ERHC Energy Inc. Reports First Quarter 2008 Financial Results
HOUSTON, Feb. 12, 2008 – ERHC Energy Inc. (OTCBB: ERHE) today reported financial results for the first quarter ended December 31, 2007.
As of December 31, 2007, ERHC reported cash assets totaling $33,870,197, compared to $38,030,673 one year ago.
During the three months ended December 31, 2007, ERHC’s interest income totaled $431,863. ERHC’s net loss totaled $586,765, which was up slightly from $522,142 for the three months ended December 31, 2006. General and administrative expenses during the first quarter decreased by approximately $320,000, or 24 percent, compared the same period a year ago.
“The quarter saw a significant reduction in expenses incurred in connection with the Justice Department and SEC investigations of the Company,” said Acting Chief Executive Officer Nicolae Luca. “By restructuring operations and implementing strict cost controls, we continue to strengthen the Company’s financial position.”
To date, the Gulf of Guinea, off the coast of West Africa, has been ERHC Energy’s primary focus. The Company’s consortium partners, Addax Petroleum and Sinopec Corp., are preparing to begin exploration activities in two blocks of the Joint Development Zone (JDZ) between Nigeria and 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.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, but are not limited to, 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 Sao Tome and Principe, 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 forward-looking statements. Each forward-looking statement 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 forward-looking statement is based.