/join and entering the Meeting ID: 7QC7M4
and Entry Code: 8JR#pbw.
A replay of the call will be available at 10:00 a.m. Eastern Time through
August 19, 2008 by dialing 800-642-1687 (domestic) or 706-645-9291
(international) and providing the following replay code: 57619351. In
addition, the Webcast will be available for replay until September 12, 2008
by going to www.livemeeting.com/cc/erhcenergy/join and entering the Meeting
ID: 7QC7M4 and Entry Code: 8JR#pbw.
About ERHC Energy
ERHC Energy Inc. is a Houston-based independent oil and gas company focused
on growth through high impact exploration in the highly prospective Gulf of
Guinea and the development of undeveloped and marginal oil and gas fields.
ERHC is committed to creating and delivering significant value for its
shareholders, investors and employees, and to sustainable and profitable
growth through risk balanced smart exploration, cost efficient development
and high margin production. For more information, visit www.erhc.com.
Cautionary Statement
This press release contains statements concerning ERHC Energy Inc.'s future
operating milestones, future drilling operations, the planned exploration
and appraisal program, future prospects, future investment opportunities
and financing plans, future shareholders' meetings, response to the Senate
Subcommittee investigation, developments in the SEC investigation of the
Company and related proceedings, as well as other matters that are not
historical facts or information. Such statements are inherently subject to
a variety of risks, assumptions and uncertainties that could cause actual
results to differ materially from those anticipated, projected, expressed
or implied. A discussion of the risk factors that could impact these areas
and the Company's overall business and financial performance can be found
in the Company's reports and other filings with the Securities and Exchange
Commission. These factors include, among others, those relating to the
Company's ability to exploit its commercial interests in the JDZ and the
exclusive territorial waters of São Tomé and Príncipe, general economic and
business conditions, changes in foreign and domestic oil and gas
exploration and production activity, competition, changes in foreign,
political, social and economic conditions, regulatory initiatives and
compliance with governmental regulations and various other matters, many of
which are beyond the Company's control. Given these concerns, investors and
analysts should not place undue reliance on these statements. Each of the
above statements speaks only as of the date of this press release. The
Company expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statement to
reflect any change in the Company's expectations with regard thereto or any
change in events, conditions or circumstances on which any of the above
statements is based.