HOUSTON, TX -- (MARKET WIRE) -- 05/09/08 -- 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.
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, 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.
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Contact:
Dan Keeney, APR
DPK Public Relations
832-467-2904 Email Contact
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