Contact Information: Contact: Dan Keeney, APR DPK Public Relations 832-467-2904
ERHC Energy Inc. Reports First Quarter 2008 Financial Results
| Source: ERHC Energy
HOUSTON, TX--(Marketwire - February 12, 2008) - ERHC Energy Inc. (OTCBB : ERHE ) today reported
financial results for the first quarter ended December 31, 2007.
As of December 31, 2007, ERHC reported cash assets totaling $33,870,197,
compared to $38,030,673 one year ago.
During the three months ended December 31, 2007, ERHC's interest income
totaled $431,863. ERHC's net loss totaled $586,765, which was up slightly
from $522,142 for the three months ended December 31, 2006. General and
administrative expenses during the first quarter decreased by approximately
$320,000, or 24 percent, compared the same period a year ago.
"The quarter saw a significant reduction in expenses incurred in connection
with the Justice Department and SEC investigations of the Company," said
Acting Chief Executive Officer Nicolae Luca. "By restructuring operations
and implementing strict cost controls, we continue to strengthen the
Company's financial position."
To date, the Gulf of Guinea, off the coast of West Africa, has been ERHC
Energy's primary focus. The Company's consortium partners, Addax Petroleum
and Sinopec Corp., are preparing to begin exploration activities in two
blocks of the Joint Development Zone (JDZ) between Nigeria and the
Democratic Republic of São Tomé & Príncipe.
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.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. Such statements
include, but are not limited to, 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
Sao Tome and Principe, 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 forward-looking statements. Each forward-looking statement
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 forward-looking statement is
based.