ERHC Energy Inc. Reports Third Quarter 2007 Financial Results
HOUSTON, August 9, 2007 - ERHC Energy Inc. (OTCBB: ERHE), an independent oil and gas company, today reported financial results for the third fiscal quarter ended June 30, 2007.
As of June 30, 2007, ERHC reported cash assets totaling approximately $35.8 million.
During the three months ended June 30, 2007, ERHC''s interest income was $457,541. ERHC''s net loss was $587,218, compared with a net loss of $621,474 for the three months ended June 30, 2006.
General and administrative expenses during the quarter ended June 30, 2007 decreased to $1,076,863, compared to $1,457,007 in the same period a year ago. The decrease was primarily due to strict cost controls and a reduction in fees to consultants.
"We are pleased that our cost containment measures are paying off and we are confident that the operators in Joint Development Zone (JDZ) Blocks 2 and 4 remain on track to begin exploratory drilling operations as early as the third quarter of 2008," said Acting Chief Executive Officer Nicolae Luca. "During the past year, this management has succeeded in stabilizing the company''s finances, and now we are implementing our strategy for growth while keeping expenses in check."
As previously announced, a conference call to discuss its Third Quarter 2007 financial results is scheduled on Tuesday, August 21, 2007, at 9:00 a.m. Eastern Time (8:00 a.m. Central Time).
To participate on the conference call, please dial 866-697-7870 (domestic) or 706-902-1710 (international) five to ten minutes before the call begins and reference the pass code 10971298. A simultaneous live Webcast of the call will be available over the Internet and will be accessible by going to http://www.mshow.com and entering show number 334962.
A replay of the call will be available from Tuesday, August 21, 2007 at 10:00 a.m. Eastern Time through August 28, 2007 by dialing 800-642-1687 (domestic) or 706-645-9291 (international) and providing the following replay code: 10971298. In addition, the Webcast will be available for replay until September 21, 2007 by going to http://www.mshow.com and entering show number 334962.
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.
Safe Harbor Statement
This press release of ERHC Energy Inc. (the "Company") 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 may include, but are not limited to, statements concerning the Company''s future growth, operating milestones, drilling operations, prospects, investment opportunities, cash position, financial position and financing plans, 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, compliance with governmental laws and 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.