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Old 05-23-2009, 06:19 PM
riccky riccky is offline
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Default ERHC Energy Inc. Reports Second Quarter 2009 Financial Results

ERHC Energy OperationsHOUSTON, TX--(Marketwire - May 11, 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 second quarter ended March 31, 2009.

During the three months ended March 31, 2009, ERHC's interest income totaled $130,640. General and administrative expenses during the second quarter totaled $926,098, which represented a decrease of approximately $230,000, or nearly 20 percent, compared with the same period a year ago. ERHC's net loss for the quarter totaled $804,535.

"We are strengthening relationships with our technical partners and have begun to explore future opportunities to work together as the start of drilling in the Joint Development Zone Blocks approaches," said Chief Operating Officer and Acting Chief Executive Officer Peter Ntephe. "Development of our assets in the JDZ remains the principal focus of this Company and we continue to focus our resources on accomplishing that objective."

ERHC Energy has interests in six of the nine Blocks in the offshore Nigeria-São Tomé and Príncipe JDZ. The operator of JDZ Block 4 has announced plans to commence exploratory drilling as early as September. 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.

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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