ERHC Energy Inc. Reports Second Quarter 2011 Financial Results
HOUSTON, May 9, 2011 – 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, has announced its results for the quarter ending on March 31, 2011, of ERHC’s current financial year.
As of March 31, 2011, ERHC reported $17,225,649 in cash, cash equivalents and short-term investments, and virtually no debt.
During the second quarter of its financial year, ERHC’s general and administrative expenses totaled $1,030,474 which represented a decrease of more than 17 percent compared to the same period in 2010. The decrease occurred as a result of the Company’s ongoing effort to reduce operating expenses and was due primarily to a reduction in legal and consulting expenses.
ERHC holds working interests in Blocks 2, 3, 4, 5, 6 and 9 of the Nigeria-Sao Tome and Principe Joint Development Zone (“JDZ”). ERHC also holds 100 percent working interests in Blocks 4 and 11 of the Sao Tome and Principe Exclusive Economic Zone (“EEZ”) with an option to acquire up to 15 percent working interests in two more Blocks in the EEZ.
ERHC has scheduled an Investor Conference Call for Tuesday, May 10, 2011 at 9:00 a.m. Eastern Time (8:00 a.m. Central Time). To participate, please dial 877-309-0830 (domestic) or 716-247-5185 (international) five to ten minutes before the call begins and reference the pass code 62093492.
Audio will also be available online by clicking to https://www.livemeeting.com/cc/erhcenergy. The Meeting ID is: JC7MN3 and copy and paste the following Entry Code: s_.S;4T.
A replay of the call will be available from Tuesday, May 10, 2011 at 10:00 a.m. Eastern Time through May 17, 2011 by dialing 800-642-1687 (domestic) or 706-645-9291 (international) and referencing the pass code 62093492.
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 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.