Contact Information: Contact: Dan Keeney, APR DPK Public Relations 832-467-2904
ERHC Energy Inc. Reports Second Quarter 2009 Financial Results
| Source: ERHC Energy Inc.
HOUSTON, TX--(Marketwire - May 11, 2009) - 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 West Africa, today reported financial
results for the second quarter ended March 31, 2009.
During the three months ended March 31, 2009, ERHC's interest income
totaled $130,640. General and administrative expenses during the second
quarter totaled $926,098, which represented a decrease of approximately
$230,000, or nearly 20 percent, compared with the same period a year ago.
ERHC's net loss for the quarter totaled $804,535.
"We are strengthening relationships with our technical partners and have
begun to explore future opportunities to work together as the start of
drilling in the Joint Development Zone Blocks approaches," said Chief
Operating Officer and Acting Chief Executive Officer Peter Ntephe.
"Development of our assets in the JDZ remains the principal focus of this
Company and we continue to focus our resources on accomplishing that
objective."
ERHC Energy has interests in six of the nine Blocks in the offshore
Nigeria-São Tomé and Príncipe JDZ. The operator of JDZ Block 4 has
announced plans to commence exploratory drilling as early as September. The
Company has additional interests in the territorial waters of Democratic
Republic of São Tomé & Príncipe known as the Exclusive Economic Zone (EEZ).
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.