HOUSTON, December 14, 2010 – 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, 2010. Download the complete 2010 Form 10-K.
During the 2010 fiscal year, ERHC’s general and administrative expenses totaled $5,156,778, which represented an increase over 2009. The increase was primarily due to higher expenses related to the Company's proposed listing on the Alternative Investment Market (AIM) of the London Stock Exchange and to activities related to evaluation of acquisition opportunities.
As of September 30, 2010, ERHC reported $17,914,207 in cash and cash equivalents and US Treasury Bills, and virtually no debt.
“We reached important milestones in 2010, including the conclusion of the initial exploratory drilling campaign in Blocks 2, 3 and 4 of the Nigeria-São Tomé & Príncipe Joint Development Zone (JDZ) and the award of Blocks 4 and 11 in the São Tomé & Principe Exclusive Economic Zone to ERHC said ERHC CEO Peter Ntephe. “With a number of initiatives well underway, we expect a busy year ahead.”
ERHC is pursuing the following strategic initiatives:
- ERHC expects to enter into negotiations on Production Sharing Contracts (PSCs) on the Company’s EEZ Blocks and is in discussions with potential operating partners to farm-in to the Blocks.
- ERHC is raising funds for acquisitions in order to grow and diversify its portfolio of oil and gas assets.
- ERHC is pursuing a proposed listing on the AIM, a respected exchange that should enable the Company to access a new pool of capital.
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.