ERHC Energy Inc. Reports First Quarter 2009 Financial Results
HOUSTON, February 09, 2009 - 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, today reported financial results for the first quarter ended December 31, 2008.
As of December 31, 2008, ERHC reported cash assets totaling $31,157,563.
During the three months ended December 31, 2008, ERHC's interest income totaled $281,535. ERHC's net loss totaled $429,107, which was down nearly 27 percent from $586,765 for the three months ended December 31, 2007. General and administrative expenses during the first quarter decreased by approximately $310,000, or more than 30 percent, compared the same period a year ago.
"As we continue to navigate the challenging economic environment, we believe our strong financial position will make it possible to explore opportunities for growth in the Gulf of Guinea and elsewhere," said Chief Operating Officer and Acting Chief Executive Officer Peter Ntephe.
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.