ERHC Energy Inc. Reports Third Quarter 2012 Financial Results
HOUSTON, August 8, 2012 – ERHC Energy Inc. (OTCBB: ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, has announced its results for the third quarter of ERHC’s current financial year.
As of June 30, 2012, the Company had cash and cash equivalents totaling $8,394,405, and short-term obligations of $529,000. During the quarter, ERHC’s general and administrative expenses totaled $1,043,140 which reflected increased expenses on business development efforts. Business development during the quarter included the successful acquisition of working interests in Kenya’s Block 11A.
ERHC also disclosed it has fully paid to the Government of the Republic of Kenya the signature bonus on the Block 11A production sharing contract (PSC). The Block is in the vicinity of Kenya’s Block 10BB in which significant oil discoveries have recently been announced.
“Quarter after quarter, ERHC has been successfully executing its growth strategy – adding to and diversifying our portfolio of highly prospective oil and gas assets in Africa,” said ERHC President and CEO Peter Ntephe. “The imminent commencement of exploration programs in highly prospective acreages in Chad and Kenya promises interesting times for the Company and its shareholders.”
ERHC also announced it will hold a conference call at 8:00 a.m. Central Time on Tuesday, August 28, 2012 to discuss third quarter 2012 financial results and provide an update on company activities, including its plans for funding its upcoming exploration programs. Anyone interested in participating can access the call via phone or webcast.
In addition to its holdings in Kenya, ERHC holds oil and gas exploration interests in the Republic of Chad, the Sao Tome and Principe Exclusive Economic Zone (EEZ) and the Nigeria-Sao Tome and Principe Joint Development Zone (JDZ). In the Republic of Chad, ERHC has 100 percent of the interest in BDS 2008 and Manga, and 100 percent interest in half of Chari-Ouest Block 3. In the EEZ, ERHC holds 100 percent working interests in Blocks 4 and 11 with an option to acquire up to 15 percent working interests in two more Blocks. In the JDZ, ERHC holds working interests in Blocks 2, 3, 4, 5, 6 and 9.
Anyone interested in participating in ERHC’s conference call at 8.00am Central Time on Tuesday August 28, 2012 can access the call via phone or webcast.
By Phone: Dial 888-669-0676 (US & Canada) or 201-604-0467 (international) at least 10 minutes prior to the call.
By Webcast: Visit the ERHC Investor Center at http://erhc.com/investors/. Please log in at least 10 minutes in advance to register and download any necessary audio software. A replay of the audio webcast will be available shortly after the call.
Those wishing to submit questions beforehand can do so via e-mail at Q3Questions@ERHC.com. Investors participating by phone may ask a question live during the call. Participants also may send questions in advance by clicking on the "submit a question" link under the webcast link at the ERHC Investor Center at http://erhc.com/investors/.
About ERHC Energy
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on growth through high impact exploration in Africa 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 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 Kenya, Chad, 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.