Contact Information: Contact: Dan Keeney, APR DPK Public Relations 832-467-2904
ERHC Energy Inc. Reports Fourth Quarter and Year End 2009 Financial Results
| Source: ERHC Energy Inc.
HOUSTON, TX--(Marketwire - December 14, 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 announced its results
for the fourth quarter and fiscal year ended September 30, 2009.
"This has been a year of numerous significant accomplishments, including
the implementation of a coordinated exploratory drilling strategy across
three of the Blocks in the Nigeria-São Tomé & Príncipe Joint Development
Zone in which we have interests," said Chief Operating Officer Peter
Ntephe. "We anticipate that the pace of progress will continue to
accelerate as the São Tomé & Príncipe Exclusive Economic Zone moves closer
to its first licensing round."
As of September 30, 2009, ERHC reported cash assets totaling $22,428,728.
During the 2009 fiscal year, ERHC's general and administrative expenses
were $4,202,809, which reflects a decrease over the general and
administrative expenses in the 2008 fiscal year. The decrease arises from
careful management of the Company's operations and expenditures. The
Company had a net loss of $7,689,137 during the 2009 fiscal year.
ERHC will hold its quarterly conference call on Tuesday, December 15, 2009
at 9:00 a.m. Eastern Time. ERHC Chief Operating Officer Peter Ntephe will
lead a discussion of the Company's financial performance and operating
highlights.
To participate, please dial 888-721-1403 (domestic) or 706-758-1074
(international) five to ten minutes before the call begins and reference
the pass code 45263070.
A simultaneous live Webcast of the call will be available over the Internet
and will be accessible by going to
https://www.livemeeting.com/cc/erhcenergy/join and entering the Meeting ID:
4T4SBK and Entry Code: JSC?~5b.
A replay of the call will be available from Tuesday, December 15, 2009 at
10:00 a.m. Eastern Time through December 22, 2009 by dialing 800-642-1687
(domestic) or 706-645-9291 (international) and referencing the pass code
45263070. In addition, a replay of the Webcast will be available at
www.erhc.com.
ERHC Energy has interests in six of the nine Blocks in the offshore Nigeria
São Tomé & Príncipe Joint Development Zone (JDZ). The Company has
additional interests in the Exclusive Economic Zone (EEZ) of the Democratic
Republic of São Tomé & Príncipe.
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 Economic Zone 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.