Contact Information: Contact: Dan Keeney, APR DPK Public Relations 832-467-2904
ERHC Energy Inc. Reports Third Quarter 2009 Financial Results
| Source: ERHC Energy Inc.
HOUSTON, TX--(Marketwire - August 10, 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 third quarter ended June 30, 2009.
As of June 30, 2009, ERHC reported cash and cash equivalents totaling
$23,597,089.
General and administrative expenses during the quarter totaled $1,261,847.
Through the first three quarters of the fiscal year, ERHC's general and
administrative expenses are down from the same period one year ago.
During the three months ended June 30, 2009, ERHC's net loss totaled
$3,379,743. The loss was attributable to an increase in legal fees related
to legal activity to protect the Company's interests in JDZ Blocks 5 and 6,
the Company's establishment of a preliminary loss reserve of approximately
$2.1 million and a decrease in interest income.
"Drilling in two Joint Development Zone Blocks in which we have interests
is expected to commence within 14 days," said Chief Operating Officer and
Acting Chief Executive Officer Peter Ntephe. "This company has worked hard
over the years to bring its concessions to drilling and we are naturally
excited at the impending commencement of drilling."
ERHC has scheduled an Investor Conference Call on Wednesday, August 12,
2009 at 9:00 a.m. Eastern Time (8:00 a.m. Central Time). 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 22567813.
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:
SQ8PR4 and Entry Code: kNs~f-5.
A replay of the call will be available from Wednesday, August 12, 2009 at
10:00 a.m. Eastern Time through August 19, 2009 by dialing 800-642-1687
(domestic) or 706-645-9291 (international) five to ten minutes before the
call begins and reference the pass code 22567813. 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 and Príncipe Joint Development Zone. 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.