ERHC Energy Inc. Reports Third Quarter 2012 Financial Results
HOUSTON, Aug. 8, 2012 (GLOBE NEWSWIRE) -- ERHC Energy Inc. (OTCBB:ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, has announced its results for the third quarter of ERHC's current financial year.
As of June 30, 2012, the Company had cash and cash equivalents totaling $8,394,405, and short-term obligations of $529,000. During the quarter, ERHC's general and administrative expenses totaled $1,043,140 which reflected increased expenses on business development efforts. Business development during the quarter included the successful acquisition of working interests in Kenya's Block 11A.
ERHC also disclosed it has fully paid to the Government of the Republic of Kenya the signature bonus on the Block 11A production sharing contract (PSC). The Block is in the vicinity of Kenya's Block 10BB in which significant oil discoveries have recently been announced."Quarter after quarter, ERHC has been successfully executing its growth strategy – adding to and diversifying our portfolio of highly prospective oil and gas assets in Africa," said ERHC President and CEO Peter Ntephe. "The imminent commencement of exploration programs in highly prospective acreages in Chad and Kenya promises interesting times for the Company and its shareholders." ERHC also announced it will hold a conference call at 8:00 a.m. Central Time on Tuesday, August 28, 2012 to discuss third quarter 2012 financial results and provide an update on company activities, including its plans for funding its upcoming exploration programs. Anyone interested in participating can access the call via phone or webcast. In addition to its holdings in Kenya, 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, and 100 percent interest in half of 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. Anyone interested in participating in ERHC's conference call at 8.00 am Central Time on Tuesday August 28, 2012 can access the call via phone or webcast.
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