ERHC Energy Inc. Reports Third Quarter 2009 Financial Results
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) 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.
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.