ERHC Energy Inc. Reports Second Quarter 2008 Financial Results
HOUSTON, May 9, 2008 – ERHC Energy Inc. (OTCBB: ERHE), a publicly traded American company with valuable oil and gas assets in the highly prospective Gulf of Guinea off the coast of central West Africa, today reported financial results for the second quarter ended March 31, 2008.
As of March 31, 2008, ERHC reported cash assets totaling approximately $33 million, compared to approximately $36 million one year ago.
During the three months ended March 31, 2008, ERHC’s interest income totaled $322,962. ERHC’s net loss totaled $847,739, compared with a net loss of $444,504 for the three months ended March 31, 2007. General and administrative expenses during the second quarter totaled $1,163,172, which was a slight decrease from the second quarter of 2007.
“The Company continues to maintain adequate cash reserves due to careful, responsible cost controls,” said Chief Operating Officer and Acting Chief Executive Officer Peter Ntephe. “ERHC’s strong financial standing positions us to pursue possible opportunities for corporate growth, such as corporate mergers and acquisitions and stock exchange listings.”
ERHC Energy has interests in six of the nine Blocks in the offshore Joint Development Zone (JDZ) between Nigeria and the Democratic Republic of São Tomé & Príncipe. The Company has additional interests in the territorial waters of Democratic Republic of São Tomé & Príncipe known as the Exclusive Economic Zone (EEZ). According to the Block operators, exploratory drilling in two JDZ Blocks in which ERHC has interests could begin as early as the fourth quarter of 2008.
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.
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.