ERHC Energy Inc. Reports Year End 2011 Financial Results
HOUSTON, December 14, 2011 – ERHC Energy Inc. (OTCBB: ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today announced its year-end results for fiscal 2011, which ended September 30, 2011.
As of September 30th, 2011, which is the end of ERHC’s fiscal year, the Company had cash and cash equivalents and treasury bills totaling about $12,144,597, and virtually no debt.
During the 2011 fiscal year, ERHC's general and administrative expenses totaled $4,414,630, which represented a 14 percent decrease compared to fiscal 2010.
“2011 was another landmark year in the remarkable growth of ERHC,” said President and CEO Peter Ntephe. “We successfully doubled the highly prospective exploration acreage under the Company’s control and set in motion ERHC’s evolution from a single-asset, deepwater-focused company to a multiple asset E&P player with onshore and offshore interests, which movement we expect to intensify in 2012.”
ERHC holds oil and gas exploration interests in the Republic of Chad, the Sao Tome and Principe Exclusive Economic Zone (EEZ) and the Nigeria-Sao Tome and Principe Joint Development Zone (JDZ). In the Republic of Chad, ERHC has 100 percent of the interest in BDS 2008 and Manga. The Company has a 50 percent interest in Chari-Ouest Block 3. In the EEZ, ERHC holds 100 percent working interests in Blocks 4 and 11 with an option to acquire up to 15 percent working interests in two more Blocks. In the JDZ, ERHC holds working interests in Blocks 2, 3, 4, 5, 6 and 9.
ERHC has scheduled a conference call at 8:00 a.m. Central Time on Friday, December 16, 2011 to provide an update on company activities and discuss year-end financial results. Anyone interested in participating can access the call via phone or webcast.
By Phone: Dial 888-669-0676 (US & Canada) or 201-604-0467 (international) at least 10 minutes prior to the call. A telephone replay will be available through December 23, 2011 by dialing 888-632-8973 (US & Canada) or 201-499-0429 (international) and using the access code 50988289#.
By Webcast: Visit the ERHC Investor Center at http://erhc.com/investors/. Please log in at least 10 minutes in advance to register and download any necessary audio software. A replay of the audio webcast will be available shortly after the call.
Those wishing to submit questions beforehand can do so via e-mail at YearEndQuestions@ERHC.com. Investors participating by phone may ask a question live during the call. Participants also may send questions in advance by clicking on the "submit a question" link under the webcast link at the ERHC Investor Center at http://erhc.com/investors/.
About ERHC Energy
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on growth through high impact exploration in Africa 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 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 Chad, the JDZ and the Exclusive Economic Zone 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.