----

----

----

| x | Annual Report under Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|---|--------------------------------------------------------------------------------|

|  ̈ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|--------|------------------------------------------------------------------------------------------|

| Colorado                                                       |   | 88-0218499                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or Other Jurisdiction of Incorporation or Organization) |   | (I.R.S. Employer Identification No.) |
|                                                           |   |                                 |
| 5444 Westheimer Road, Suite 1440, Houston, Texas               |   | 77056                                |
| (Address of Principal Executive Office)                        |   | (Zip Code)                           |

----

----

----

TABLE 

|     |   | PART I                                                                                                             |   | PAGE   |
|----------|--------|--------------------------------------------------------------------------------------------------------------------|--------|--------|
|     |   |                                                                                                               |   |   |
| Item 1.  |   | Business                                                                                                           |   | 6      |
| Item 1A. |   | Risk Factors                                                                                                       |   | 12     |
| Item 1B. |   | Unresolved Staff Comments                                                                                          |   | 16     |
| Item 2.  |   | Properties                                                                                                         |   | 16     |
| Item 3.  |   | Legal Proceedings                                                                                                  |   | 17     |
| Item 4.  |   | Submission of Matters to a Vote of Security Holders                                                                |   | 18     |
|     |   |                                                                                                               |   |   |
|     |   | PART II                                                                                                            |   |   |
|     |   |                                                                                                               |   |   |
| Item 5.  |   | Market for Registrant’s Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities |   | 19     |
| Item 6.  |   | Selected Financial Data                                                                                            |   | 20     |
| Item 7.  |   | Management’s Discussion and Analysis of Financial Condition and Plan of Operations                            |   | 21     |
| Item 7A. |   | Quantitative and Qualitative Disclosures about Market Risk                                                         |   | 28     |
| Item 8.  |   | Financial Statements and Supplementary Data                                                                        |   | 29     |
| Item 9.  |   | Changes in and Disagreements with Accountants on Accounting and Financial Disclosures                              |   | 61     |
| Item 9A. |   | Controls and Procedures                                                                                            |   | 61     |
| Item 9B. |   | Other Information                                                                                                  |   | 61     |
|     |   |                                                                                                               |   |   |
|     |   | PART III                                                                                                           |   |   |
|     |   |                                                                                                               |   |   |
| Item 10. |   | Directors and Executive Officers of the Registrant                                                                 |   | 62     |
| Item 11. |   | Executive Compensation                                                                                             |   | 62     |
| Item 12. |   | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                     |   | 62     |
| Item 13. |   | Certain Relationships and Related Transactions                                                                     |   | 62     |
| Item 14. |   | Principal Accounting Fees and Services                                                                             |   | 62     |
|     |   |                                                                                                               |   |   |
|     |   | PART IV                                                                                                            |   |   |
|     |   |                                                                                                               |   |   |
| Item 15. |   | Exhibits and Financial Statement Schedules                                                                         |   | 63     |
|     |   | Signatures                                                                                                         |   | 64     |

----

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|   | · | business strategy; |
|--------|--------|--------------------|

|   | · | growth opportunities; |
|--------|--------|-----------------------|

|   | · | future development of concessions, exploitation of assets and other business operations; |
|--------|--------|------------------------------------------------------------------------------------------|

|   | · | future market conditions and the effect of such conditions on the Company’s future activities or results of operations; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------|

|   | · | future uses of and requirements for financial resources; |
|--------|--------|----------------------------------------------------------|

|   | · | interest rate and foreign exchange risk; |
|--------|--------|------------------------------------------|

|   | · | future contractual obligations; |
|--------|--------|---------------------------------|

|   | · | outcomes of legal proceedings including, without limitation, the ongoing investigations of the Company; |
|--------|--------|---------------------------------------------------------------------------------------------------------|

|   | · | future operations outside the United States; |
|--------|--------|----------------------------------------------|

|   | · | competitive position; |
|--------|--------|-----------------------|

|   | · | expected financial position; |
|--------|--------|------------------------------|

|   | · | future cash flows; |
|--------|--------|--------------------|

|   | · | future liquidity and sufficiency of capital resources; |
|--------|--------|--------------------------------------------------------|

|   | · | future dividends; |
|--------|--------|-------------------|

|   | · | financing plans; |
|--------|--------|------------------|

|   | · | tax planning; |
|--------|--------|---------------|

|   | · | budgets for capital and other expenditures; |
|--------|--------|---------------------------------------------|

|   | · | plans and objectives of management; |
|--------|--------|-------------------------------------|

|   | · | compliance with applicable laws; and |
|--------|--------|--------------------------------------|

|   | · | adequacy of insurance or indemnification. |
|--------|--------|-------------------------------------------|

----

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|   | · | general economic and business conditions; |
|--------|--------|-------------------------------------------|

|   | · | worldwide demand for oil and natural gas; |
|--------|--------|-------------------------------------------|

|   | · | changes in foreign and domestic oil and gas exploration, development and production activity; |
|--------|--------|-----------------------------------------------------------------------------------------------|

|   | · | oil and natural gas price fluctuations and related market expectations; |
|--------|--------|-------------------------------------------------------------------------|

|   | · | termination, renegotiation or modification of existing contracts; |
|--------|--------|-------------------------------------------------------------------|

|   | · | the ability of the Organization of Petroleum Exporting Countries, commonly called OPEC, to set and maintain production levels and pricing, and the level of production in non-OPEC countries; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | policies of the various governments regarding exploration and development of oil and gas reserves; |
|--------|--------|----------------------------------------------------------------------------------------------------|

|   | · | advances in exploration and development technology; |
|--------|--------|-----------------------------------------------------|

|   | · | the political environment of oil-producing regions; |
|--------|--------|-----------------------------------------------------|

|   | · | political instability in the Democratic Republic of Sao Tome and Principe and the Federal Republic of Nigeria; |
|--------|--------|----------------------------------------------------------------------------------------------------------------|

|   | casualty losses; |
|--------|------------------|

|   | · | competition; |
|--------|--------|--------------|

|   | · | changes in foreign, political, social and economic conditions; |
|--------|--------|----------------------------------------------------------------|

|   | · | risks of international operations, compliance with foreign laws and taxation policies and expropriation or nationalization of equipment and assets; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | risks of potential contractual liabilities; |
|--------|--------|---------------------------------------------|

|   | · | foreign exchange and currency fluctuations and regulations, and the inability to repatriate income or capital; |
|--------|--------|----------------------------------------------------------------------------------------------------------------|

|   | · | risks of war, military operations, other armed hostilities, terrorist acts and embargoes; |
|--------|--------|-------------------------------------------------------------------------------------------|

|   | · | regulatory initiatives and compliance with governmental regulations; |
|--------|--------|----------------------------------------------------------------------|

|   | · | compliance with environmental laws and regulations; |
|--------|--------|-----------------------------------------------------|

|   | · | compliance with tax laws and regulations; |
|--------|--------|-------------------------------------------|

|   | · | customer preferences; |
|--------|--------|-----------------------|

|   | · | effects of litigation and governmental proceedings; |
|--------|--------|-----------------------------------------------------|

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|   | · | cost, availability and adequacy of insurance; |
|--------|--------|-----------------------------------------------|

|   | · | adequacy of the Company’s sources of liquidity; |
|--------|--------|------------------------------------------------------|

|   | · | labor conditions and the availability of qualified personnel; and |
|--------|--------|-------------------------------------------------------------------|

|   | · | various other matters, many of which are beyond the Company’s control. |
|--------|--------|-----------------------------------------------------------------------------|

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Item 

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----

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|   | · | JDZ Block 2:  22.0% Working interest percentage |
|--------|--------|-----------------------------------------------------------|

|   | · | JDZ Block 3:  10.0% Working interest percentage |
|--------|--------|-----------------------------------------------------------|

|   | · | JDZ Block 4:  19.5% Working interest percentage |
|--------|--------|-----------------------------------------------------------|

|   | · | JDZ Block 5:  15.0% Working interest percentage |
|--------|--------|-----------------------------------------------------------|

|   | · | JDZ Block 6:  15.0% Working interest percentage |
|--------|--------|-----------------------------------------------------------|

|   | · | JDZ Block 9:  20.0% Working interest percentage |
|--------|--------|-----------------------------------------------------------|

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|   | · | The right to receive up to two blocks of ERHC’s choice; and |
|--------|--------|------------------------------------------------------------------|

|   | · | The option to acquire up to a 15 percent paid working interest in another two blocks of ERHC’s choice. |
|--------|--------|-------------------------------------------------------------------------------------------------------------|

| JDZ Block # | ERHCOriginalParticipatingInterest (1) | ERHCJoint BidParticipatingInterest | ParticipatingInterest(s) Sold | Current ERHCRetainedParticipatingInterest |
|-------------|---------------------------------------|------------------------------------|-------------------------------|-------------------------------------------|
|        |                                  |                               |                          |                                      |
| 2           | 30%                                   | 35%                                | 43% (2)                       | 22%                                       |
| 3           | 20%                                   | 5%                                 | 15% (3)                       | 10%                                       |
| 4           | 25%                                   | 35%                                | 40.5% (4)                     | 19.5%  (6)                      |
| 5           | 15%                                   |  (5)                          |  (5)                     | 15%                                       |
| 6           | 15%                                   |  (5)                          |  (5)                     | 15%                                       |
| 9           | 20%                                   |  (5)                          |  (5)                     | 20%                                       |

| (1) | Original Participating Interest granted pursuant to the Option Agreement, dated April 2, 2003, between DRSTP and ERHC (the “2003 Option Agreement”). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | In March 2006, ERHC sold an aggregate 28.67% participating interest to Sinopec and an aggregate 14.33% participating interest to Addax Ltd. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | In February 2006, ERHC sold a 15% participating interest to Addax Sub. |
|-----|------------------------------------------------------------------------|

| (1) | Original Participating Interest granted pursuant to the Option Agreement, dated April 2, 2003, between DRSTP and ERHC (the “2003 Option Agreement”). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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| (4) | By a Participation Agreement made in November 2005 and subsequently amended, ERHC sold 40.5% participating interest to Addax. Includes 9% distributed between Addax (7.2%) and ERHC (1.8%) reclaimed from Godsonic by ERHC on behalf of the ERHC/Addax consortium following Godsonic’s inability to fulfill financial and other conditions upon which the 9% was to have been assigned to Godsonic. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | No contracts have been entered into as of the date hereof. |
|-----|------------------------------------------------------------|

| (6) | Includes the 9% distributed between ERHC (1.8%) and Addax (7.2%) reclaimed from Godsonic by ERHC on behalf of the ERHC/Addax consortium following Godsonic’s inability to fulfill financial and other conditions upon which the 9% was to have been assigned to Godsonic. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | By a Participation Agreement made in November 2005 and subsequently amended, ERHC sold 40.5% participating interest to Addax. Includes 9% distributed between Addax (7.2%) and ERHC (1.8%) reclaimed from Godsonic by ERHC on behalf of the ERHC/Addax consortium following Godsonic’s inability to fulfill financial and other conditions upon which the 9% was to have been assigned to Godsonic. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Date of Participation Agreement     |   | Parties                                                                       |   | Key Terms                                                                                                                                                                                                                                                                              |
|-------------------------------------|--------|-------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                |   |                                                                          |   |                                                                                                                                                                                                                                                                                   |
| 2 March 2006                        |   | 1. Sinopec International Petroleum Exploration and Production Co. Nigeria Ltd |   | ERHC assigns 28.6% of participating interest to Sinopec International Petroleum Exploration and Production Co Nigeria Ltd (“Sinopec”) and a 14.3% participating interest to Addax Energy Nigeria Limited (“Addax”) leaving ERHC with a 22% participating interest. |
|                                |   |                                                                          |   |                                                                                                                                                                                                                                                                                   |
|                                |   | 1b. Sinopec International Petroleum and Production Corporation                |   | Consideration from Sinopec to ERHC for the 28.67% interest (the “SINOPEC assigned interest”) is $13.6 million.                                                                                                                                                          |
|                                |   |                                                                          |   |                                                                                                                                                                                                                                                                                   |
|                                |   | 2a. Addax Energy Nigeria Limited                                              |   | Consideration from Addax to ERHC for the 14.33% interest (the “Addax assigned interest”) is $6.8 million                                                                                                                                                                     |
|                                |   |                                                                          |   |                                                                                                                                                                                                                                                                                   |
|                                |   | 2b. Addax Petroleum Corporation                                               |   | In addition, Sinopec and  Addax to pay all of ERHC’s future costs  for petroleum operations (“the carried costs”) in respect of the 22% interest retained by ERHC (the “retained interest”) in Block 2.                                   |
|                                |   |                                                                          |   |                                                                                                                                                                                                                                                                                   |
|                                |   | 3. ERHC Energy Inc                                                            |   | Sinopec and Addax are entitled to 100% of ERHC’s allocation of cost oil plus up to 50% of ERHC’s allocation of profit oil from the retained interest on Block 2 until Sinopec and Addax Sub recover 100% of  ERHC’s  carried costs                  |
|                                |   |                                                                          |   |                                                                                                                                                                                                                                                                                   |
| JDZ Block 3 Participation Agreement |
| Date of Participation Agreement     |   | Parties                                                                       |   | Key Terms                                                                                                                                                                                                                                                                              |
|                                |   |                                                                          |   |                                                                                                                                                                                                                                                                                   |
| 15 February 2006                    |   | 1. ERHC Energy Inc                                                            |   | ERHC assigns 15% of participating interest to Addax Petroleum Resources Nigeria Limited (“Addax Sub”) leaving ERHC with a 10% participating interest.                                                                                                                        |
|                                |   |                                                                          |   |                                                                                                                                                                                                                                                                                   |
|                                |   | 2a.Addax Petroleum Resources Nigeria Limited                                  |   | Consideration from Addax Sub to ERHC for the 15% acquired interest is $7.5  million.                                                                                                                                                                                              |
|                                |   |                                                                          |   |                                                                                                                                                                                                                                                                                   |
|                                |   | 2b.Addax Petroleum Corporation                                                |   | In addition, Addax to pay all of ERHC’s future costs for petroleum operations as in respect of the 10% interest retained by ERHC in Block 3.                                                                                                                                      |
|                                |   |                                                                          |   |                                                                                                                                                                                                                                                                                   |
|                                |   |                                                                          |   | Addax Sub is entitled to 100% of ERHC’s allocation of cost oil plus up to 50% of ERHC’s allocation of profit oil until Addax Sub recovers 100% of the carried costs                                                                                                          |

----

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| JDZ Block 4 Participation Agreement |
|-------------------------------------|
| Date                                |   | Parties |   | Key Terms |
|                                |   |   |   |   |
| 17 November 2005 (Note)             |   | 1. ERHC Energy Inc |   | ERHC shall assign 33.3% (Note) of participating interest to Addax Petroleum Nigeria (Offshore 2) Limited (“Addax”) (leaving ERHC with a 26.7% participating interest). |
|                                |   |   |   |   |
|                                |   | 2a. Addax Petroleum  Nigeria (Offshore 2) Limited |   | Consideration from Addax Sub to ERHC for the interest to be acquired by Addax is fixed at $18  million. |
|                                |   |   |   |   |
|                                |   | 2b. Addax Petroleum NV |   | In addition, Addax to pay all of ERHC’s future costs for petroleum operations (“the carried costs”) in respect of ERHC’s retained interest in Block 4. |
|                                |   |   |   |   |
|                                |   |   |   | Addax is entitled to 100% of ERHC’s allocation of cost oil plus up to 50% of ERHC’s allocation of profit oil until Addax recovers 100% of ERHC’s carried costs. |

----

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Item 

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|   | • | the availability of future capital resources to the Company and the other participants for drilling wells; |
|--------|--------|------------------------------------------------------------------------------------------------------------|

|   | • | the approval of other participants for determining well locations and drilling time-tables ; |
|--------|--------|----------------------------------------------------------------------------------------------|

|   | • | the economic conditions at the time of drilling, including the prevailing and anticipated price of  oil and gas; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

|   | • | the availability and cost of deep water drilling rigs and the availability of  operating personnel |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | • | the availability of future capital resources to the Company and the other participants for drilling wells; |
|--------|--------|------------------------------------------------------------------------------------------------------------|

----

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----

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|   | · | third party claims against us, which may include claims for special, indirect, derivative or consequential damages; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------|

|   | · | damage to our  business, operations and reputation; |
|--------|--------|---------------------------------------------------------------|

|   | · | loss of, or adverse effect on, cash flow, assets, goodwill, operations and financial condition, business, prospects, profits or commercial  value; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | adverse consequences on our  ability to obtain or continue financing for current or future projects; and/or |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | · | claims by directors, officers, employees, affiliates, advisors, attorneys, agents, debt holders or other interest holders or constituents of ERHC. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | third party claims against us, which may include claims for special, indirect, derivative or consequential damages; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------|

----

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Item 

|   | · | general business disclosures |
|--------|--------|------------------------------|

|   | · | disclosure controls and procedures |
|--------|--------|------------------------------------|

|   | · | managements annual report on internal control over financial reporting and related quarterly disclosures in our quarterly reports for the quarters ended March 31, 2008 and June 30, 2008 |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | compensation of directors |
|--------|--------|---------------------------|

|   | · | disclosures related to grants of plan-based awards |
|--------|--------|----------------------------------------------------|

|   | · | outstanding equity awards at fiscal-year end |
|--------|--------|----------------------------------------------|

|   | · | potential payments upon termination or change of control |
|--------|--------|----------------------------------------------------------|

Item 

----

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|  ERHC has interests in six of the nine Blocks in the Joint Development Zone (JDZ), a 34,548 sq km area approximately 200 km off the coast of Nigeria and Sao Tome and Principe that is adjacent to several large petroleum discovery areas. ERHC’s rights in the JDZ include: |  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|

|   | · | JDZ Block 2:  22.0% Working interest |
|--------|--------|------------------------------------------------|

|   | · | JDZ Block 3:  10.0% Working interest |
|--------|--------|------------------------------------------------|

|   | · | JDZ Block 4:  19.5% Working interest |
|--------|--------|------------------------------------------------|

|   | · | JDZ Block 5:  15.0% Working interest |
|--------|--------|------------------------------------------------|

|   | · | JDZ Block 6:  15.0% Working interest |
|--------|--------|------------------------------------------------|

|   | · | JDZ Block 9:  20.0% Working interest |
|--------|--------|------------------------------------------------|

|   | · | JDZ Block 2:  22.0% Working interest |
|--------|--------|-------------------------------------------|

|   | · | The right to receive up to two blocks of ERHC’s choice; and |
|--------|--------|------------------------------------------------------------------|

|   | · | The option to acquire up to a 15% paid working interest in another two blocks of ERHC’s choice. |
|--------|--------|------------------------------------------------------------------------------------------------------|

|   | · | The right to receive up to two blocks of ERHC’s choice; and |
|--------|--------|-----------------------------------------------------------------------|

Item 

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Item 

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Item 

|             |   | High        |   |   | Low    |   |
|------------------|--------|-------------|--------|--------|--------|--------|
|             |   | (per share) |   |
| Fiscal Year 2006 |   |        |   |   |   |   |
| First Quarter    |   | $           | 0.41   |   |   | $      | 0.30 |   |
| Second Quarter   |   | $           | 0.95   |   |   | $      | 0.30 |   |
| Third Quarter    |   | $           | 0.92   |   |   | $      | 0.40 |   |
| Fourth Quarter   |   | $           | 0.54   |   |   | $      | 0.37 |   |
|             |   |        |   |   |   |   |   |   |
| Fiscal Year 2007 |   |        |   |   |   |   |   |   |
| First Quarter    |   | $           | 0.51   |   |   | $      | 0.31 |   |
| Second Quarter   |   | $           | 0.48   |   |   | $      | 0.33 |   |
| Third Quarter    |   | $           | 0.42   |   |   | $      | 0.24 |   |
| Fourth Quarter   |   | $           | 0.34   |   |   | $      | 0.20 |   |
|             |   |        |   |   |   |   |   |   |
| Fiscal Year 2008 |   |        |   |   |   |   |   |   |
| First Quarter    |   | $           | 0.30   |   |   | $      | 0.19 |   |
| Second Quarter   |   | $           | 0.54   |   |   | $      | 0.18 |   |
| Third Quarter    |   | $           | 0.60   |   |   | $      | 0.40 |   |
| Fourth Quarter   |   | $           | 0.42   |   |   | $      | 0.28 |   |

|                                                       |   |                                                                                     |      |   |                                                                     |   |   |                                                                                                                                   |   |
|------------------------------------------------------------|--------|------------------------------------------------------------------------------------------|-----------|--------|--------------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------|--------|
| Plan Category                                              |   | Number of securities to beissued upon exercise ofoutstanding options,warrants and rights |      |   | Weighted-average exerciseprice of outstandingoptions, warrants andrights |   |   | Number of securitiesremaining available forfuture issuance underequity compensation plans(excluding securitiesreflected in column (a)) |   |
|                                                       |   | (a)                                                                                      |      |   | (b)                                                                      |   |   | ©                                                                                                                                 |   |
| Equity compensation plans approved by security holders     |   |                                                                                     | 1,000,000 |   |                                                                     | $      | 0.43   |                                                                                                                                   |   |   | 11,423,244 |   |
| Equity compensation plans not approved by security holders |   |                                                                                     | -         |   |                                                                     |   | -      |                                                                                                                                   |   |   | - |   |

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|   | · | During the second quarter of fiscal 2007, warrants issued in 2003, with an exercise price of $0.20, were exercised on a cashless basis, which exercise resulted in the issuance of an aggregate of 2,949,587 shares of common stock. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | During the first quarter of fiscal 2008, we issued an aggregate of 300,000 shares of common stock to the Company’s directors for services rendered in 2007. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | During the fourth quarter of fiscal   2008, an aggregate of 210,000 shares of common stock were due to the Company’s directors for services rendered as more fully disclosed in Item 10, Directors and Executive Officers of the Registrant. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | During the second quarter of fiscal 2007, warrants issued in 2003, with an exercise price of $0.20, were exercised on a cashless basis, which exercise resulted in the issuance of an aggregate of 2,949,587 shares of common stock. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Item 

|                                                  |   | For the Years Ended September 30, |        |
|-------------------------------------------------------|--------|-----------------------------------|-------------|
| Statements of Operations Data                         |   | 2008                              |        |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |
|                                                  |   |                              |        |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                                    |   | $                                 | 4280143     |   |   | $ | 4,976,765 |   |   | $ | (24,113,494 | ) |   | $ | 4,652,459 |   |   | $ | 2,085,426 |   |
| Interest expense                                      |   |                              | (1,843)     |   |   |   | (1,843 | ) |   |   | (2,099 | ) |   |   | (1,147,248 | ) |   |   | (1,671,759 | ) |
| Other Income (expense)                                |   |                              | 1,241,189   |   |   |   | 1,498,704 |   |   |   | 1,123,141 |   |   |   | 278,804 |   |   |   | 163,797 |   |
| Loss on extinguishment of debt                        |   |                              | -           |   |   |   | - |   |   |   | - |   |   |   | (5,749,575 |   |   |   | - |   |
| Provision for taxes                                   |   |                              | (30,360)    |   |   |   | (1,723,000 | ) |   |   | 2,063,000 |   |   |   | - |   |   |   | - |   |
| Net income (loss)                                     |   |                              | (3,071,157) |   |   |   | (1,756,904 | ) |   |   | 23,171,536 |   |   |   | (11,270,478 | ) |   |   | (3,593,388 | ) |
| Net income (loss) per share – basic and diluted |   |                              | (0.00)      |   |   |   | (0.00) |   |   |   | 0.03 |   |   |   | (0.02 | ) |   |   | (0.01 | ) |
| Weighted average shares of common stock outstanding   |   |                              | 722,182,831 |   |   |   | 720,966,165 |   |   |   | 712,063,980 |   |   |   | 671,164,058 |   |   |   | 592,603,441 |   |
|                                                  |   |                              |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   | As of September 30,               |        |
| Balance Sheets Data                                   |   | 2008                              |        |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |
|                                                  |   |                              |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| DRSTP Concession fee                                  |   | $                                 | 2,839,500   |   |   | $ | 2,839,500 |   |   | $ | 2,839,500 |   |   | $ | 5,679,000 |   |   | $ | 5,679,000 |   |
| Total assets                                          |   |                              | 36,880,422  |   |   |   | 39,854,641 |   |   |   | 45,878,249 |   |   |   | 6,720,210 |   |   |   | 5,728,556 |   |
| Total liabilities                                     |   |                              | 5,907,960   |   |   |   | 5,947,982 |   |   |   | 10,390,126 |   |   |   | 2,799,011 |   |   |   | 14,757,208 |   |
| Shareholders’ equity (deficit)                   |   |                              | 30,972,462  |   |   |   | 33,906,659 |   |   |   | 35,488,123 |   |   |   | 3,921,199 |   |   |   | (9,028,652 | ) |

----

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It

| JDZ Block # | ERHCOriginalParticipatingInterest (1) | ERHCJoint BidParticipatingInterest | ParticipatingInterest(s) Sold | Current ERHCRetainedParticipatingInterest |
|-------------|---------------------------------------|------------------------------------|-------------------------------|-------------------------------------------|
|        |                                  |                               |                          |                                      |
| 2           | 30%                                   | 35%                                | 43% (2)                       | 22%                                       |
| 3           | 20%                                   | 5%                                 | 15% (3)                       | 10%                                       |
| 4           | 25%                                   | 35%                                | 40.5% (4)                     | 19.5%                                     |
| 5           | 15%                                   | (5)                                | (5)                           | 15%                                       |
| 6           | 15%                                   | (5)                                | (5)                           | 15%                                       |
| 9           | 20%                                   | (5)                                | (5)                           | 20%                                       |

| (1) | Original Participating Interest granted pursuant to the Option Agreement, dated April 2, 2003, between DRSTP and ERHC (the “2003 Option Agreement”). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | In March 2006, ERHC sold an aggregate 28.67% participating interest to Sinopec and an aggregate 14.33% participating interest to Addax Ltd. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | In February 2006, ERHC sold a 15% participating interest to Addax Sub. |
|-----|------------------------------------------------------------------------|

| (4) | By a Participation Agreement made in November 2005 and subsequently amended, ERHC sold 40.5 participating interest to Addax. |
|-----|------------------------------------------------------------------------------------------------------------------------------|

| (5) | No contracts have been entered into as of the date hereof. |
|-----|------------------------------------------------------------|

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| Date of Participation Agreement     |   | Parties                                                                       |   | Key Terms                                                                                                                                                                                                                                                                               |
|-------------------------------------|--------|-------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2 March 2006                        |   | 1. Sinopec International Petroleum Exploration and Production Co. Nigeria Ltd |   | ERHC assigns 28.6% of participating interest to Sinopec International Petroleum Exploration and Production Co Nigeria Ltd (“Sinopec”) and a 14.33% participating interest to Addax Energy Nigeria Limited (“Addax”) leaving ERHC with a 22% participating interest. |
|                                |   |                                                                          |   |                                                                                                                                                                                                                                                                                    |
|                                |   | 1b. Sinopec International Petroleum and Production Corporation                |   | Consideration from Sinopec to ERHC for the 28.67% interest is $13.6  million.                                                                                                                                                                                                      |
|                                |   |                                                                          |   |                                                                                                                                                                                                                                                                                    |
|                                |   | 2a. Addax Energy Nigeria Limited                                              |   | Consideration from Addax to ERHC for the 14.33% interest  is $6.8 million                                                                                                                                                                                                     |
|                                |   |                                                                          |   |                                                                                                                                                                                                                                                                                    |
|                                |   | 2b. Addax Petroleum Corporation                                               |   | In addition, Sinopec and Addax to pay all of ERHC’s future costs for petroleum operations in respect of the 22% interest retained by ERHC in Block 2.                                                                                                                              |
|                                |   |                                                                          |   |                                                                                                                                                                                                                                                                                    |
|                                |   | 3. ERHC Energy Inc                                                            |   | Sinopec and Addax are entitled to 100% of ERHC’s allocation of cost reimbursement  plus up to 50% of ERHC’s allocation of profit oil from revenue generated by the retained interest on Block 2 until Sinopec and Addax recover 100% of the carried costs           |
|                                |   |                                                                          |   |                                                                                                                                                                                                                                                                                    |
| JDZ Block 3 Participation Agreement |
| Date of Participation Agreement     |   | Parties                                                                       |   | Key Terms                                                                                                                                                                                                                                                                               |
| 15 February 2006                    |   | 1. ERHC Energy Inc                                                            |   | ERHC assigns 15% of participating interest to Addax Petroleum Resources Nigeria Limited (“Addax Sub”) leaving ERHC with a 10% participating interest.                                                                                                                         |
|                                |   |                                                                          |   | Consideration from Addax Sub to ERHC for the 15% interest is $7.5  million.                                                                                                                                                                                                        |
|                                |   | 2a. Addax Petroleum Resources Nigeria Limited                                 |   | In addition, Addax Sub to pay all of ERHC’s future costs  for petroleum operations (“the carried costs”) in respect of the 10% interest retained by ERHC (the “retained interest”) in Block 3.                                                       |
|                                |   |                                                                          |   |                                                                                                                                                                                                                                                                                    |
|                                |   | 2b. Addax Petroleum Corporation                                               |   | Addax Sub is entitled to 100% of ERHC’s future costs in respect of petroleum operations.                                                                                                                                                                                           |
|                                |   |                                                                          |   |                                                                                                                                                                                                                                                                                    |
|                                |   |                                                                          |   | Addax is entitled to 100% of ERHC’s allocation of cost reimbursement  plus up to 50% of ERHC’s allocation of profit oil until Addax Sub recovers 100% of the carried costs                                                                                          |

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| JDZ Block 4 Participation Agreement |
|-------------------------------------|
| Date                                |   | Parties |   | Key Terms |
| 17 November 2005 (Note)             |   | 1. ERHC Energy Inc |   | ERHC shall assign 33.3% (Note) of participating interest to Addax Petroleum Nigeria (Offshore 2) Limited (“Addax”) (leaving ERHC with a 26.7% participating interest). |
|                                |   |   |   |   |
|                                |   | 2a. Addax Petroleum  Nigeria (Offshore 2) Limited |   | Consideration from Addax Sub to ERHC for the interest to be acquired by Addax (the “acquired interest”) is fixed at $18  million. |
|                                |   |   |   |   |
|                                |   | 2b. Addax Petroleum NV |   | In addition, Addax to pay all of ERHC’s future costs for petroleum operations (“the carried costs”) in respect of ERHC’s retained interest in Block 4. |
|                                |   |   |   |   |
|                                |   |   |   | Addax is entitled to 100% of ERHC’s allocation of cost oil plus up to 50% of ERHC’s allocation of profit oil until Addax  recovers 100% of the carried costs |

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| Contractual Obligations              |   | Total  |    |   | Less than1 year |   |    | 1 – 3 Years |   |   | 3 – 5 Years |   |   | More than5 Years |   |
|--------------------------------------|--------|--------|---------|--------|-----------------|--------|---------|-------------------|--------|--------|-------------------|--------|--------|------------------|--------|
|                                 |   |   |    |   |            |   |    |              |   |   |              |   |   |             |   |
| Convertible debt (1)                 |   | $      | 33,513  |   |            | $      | 33,513  |              |   | $      | -                 |   |   | $                | -      |   |   | $ | - |   |
| Operating lease   (2) |   |   | 347,880 |   |            |   | 107,040 |              |   |   | 240,840           |   |   |             | -      |   |   |   | - |   |
|                                 |   |   |    |   |            |   |    |              |   |   |              |   |   |             |   |   |   |   |   |   |
| Total                                |   | $      | 381,393 |   |            | $      | 140,553 |              |   | $      | 240,840           |   |   | $                | -      |   |   | $ | - |   |

| (1) | This represents a convertible note to Joseph Charles and Associates. However, the Company has been unable to locate the payee. |
|-----|--------------------------------------------------------------------------------------------------------------------------------|

| (2) | Lease obligations consist of operating lease for office space. Office lease represent non-cancelable leases for office space used in our daily operations. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ERHC ENERGY INC.                                                                                                                                                         |   |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|
| A CORPORATION IN THE DEVELOPMENT STAGE                                                                                                                                   |   |    |
| INDEX TO CONSOLIDATED FINANCIAL STATEMENTS                                                                                                                               |   |    |
|                                                                                                                                                                     |   |    |
|                                                                                                                                                                     |   |    |
|                                                                                                                                                                     |   | Page(s) |
|                                                                                                                                                                     |   |    |
| Reports of Independent Public Accounting Firm:                                                                                                                           |   |    |
|                                                                                                                                                                     |   |    |
| Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting as of September 30, 2008                                            |   | 30      |
|                                                                                                                                                                     |   |    |
| Report of Independent Registered Public Accounting Firm on the Financial Statements for the Years ended September 30, 2008 and 2007                                      |   | 31      |
|                                                                                                                                                                     |   |    |
| Consolidated Financial Statements:                                                                                                                                       |   |    |
|                                                                                                                                                                     |   |    |
| Consolidated Balance Sheets as of September 30, 2008 and 2007                                                                                                            |   | 32      |
|                                                                                                                                                                     |   |    |
| Consolidated Statements of Operations for the Years Ended September 30, 2008, 2007 and 2006, and for the period from inception, September 5, 1995, to September 30, 2008 |   | 33      |
|                                                                                                                                                                     |   |    |
| Consolidated Statements of Shareholders’ Equity (Deficit) for the period from inception, September 5, 1995, to September 30, 2008                                   |   | 34      |
|                                                                                                                                                                     |   |    |
| Consolidated Statements of Cash Flows for the Years Ended September 30, 2008, 2007 and 2006, and for the period from inception, September 5, 1995, to September 30, 2008 |   | 46      |
|                                                                                                                                                                     |   |    |
| Notes to Consolidated Financial Statements                                                                                                                               |   | 48      |
|                                                                                                                                                                     |   |    |
| Financial Statement Schedules:                                                                                                                                           |   |    |
|                                                                                                                                                                     |   |    |
| None                                                                                                                                                                     |   |    |

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| ERHC ENERGY INC.                                                                                                                                                             |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| A CORPORATION IN THE DEVELOPMENT STAGE                                                                                                                                       |   |
| CONSOLIDATED BALANCE SHEETS                                                                                                                                                  |   |
| September 30, 2008 and 2007                                                                                                                                                  |   |
|                                                                                                                                                                         |   |   |   |   |   |   |
|                                                                                                                                                                         |   |   |   |   |   |   |
|                                                                                                                                                                         |   | 2008 |   |   | 2007 |   |
|                                                                                                                                                                         |   |   |   |   |   |   |
| ASSETS                                                                                                                                                                       |   |   |   |   |   |   |
|                                                                                                                                                                         |   |   |   |   |   |   |
| Current assets:                                                                                                                                                              |   |   |   |   |   |   |
| Cash                                                                                                                                                                         |   | $ | 31,757,012 |   |   | $ | 34,721,933 |   |
| Prepaid expenses and other                                                                                                                                                   |   |   | 199,419 |   |   |   | 179,955 |   |
| Deferred tax asset - current                                                                                                                                                 |   |   | 2,018,398 |   |   |   | 2,048,758 |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Total current assets                                                                                                                                                         |   |   | 33,974,829 |   |   |   | 36,950,646 |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| DRSTP concession fee                                                                                                                                                         |   |   | 2,839,500 |   |   |   | 2,839,500 |   |
| Furniture and equipment, net                                                                                                                                                 |   |   | 66,093 |   |   |   | 64,495 |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Total assets                                                                                                                                                                 |   | $ | 36,880,422 |   |   | $ | 39,854,641 |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                                                    |   |   |   |   |   |   |   |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Current liabilities:                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                                                                                                                                     |   | $ | 5,025,794 |   |   | $ | 5,183,979 |   |
| Accounts payable and accrued liabilities, related parties                                                                                                                    |   |   | 354,934 |   |   |   | 238,614 |   |
| Accrued interest                                                                                                                                                             |   |   | 8,719 |   |   |   | 6,876 |   |
| Asset retirement obligation                                                                                                                                                  |   |   | 485,000 |   |   |   | 485,000 |   |
| Current portion of convertible debt                                                                                                                                          |   |   | 33,513 |   |   |   | 33,513 |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Total current liabilities                                                                                                                                                    |   |   | 5,907,960 |   |   |   | 5,947,982 |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Commitments and contingencies:                                                                                                                                               |   |   |   |   |   |   |   |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Shareholders’ equity:                                                                                                                                                   |   |   |   |   |   |   |   |   |
| Preferred stock, par value $0.0001; authorized 10,000,000; none issued and outstanding                                                                                       |   |   | - |   |   |   | - |   |
| Common stock, par value $0.0001; authorized 950,000,000shares; issued and outstanding 722,238,569 and 721,938,569 at September 30, 2008 and September 30, 2007, respectively |   |   | 72,224 |   |   |   | 72,193 |   |
| Additional paid-in capital                                                                                                                                                   |   |   | 91,964,474 |   |   |   | 91,827,545 |   |
| Accumulated deficit                                                                                                                                                          |   |   | (61,064,236 | ) |   |   | (57,993,079 | ) |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Total shareholders’ equity                                                                                                                                              |   |   | 30,972,462 |   |   |   | 33,906,659 |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Total liabilities and shareholders’ equity                                                                                                                              |   | $ | 36,880,422 |   |   | $ | 39,854,641 |   |

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| ERHC ENERGY INC.                                                         |   |
|--------------------------------------------------------------------------|--------|
| A CORPORATION IN THE DEVELOPMENT STAGE                                   |   |
| CONSOLIDATED STATEMENTS OF OPERATIONS                                    |   |
| For the Years Ended September 30, 2008, 2007 and 2006 and for the Period |   |
| From Inception, September 5, 1995, to September 30, 2008                 |   |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                     |   |   |   |   |   |   |   |   |   |   | Inception to |   |
|                                                                     |   |   |   |   |   |   |   |   |   |   | September 30, |   |
|                                                                     |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2008 |   |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs and expenses:                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative                                               |   | $ | 5,979,609 |   |   | $ | 4,954,848 |   |   | $ | 4,249,572 |   |   | $ | 68,342,681 |   |
| Depreciation and depletion                                               |   |   | 9,147 |   |   |   | 21,917 |   |   |   | 30,571 |   |   |   | 1,416,501 |   |
| Gain on sale of partial interest in DRSTP concession                     |   |   | (30,102,250 | ) |   |   | - |   |   |   | - |   |   |   | (30,102,250 | ) |
| Write-offs and abandonments                                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 7,742,128 |   |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total costs and expenses                                                 |   |   | 24,113,494 |   |   |   | (4,976,765 | ) |   |   | (4,280,143 | ) |   |   | (47,399,060 | ) |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other income and (expenses):                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                                          |   |   | 1,123,141 |   |   |   | 1,998,704 |   |   |   | 1,241,189 |   |   |   | 4,389,528 |   |
| Gain (loss) from settlements                                             |   |   |   |   |   |   | (500,000 | ) |   |   | - |   |   |   | (247,690 | ) |
| Other income                                                             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 439,827 |   |
| Interest expense                                                         |   |   | (2,099 | ) |   |   | (1,843 | ) |   |   | (1,843 | ) |   |   | (12,126,905 | ) |
| Loss on extinguishment of debt                                           |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (5,749,575 | ) |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total other income and (expenses), net                                   |   |   | 1,121,042 |   |   |   | 1,496,861 |   |   |   | 1,239,346 |   |   |   | (13,294,816 | ) |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) before benefit (provision) for income taxes                |   |   | 25,234,536 |   |   |   | (3,479,904 | ) |   |   | (3,040,797 | ) |   |   | (60,693.876 | ) |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Benefit (provision) for income taxes:                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current                                                                  |   |   | (3,023,000 | ) |   |   | 1,243,000 |   |   |   | 449,640 |   |   |   | (1,330,360 | ) |
| Deferred                                                                 |   |   | 960,000 |   |   |   | 480,000 |   |   |   | (480,000 | ) |   |   | 960,000 |   |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total benefit (provision) for income taxes                               |   |   | (2,063,000 | ) |   |   | 1,723,000 |   |   |   | (30,360 | ) |   |   | (370,360 | ) |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                        |   | $ | 23,171,536 |   |   | $ | (1,756,904 | ) |   | $ | (3,071,157 | ) |   | $ | (61,064,236 | ) |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss per common share -basic and diluted                             |   | $ | 0.03 |   |   | $ | (0.00 | ) |   | $ | (0.00 | ) |   |   |   |   |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of shares of common shares outstanding:          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                    |   |   | 712,063,980 |   |   |   | 720,966,165 |   |   |   | 722,182,831 |   |   |   |   |   |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted                                                                  |   |   | 717,410,403 |   |   |   | 720,966,165 |   |   |   | 722,182,831 |   |   |   |   |   |

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| ERHC ENERGY INC.                                                                                        |   |
|---------------------------------------------------------------------------------------------------------|--------|
| A CORPORATION IN THE DEVELOPMENT STAGE                                                                  |   |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY                                          |   |
| For the Period from Inception, September 5, 1995, to September 30, 2008, (Unaudited for the Period from |   |
| Inception to September 30, 1998)                                                                        |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |   |   |   |   |   |   |   | Additional |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |   | Common Stock |   |   | Paid-In |   |   | Accumulated |   |   | Subscription |   |   | Deferred |   |   |   |   |
|                                                                                                    |   | Shares |   |   | Amount |   |   | Capital |   |   | Deficit |   |   | Receivable |   |   | Compensation |   |   | Total |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 5, 1995                                                                            |   |   | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for cash                                                                            |   |   | 884,407 |   |   |   | 88 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 88 |   |
| Common stock issued for services                                                                        |   |   | 755,043 |   |   |   | 76 |   |   |   | 499,924 |   |   |   | - |   |   |   | - |   |   |   | (500,000 | ) |   |   | - |   |
| Net loss                                                                                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (3,404 | ) |   |   | - |   |   |   | - |   |   |   | (3,404 | ) |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 1995                                                                           |   |   | 1,639,450 |   |   |   | 164 |   |   |   | 499,924 |   |   |   | (3,404 | ) |   |   | - |   |   |   | (500,000 | ) |   |   | (3,316 | ) |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for cash, net of expenses                                                           |   |   | 361,330 |   |   |   | 36 |   |   |   | 124,851 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 124,887 |   |
| Common stock issued for services                                                                        |   |   | 138,277 |   |   |   | 14 |   |   |   | 528,263 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 528,277 |   |
| Common stock issued for equipment                                                                       |   |   | 744,000 |   |   |   | 74 |   |   |   | 3,719,926 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,720,000 |   |
| Effect of reverse merger                                                                                |   |   | 1,578,470 |   |   |   | 158 |   |   |   | (243,488 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (243,330 | ) |
| Amortization of deferred compensation                                                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 72,500 |   |   |   | 72,500 |   |
| Net loss                                                                                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (728,748 | ) |   |   | - |   |   |   | - |   |   |   | (728,748 | ) |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 1996                                                                           |   |   | 4,461,527 |   |   | $ | 446 |   |   | $ | 4,629,476 |   |   | $ | (732,152 | ) |   | $ | - |   |   | $ | (427,500 | ) |   | $ | 3,470,270 |   |

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| ERHC ENERGY INC.                                                                                        |         |
|---------------------------------------------------------------------------------------------------------|--------------|
| A CORPORATION IN THE DEVELOPMENT STAGE                                                                  |         |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY                                          |         |
| For the Period from Inception, September 5, 1995, to September 30, 2008, (Unaudited for the Period from |         |
| Inception to September 30, 1998)                                                                        |         |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |         |   |   |   |   |   | Additional |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    | Common Stock |   | Paid-In |   | Accumulated |   | Subscription |   | Deferred |   |   |   |   |
|                                                                                                    | Shares       |   | Amount |   | Capital |   | Deficit |   | Receivable |   | Compensation |   | Total |   |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 1996                                                                           |         |   | 4,461,527 |   |   | $ | 446 |   |   | $ | 4,629,476 |   |   | $ | (732,152 | ) |   | $ | - |   |   | $ | (427,500 | ) |   | $ | 3,470,270 |   |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for cash                                                                            |         |   | 2,222,171 |   |   |   | 222 |   |   |   | 1,977,357 |   |   |   | - |   |   |   | (913,300 | ) |   |   | - |   |   |   | 1,064,279 |   |
| Common stock issued for services                                                                        |         |   | 9,127,981 |   |   |   | 913 |   |   |   | 12,430,725 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 12,431,638 |   |
| Common stock issued for oil and gas leases and properties                                               |         |   | 500,000 |   |   |   | 50 |   |   |   | 515,575 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 515,625 |   |
| Common stock issued for Chevron contract                                                                |         |   | 3,000,000 |   |   |   | 300 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 300 |   |
| Common stock issued for BAPCO acquisition                                                               |         |   | 4,000,000 |   |   |   | 400 |   |   |   | 499,600 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 500,000 |   |
| Contributed                                                                                             |         |   | (100,000 | ) |   |   | (10 | ) |   |   | (99,990 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (100,000 | ) |
| Amortization of deferred compensation                                                                   |         |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 177,500 |   |   |   | 177,500 |   |
| Net loss                                                                                                |         |   | - |   |   |   | - |   |   |   | - |   |   |   | (16,913,052 | ) |   |   | - |   |   |   | - |   |   |   | (16,913,052 | ) |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 1997                                                                           |         |   | 23,211,679 |   |   | $ | 2,321 |   |   | $ | 19,952,743 |   |   | $ | (17,645,204 | ) |   | $ | (913,300 | ) |   | $ | (250,000 | ) |   | $ | 1,146,560 |   |

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| ERHC ENERGY INC.                                                                                        |         |
|---------------------------------------------------------------------------------------------------------|--------------|
| A CORPORATION IN THE DEVELOPMENT STAGE                                                                  |         |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY                                          |         |
| For the Period from Inception, September 5, 1995, to September 30, 2008, (Unaudited for the Period from |         |
| Inception to September 30, 1998)                                                                        |         |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |         |   |   |   |   |   | Additional |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    | Common Stock |   | Paid-In |   | Accumulated |   | Subscription |   | Deferred |   |   |   |   |
|                                                                                                    | Shares       |   | Amount |   | Capital |   | Deficit |   | Receivable |   | Compensation |   | Total |   |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 1997                                                                           |         |   | 23,211,679 |   |   | $ | 2,321 |   |   | $ | 19,952,743 |   |   | $ | (17,645,204 | ) |   | $ | (913,300 | ) |   | $ | (250,000 | ) |   | $ | 1,146,560 |   |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock and warrants issued for cash                                                               |         |   | 1,124,872 |   |   |   | 113 |   |   |   | 972,682 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 972,795 |   |
| Common stock issued for services                                                                        |         |   | 1,020,320 |   |   |   | 102 |   |   |   | 1,526,878 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,526,980 |   |
| Common stock issued for Uinta acquisition                                                               |         |   | 1,000,000 |   |   |   | 100 |   |   |   | 1,999,900 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,000,000 |   |
| Common stock issued for Nueces acquisition                                                              |         |   | 50,000 |   |   |   | 5 |   |   |   | 148,745 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 148,750 |   |
| Common stock issued for accounts payable                                                                |         |   | 491,646 |   |   |   | 49 |   |   |   | 337,958 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 338,007 |   |
| Beneficial conversion feature associated with convertible debt                                          |         |   | - |   |   |   | - |   |   |   | 1,387,500 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,387,500 |   |
| Receipt of subscription receivable                                                                      |         |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 913,300 |   |   |   | - |   |   |   | 913,300 |   |
| Option fee and penalty                                                                                  |         |   | 299,536 |   |   |   | 30 |   |   |   | 219,193 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 219,223 |   |
| Common stock issued for building equity                                                                 |         |   | 24,000 |   |   |   | 2 |   |   |   | 69,998 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 70,000 |   |
| Amortization of deferred compensation                                                                   |         |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 125,000 |   |   |   | 125,000 |   |
| Net loss                                                                                                |         |   | - |   |   |   | - |   |   |   | - |   |   |   | (11,579,024 | ) |   |   | - |   |   |   | - |   |   |   | (11,579,024 | ) |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 1998                                                                           |         |   | 27,222,053 |   |   | $ | 2,722 |   |   | $ | 26,615,597 |   |   | $ | (29,224,228 | ) |   | $ | - |   |   | $ | (125,000 | ) |   | $ | (2,730,909 | ) |

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| ERHC ENERGY INC.                                                                                        |   |
|---------------------------------------------------------------------------------------------------------|--------|
| A CORPORATION IN THE DEVELOPMENT STAGE                                                                  |   |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY                                          |   |
| For the Period from Inception, September 5, 1995, to September 30, 2008, (Unaudited for the Period from |   |
| Inception to September 30, 1998)                                                                        |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |   |   |   |   |   |   |   | Additional |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |   | Common Stock |   |   | Paid-In |   |   | Accumulated |   |   | Subscription |   |   | Deferred |   |   |   |   |
|                                                                                                    |   | Shares |   |   | Amount |   |   | Capital |   |   | Deficit |   |   | Receivable |   |   | Compensation |   |   | Total |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 1998                                                                           |   |   | 27,222,053 |   |   | $ | 2,722 |   |   | $ | 26,615,597 |   |   | $ | (29,224,228 | ) |   | $ | - |   |   | $ | (125,000 | ) |   | $ | (2,730,909 | ) |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for cash                                                                            |   |   | 397,040,000 |   |   |   | 39,704 |   |   |   | 2,062,296 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,102,000 |   |
| Common stock issued for services                                                                        |   |   | 7,169,000 |   |   |   | 717 |   |   |   | 1,034,185 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,034,902 |   |
| Common stock issued for Uinta settlement                                                                |   |   | 7,780,653 |   |   |   | 778 |   |   |   | 2,541,161 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,541,939 |   |
| Common stock surrendered in BAPCO settlement                                                            |   |   | (7,744,000 | ) |   |   | (774 | ) |   |   | (2,709,626 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (2,710,400 | ) |
| Common stock issued for accounts payable                                                                |   |   | 10,843,917 |   |   |   | 1,084 |   |   |   | 769,139 |   |   |   |   |   |   |   | - |   |   |   | - |   |   |   | 770,223 |   |
| Common stock issued for conversion of debt and payment of accrued interest and penalties                |   |   | 31,490,850 |   |   |   | 3,149 |   |   |   | 5,998,915 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,002,064 |   |
| Common stock issued for officers’salary and bonuses                                                |   |   | 10,580,000 |   |   |   | 1,058 |   |   |   | 4,723,942 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 4,725,000 |   |
| Common stock issued for shareholder loans andaccrued interest payable                                   |   |   | 3,939,505 |   |   |   | 394 |   |   |   | 771,318 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 771,712 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reclassification of common stock previously presentedas a liability                                     |   |   | 750,000 |   |   |   | 75 |   |   |   | 1,499,925 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,500,000 |   |
| Amortization of deferred compensation                                                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 125,000 |   |   |   | 125,000 |   |
| Net loss                                                                                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (19,727,835 | ) |   |   | - |   |   |   | - |   |   |   | (19,727,835 | ) |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 1999                                                                           |   |   | 489,071,978 |   |   | $ | 48,907 |   |   | $ | 43,306,852 |   |   | $ | (48,952,063 | ) |   |   | - |   |   | $ | - |   |   | $ | (5,596,304 | ) |

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Table of Contents

| ERHC ENERGY INC.                                                                                        |         |
|---------------------------------------------------------------------------------------------------------|--------------|
| A CORPORATION IN THE DEVELOPMENT STAGE                                                                  |         |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY                                          |         |
| For the Period from Inception, September 5, 1995, to September 30, 2008, (Unaudited for the Period from |         |
| Inception to September 30, 1998)                                                                        |         |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |         |   |   |   |   |   | Additional |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    | Common Stock |   | Paid-In |   | Accumulated |   | Subscription |   | Deferred |   |   |   |   |
|                                                                                                    | Shares       |   | Amount |   | Capital |   | Deficit |   | Receivable |   | Compensation |   | Total |   |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 1999                                                                           |         |   | 489,071,978 |   |   | $ | 48,907 |   |   | $ | 43,306,852 |   |   | $ | (48,952,063 | ) |   | $ | - |   |   | $ | - |   |   | $ | (5,596,304 | ) |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for conversion of debt and payment of accrued interest and penalties                |         |   | 7,607,092 |   |   |   | 761 |   |   |   | 295,120 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 295,881 |   |
| Net loss                                                                                                |         |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,958,880 | ) |   |   | - |   |   |   | - |   |   |   | (1,958,880 | ) |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2000                                                                           |         |   | 496,679,070 |   |   |   | 49,668 |   |   |   | 43,601,972 |   |   |   | (50,910,943 | ) |   |   | - |   |   |   | - |   |   |   | (7,259,303 | ) |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for services                                                                        |         |   | 37,000,000 |   |   |   | 3,700 |   |   |   | 1,846,300 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,850,000 |   |
| Net loss                                                                                                |         |   | - |   |   |   | - |   |   |   | - |   |   |   | (6,394,810 | ) |   |   | - |   |   |   | - |   |   |   | (6,394,810 | ) |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2001                                                                           |         |   | 533,679,070 |   |   | $ | 53,368 |   |   | $ | 45,448,272 |   |   | $ | (57,305,753 | ) |   | $ | - |   |   | $ | - |   |   | $ | (11,804,113 | ) |

----

Table of Contents

| ERHC ENERGY INC.                                                                                        |         |
|---------------------------------------------------------------------------------------------------------|--------------|
| A CORPORATION IN THE DEVELOPMENT STAGE                                                                  |         |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY                                          |         |
| For the Period from Inception, September 5, 1995, to September 30, 2008, (Unaudited for the Period from |         |
| Inception to September 30, 1998)                                                                        |         |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |         |   |   |   |   |   | Additional |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    | Common Stock |   | Paid-In |   | Accumulated |   | Subscription |   | Deferred |   |   |   |   |
|                                                                                                    | Shares       |   | Amount |   | Capital |   | Deficit |   | Receivable |   | Compensation |   | Total |   |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2001                                                                           |         |   | 533,679,070 |   |   | $ | 53,368 |   |   | $ | 45,448,272 |   |   | $ | (57,305,753 | ) |   | $ | - |   |   | $ | - |   |   | $ | (11,804,113 | ) |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for cash net of expenses                                                            |         |   | 4,000,000 |   |   |   | 400 |   |   |   | 643,100 |   |   |   | - |   |   |   |   |   |   |   | - |   |   |   | 643,500 |   |
| Common stock issued for services                                                                        |         |   | 3,475,000 |   |   |   | 348 |   |   |   | 527,652 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 528,000 |   |
| Common stock issued for accounts payable                                                                |         |   | 4,407,495 |   |   |   | 440 |   |   |   | 817,757 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 818,197 |   |
| Common stock issued for con -version of debt and payment of accrued interest and penalties              |         |   | 7,707,456 |   |   |   | 771 |   |   |   | 1,540,721 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,541,492 |   |
| Common stock issued for officer’s salary and bonuses                                               |         |   | 2,700,000 |   |   |   | 270 |   |   |   | 289,730 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 290,000 |   |
| Net loss                                                                                                |         |   | - |   |   |   | - |   |   |   | - |   |   |   | (4,084,210 | ) |   |   | - |   |   |   | - |   |   |   | (4,084,210 | ) |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2002                                                                           |         |   | 555,969,021 |   |   | $ | 55,597 |   |   | $ | 49,267,232 |   |   | $ | (61,389,963 | ) |   | $ | - |   |   | $ | - |   |   | $ | (12,067,134 | ) |

----

Table of Contents

| ERHC ENERGY INC.                                                                                        |         |
|---------------------------------------------------------------------------------------------------------|--------------|
| A CORPORATION IN THE DEVELOPMENT STAGE                                                                  |         |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY                                          |         |
| For the Period from Inception, September 5, 1995, to September 30, 2008, (Unaudited for the Period from |         |
| Inception to September 30, 1998)                                                                        |         |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |         |   |   |   |   |   | Additional |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    | Common Stock |   | Paid-In |   | Accumulated |   | Subscription |   | Deferred |   |   |   |   |
|                                                                                                    | Shares       |   | Amount |   | Capital |   | Deficit |   | Receivable |   | Compensation |   | Total |   |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2002                                                                           |         |   | 555,969,021 |   |   | $ | 55,597 |   |   | $ | 49,267,232 |   |   | $ | (61,389,963 | ) |   | $ | - |   |   | $ | - |   |   | $ | (12,067,134 | ) |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for cash, net of expenses                                                           |         |   | 9,440,000 |   |   |   | 944 |   |   |   | 1,071,556 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,072,500 |   |
| Common stock issued for accounts payable                                                                |         |   | 1,527,986 |   |   |   | 153 |   |   |   | 177,663 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 177,816 |   |
| Common stock issued for con -version of debt and payment of accrued interest                            |         |   | 17,114,740 |   |   |   | 1,711 |   |   |   | 3,421,227 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,422,938 |   |
| Net loss                                                                                                |         |   | - |   |   |   | - |   |   |   | - |   |   |   | (3,153,882 | ) |   |   | - |   |   |   | - |   |   |   | (3,153,882 | ) |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2003                                                                           |         |   | 584,051,747 |   |   | $ | 58,405 |   |   | $ | 53,937,678 |   |   | $ | (64,543,845 | ) |   | $ | - |   |   | $ | - |   |   | $ | (10,547,762 | ) |

----

Table of Contents

| ERHC ENERGY INC.                                                                                        |         |
|---------------------------------------------------------------------------------------------------------|--------------|
| A CORPORATION IN THE DEVELOPMENT STAGE                                                                  |         |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY                                          |         |
| For the Period from Inception, September 5, 1995, to September 30, 2008, (Unaudited for the Period from |         |
| Inception to September 30, 1998)                                                                        |         |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |         |   |   |   |   |   | Additional |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    | Common Stock |   | Paid-In |   | Accumulated |   | Subscription |   | Deferred |   |   |   |   |
|                                                                                                    | Shares       |   | Amount |   | Capital |   | Deficit |   | Receivable |   | Compensation |   | Total |   |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2003                                                                           |         |   | 584,051,747 |   |   | $ | 58,405 |   |   | $ | 53,937,678 |   |   | $ | (64,543,845 | ) |   | $ | - |   |   | $ | - |   |   | $ | (10,547,762 | ) |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for cash, net of expenses                                                           |         |   | 3,231,940 |   |   |   | 323 |   |   |   | 974,677 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 975,000 |   |
| Common stock issued for accounts payable                                                                |         |   | 1,458,514 |   |   |   | 146 |   |   |   | 533,102 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 533,248 |   |
| Common stock issued for con -version of debt and payment of accrued interest                            |         |   | 11,185,052 |   |   |   | 1,119 |   |   |   | 2,236,093 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,237,212 |   |
| Common stock issued for proceeds received in 2003                                                       |         |   | 1,000,000 |   |   |   | 100 |   |   |   | (100 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Beneficial conversion feature associated with the con-vertible line of credit                           |         |   | - |   |   |   | - |   |   |   | 1,058,912 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,058,912 |   |
| Options issued to employee                                                                              |         |   | - |   |   |   | - |   |   |   | 765,000 |   |   |   | - |   |   |   | - |   |   |   | (765,000 | ) |   |   | - |   |
| Amortization of deferred compensation                                                                   |         |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 308,126 |   |   |   | 308,126 |   |
| Common stock issued for cash-less exercise of options and/or warrants                                   |         |   | 247,882 |   |   |   | 25 |   |   |   | (25 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Net loss                                                                                                |         |   | - |   |   |   | - |   |   |   | - |   |   |   | (3,593,388 | ) |   |   | - |   |   |   | - |   |   |   | (3,593,388 | ) |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2004                                                                           |         |   | 601,175,135 |   |   | $ | 60,118 |   |   | $ | 59,505,337 |   |   | $ | (68,137,233 | ) |   | $ | - |   |   | $ | (456,874 | ) |   | $ | (9,028,652 | ) |

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| ERHC ENERGY INC.                                                                                        |         |
|---------------------------------------------------------------------------------------------------------|--------------|
| A CORPORATION IN THE DEVELOPMENT STAGE                                                                  |         |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY                                          |         |
| For the Period from Inception, September 5, 1995, to September 30, 2008, (Unaudited for the Period from |         |
| Inception to September 30, 1998)                                                                        |         |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |         |   |   |   |   |   | Additional |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    | Common Stock |   | Paid-In |   | Accumulated |   | Subscription |   | Deferred |   |   |   |   |
|                                                                                                    | Shares       |   | Amount |   | Capital |   | Deficit |   | Receivable |   | Compensation |   | Total |   |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2004                                                                           |         |   | 601,175,135 |   |   | $ | 60,118 |   |   | $ | 59,505,337 |   |   | $ | (68,137,233 | ) |   | $ | - |   |   | $ | (456,874 | ) |   | $ | (9,028,652 | ) |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for accounts payable                                                                |         |   | 735,000 |   |   |   | 73 |   |   |   | 359,716 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 359,789 |   |
| Common stock issued for con -version of debt and payment of accrued interest                            |         |   | 107,819,727 |   |   |   | 10,782 |   |   |   | 22,678,054 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 22,688,836 |   |
| Common stock issued in settle-ment of lawsuits                                                          |         |   | 595,000 |   |   |   | 59 |   |   |   | 394,391 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 394,450 |   |
| Variable accounting for repriced employee stock options                                                 |         |   | - |   |   |   | - |   |   |   | 300,000 |   |   |   | - |   |   |   | - |   |   |   | (300,000 | ) |   |   | - |   |
| Beneficial conversion feature associated with the con-vertible line of credit                           |         |   |   |   |   |   |   |   |   |   | 347,517 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 347,517 |   |
| Amortization of deferred compensation                                                                   |         |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 449,737 |   |   |   | 449,737 |   |
| Common stock issued for cash-less exercise of options and/or warrants                                   |         |   | 587,364 |   |   |   | 59 |   |   |   | (59 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Net loss                                                                                                |         |   | - |   |   |   | - |   |   |   | - |   |   |   | (11,270,478 | ) |   |   | - |   |   |   |   |   |   |   | (11,270,478 | ) |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2005                                                                           |         |   | 710,912,226 |   |   | $ | 71,091 |   |   | $ | 83,584,956 |   |   | $ | (79,407,711 | ) |   | $ | - |   |   | $ | (307,137 | ) |   | $ | 3,941,199 |   |

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| ERHC ENERGY INC.                                                                                        |         |
|---------------------------------------------------------------------------------------------------------|--------------|
| A CORPORATION IN THE DEVELOPMENT STAGE                                                                  |         |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY                                          |         |
| For the Period from Inception, September 5, 1995, to September 30, 2008, (Unaudited for the Period from |         |
| Inception to September 30, 1998)                                                                        |         |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |         |   |   |   |   |   | Additional |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    | Common Stock |   | Paid-In |   | Accumulated |   | Subscription |   | Deferred |   |   |   |   |
|                                                                                                    | Shares       |   | Amount |   | Capital |   | Deficit |   | Receivable |   | Compensation |   | Total |   |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2005                                                                           |         |   | 710,912,226 |   |   | $ | 71,091 |   |   | $ | 83,584,956 |   |   | $ | (79,407,711 | ) |   | $ | - |   |   | $ | (307,137 | ) |   | $ | 3,941,199 |   |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for services                                                                        |         |   | 4,665,000 |   |   |   | 467 |   |   |   | 1,976,081 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,976,548 |   |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Variable accounting for repriced employee stock options                                                 |         |   | - |   |   |   | - |   |   |   | (60,660 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (60,660 | ) |
| Issuance of warrants for success fee                                                                    |         |   | - |   |   |   | - |   |   |   | 5,154,500 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,154,500 |   |
| Issuance of options as comp-ensation to consultants                                                     |         |   | - |   |   |   | - |   |   |   | 1,145,000 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,145,000 |   |
| Common stock issued upon exercise of warrants                                                           |         |   | 800,000 |   |   |   | 80 |   |   |   | 159,920 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 160,000 |   |
| Amortization of deferred compensation                                                                   |         |   | - |   |   |   | - |   |   |   | (307,137 | ) |   |   | - |   |   |   | - |   |   |   | 307,137 |   |   |   | - |   |
| Common stock issued for cash-less exercise of options and/or warrants                                   |         |   | 2,611,756 |   |   |   | 261 |   |   |   | (261 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Net income                                                                                              |         |   | - |   |   |   | - |   |   |   | - |   |   |   | 23,171,536 |   |   |   | - |   |   |   | - |   |   |   | 23,171,536 |   |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2006                                                                           |         |   | 718,988,982 |   |   | $ | 71,899 |   |   | $ | 91,652,399 |   |   | $ | (56,236,175 | ) |   | $ | - |   |   | $ | - |   |   | $ | 35,488,123 |   |

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| ERHC ENERGY INC.                                                                                        |         |
|---------------------------------------------------------------------------------------------------------|--------------|
| A CORPORATION IN THE DEVELOPMENT STAGE                                                                  |         |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY                                          |         |
| For the Period from Inception, September 5, 1995, to September 30, 2008, (Unaudited for the Period from |         |
| Inception to September 30, 1998)                                                                        |         |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |         |   |   |   |   |   | Additional |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    | Common Stock |   | Paid-In |   | Accumulated |   | Subscription |   | Deferred |   |   |   |   |
|                                                                                                    | Shares       |   | Amount |   | Capital |   | Deficit |   | Receivable |   | Compensation |   | Total |   |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2006                                                                           |         |   | 718,988,982 |   |   | $ | 71,899 |   |   | $ | 91,652,399 |   |   | $ | (56,236,175 | ) |   | $ | - |   |   | $ | - |   |   | $ | 35,488,123 |   |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounting for employee stock options                                                                   |         |   | - |   |   |   | - |   |   |   | 175,440 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 175,440 |   |
| Common stock issued upon exercise of warrants                                                           |         |   | 2,949,587 |   |   |   | 294 |   |   |   | (294 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Net loss                                                                                                |         |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,756,904 | ) |   |   | - |   |   |   | - |   |   |   | (1,756,904 | ) |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2007                                                                           |         |   | 721,938,569 |   |   | $ | 72,193 |   |   | $ | 91,827,545 |   |   | $ | (57,993,079 | ) |   | $ | - |   |   | $ | - |   |   | $ | 33,906,659 |   |

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| ERHC ENERGY INC.                                                                                        |         |
|---------------------------------------------------------------------------------------------------------|--------------|
| A CORPORATION IN THE DEVELOPMENT STAGE                                                                  |         |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY                                          |         |
| For the Period from Inception, September 5, 1995, to September 30, 2008, (Unaudited for the Period from |         |
| Inception to September 30, 1998)                                                                        |         |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |         |   |   |   |   |   | Additional |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    | Common Stock |   | Paid-In |   | Accumulated |   | Subscription |   | Deferred |   |   |   |   |
|                                                                                                    | Shares       |   | Amount |   | Capital |   | Deficit |   | Receivable |   | Compensation |   | Total |   |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2007                                                                           |         |   | 721,938,569 |   |   | $ | 72,193 |   |   | $ | 91,827,545 |   |   | $ | (57,993,079 | ) |   | $ | - |   |   | $ | - |   |   | $ | 33,906,659 |   |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for director compensation                                                           |         |   | 300,000 |   |   |   | 31 |   |   |   | 88,469 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 88,500 |   |
| Accounting for employee stock options                                                                   |         |   | - |   |   |   | - |   |   |   | 48,460 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 48,460 |   |
| Net loss                                                                                                |         |   | - |   |   |   | - |   |   |   | - |   |   |   | (3,071,157 | ) |   |   | - |   |   |   | - |   |   |   | (3,071,157 | ) |
|                                                                                                    |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2008                                                                           |         |   | 722,238,569 |   |   | $ | 72,224 |   |   | $ | 91,964,474 |   |   | $ | (61,064,236 | ) |   | $ | - |   |   | $ | - |   |   | $ | 30,972,462 |   |

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| ERHC ENERGY INC.                                                                     |   |
|--------------------------------------------------------------------------------------|--------|
| A CORPORATION IN THE DEVELOPMENT STAGE                                               |   |
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                                |   |
| For the Years Ended September 30, 2008, 2007 and 2006 and for the Period From        |   |
| Inception, September 5, 1995 to September 30, 2008                                   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   | “Unaudited” |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   | Inception to |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   | September 30, |   |
|                                                                                 |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2008 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash Flows From Operating Activities                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                                    |   | $ | 23,171,536 |   |   | $ | (1,756,904 | ) |   | $ | (3,071,157 | ) |   | $ | (61,064,236 | ) |
| Adjustments to reconcile net income (loss) to net cash used by operating activities: |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation and depletion expense                                                   |   |   | 9,147 |   |   |   | 21,917 |   |   |   | 30,571 |   |   |   | 1,416,501 |   |
| Write-offs and abandonments                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 7,742,128 |   |
| Deferred income taxes                                                                |   |   | (960,000 | ) |   |   | (1,088,758 | ) |   |   | 30,360 |   |   |   | (2,018,398 | ) |
| Compensatory stock options                                                           |   |   | 1,084,340 |   |   |   | 175,440 |   |   |   | 48,460 |   |   |   | 1,308,240 |   |
| Gain from settlement                                                                 |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (252,310 | ) |
| Gain on sale of partial interest in DRSTP concession                                 |   |   | (30,102,250 | ) |   |   | - |   |   |   | - |   |   |   | (30,102,250 | ) |
| Amortization of beneficial conversion feature associated with convertible debt       |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,793,929 |   |
| Amortization of deferred compensation                                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,257,863 |   |
| Loss on extinguishment of debt                                                       |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,682,368 |   |
| Stock issued for services                                                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 20,897,077 |   |
| Stock issued for settlements                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 225,989 |   |
| Stock issued for officer bonuses                                                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,015,000 |   |
| Stock issued for interest and penalties on convertible debt                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 10,631,768 |   |
| Stock issued for board compensation                                                  |   |   | 1,976,548 |   |   |   | - |   |   |   | 88,500 |   |   |   | 2,065,048 |   |
| Changes in operating assets and liabilities:                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prepaid expenses and other current assets                                            |   |   | (1,040,938 | ) |   |   | 893,077 |   |   |   | (19,464 | ) |   |   | (199,418 | ) |
| Accounts payable and other accrued liabilities                                       |   |   | (1,210,546 | ) |   |   | (1,598,173 | ) |   |   | (156,342 | ) |   |   | (2,769,238 | ) |
| Current tax liability                                                                |   |   | 3,013,147 |   |   |   | (3,013,147 | ) |   |   | - |   |   |   | - |   |
| Accrued officers’ salaries                                                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Accounts payable and accrued liabilities, related party                              |   |   | (1,995,236 | ) |   |   | 169,175 |   |   |   | 116,319 |   |   |   | 354,933 |   |
| Accrued interest – related party                                               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Accrued retirement obligation                                                        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 485,000 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net cash used by operating activities                                                |   | $ | (6,054,252 | ) |   | $ | (6,197,373 | ) |   | $ | (2,932,753 | ) |   | $ | (36,530,006 | ) |

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| ERHC ENERGY INC.                                                              |   |
|-------------------------------------------------------------------------------|--------|
| A CORPORATION IN THE DEVELOPMENT STAGE                                        |   |
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                         |   |
| For the Years Ended September 30, 2008, 2007 and 2006 and for the Period From |   |
| Inception, September 5, 1995 to September 30, 2008                            |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   | “Unaudited” |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   | Inception to |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   | September 30, |   |
|                                                                          |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2008 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash Flows From Investing Activities                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Release of restricted cash                                                    |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Purchase of DRSTP concession                                                  |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (5,679,000 | ) |
| Proceeds from sale of partial interest in DRSTP concession                    |   |   | 45,900,000 |   |   |   | - |   |   |   | - |   |   |   | 45,900,000 |   |
| Purchase of furniture and equipment                                           |   |   | (3,124 | ) |   |   | (71,808 | ) |   |   | (32,168 | ) |   |   | (909,368 | ) |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net cash provided (used) by investing activities                              |   |   | 45,896,876 |   |   |   | (71,808 | ) |   |   | (32,168 | ) |   |   | 39,311,632 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash Flows From Financing Activities:                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds from warrants exercised                                              |   |   | 160,000 |   |   |   | - |   |   |   | - |   |   |   | 160,000 |   |
| Proceeds from common stock, net of expenses                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds from line of credit, related party                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,750,000 |   |
| Proceeds from non-convertible debt,related party                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 158,700 |   |
| Proceeds from convertible debt, related party                                 |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 8,207,706 |   |
| Proceeds from sale of convertible debt                                        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 9,019,937 |   |
| Proceeds from bank borrowing                                                  |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 175,000 |   |
| Proceeds from stockholder loans                                               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,845,809 |   |
| Proceeds from stock subscription receivable                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 913,300 |   |
| Repayment of shareholder loans                                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,020,607 | ) |
| Repayment of long-term debt                                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (189,508 | ) |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net cash provided by financing activities                                     |   |   | 160,000 |   |   |   | - |   |   |   | - |   |   |   | 28,975,386 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net increase (decrease) in cash  and cash equivalents               |   |   | 40,002,624 |   |   |   | (6,269,181 | ) |   |   | (2,964,921 | ) |   |   | 31,757,012 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                                |   |   | 988,490 |   |   |   | 40,991,114 |   |   |   | 34,721,933 |   |   |   | - |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents, end of period                                      |   | $ | 40,991,114 |   |   | $ | 34,721,933 |   |   | $ | 31,757,012 |   |   | $ | 31,757,012 |   |

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| ERHC ENERGY INC.                                                              |
|-------------------------------------------------------------------------------|
| A CORPORATION IN THE DEVELOPMENT STAGE                                        |
| NOTES TO CONSOLIDATED FINANCIAL STATEMENTS                                    |
| For the Years Ended September 30, 2008, 2007 and 2006 and for the Period From |
| Inception, September 5, 1995 to September 30, 2008                            |

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|                                      |   | 2008   |      |   | 2007   |   |
|-------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                      |   |   |      |   |   |   |
| Accounts payable                          |   | $      | 222,044   |   |   | $      | 380,228 |   |
| Accrued stock payable – success fee |   |   | 4,803,750 |   |   |   | 4,803,750 |   |
|                                      |   |   |      |   |   |   |   |   |
| Amount outstanding                        |   | $      | 5,025,794 |   |   | $      | 5,183,978 |   |

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| JDZ Block # | ERHCOriginalParticipatingInterest (1) | ERHCJoint BidParticipatingInterest | ParticipatingInterest(s) Sold | Current ERHCRetainedParticipatingInterest |
|-------------|---------------------------------------|------------------------------------|-------------------------------|-------------------------------------------|
|        |                                  |                               |                          |                                      |
| 2           | 30%                                   | 35%                                | 43% (2)                       | 22%                                       |
| 3           | 20%                                   | 5%                                 | 15% (3)                       | 10%                                       |
| 4           | 25%                                   | 35%                                | 40.5% (4)                     | 19.5%                                     |
| 5           | 15%                                   |   (5)                    |  (5)                     | 15%                                       |
| 6           | 15%                                   |   (5)                         |  (5)                     | 15%                                       |
| 9           | 20%                                   |   (5)                    |  (5)                     | 20%                                       |
|        |                                  |                               |                          |                                      |

| (1) | Original Participating Interest granted pursuant to the Option Agreement, dated April 2, 2003, between DRSTP and ERHC (the “2003 Option Agreement”). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | In March 2006, ERHC sold an aggregate 28.67% participating interest to Sinopec and an aggregate 14.33% participating interest to Addax Ltd. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | In February 2006, ERHC sold a 15% participating interest to Addax Sub. |
|-----|------------------------------------------------------------------------|

| (4) | By a Participation Agreement made in November 2005 and subsequently amended, ERHC sold 40.5% participating interest to Addax. |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

| (5) | No contracts have been entered into as of the date hereof. |
|-----|------------------------------------------------------------|

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|    |   | Cost   |      |   | Cash     |   |       | Success  |   |   | Gain       |   |
|---------|--------|--------|-----------|--------|----------|--------|------------|----------|--------|--------|------------|--------|
|    |   | Basis  |      |   | Proceeds |   |       | Fees (1) |   |   | Loss       |   |
|    |   |   |      |   |     |   |       |     |   |   |       |   |
| Block 2 |   | $      | 946,500   |   |     | $      | 20,400,000 |     |   | $      | 12,958,250 |   |   | $ | 6,495,250 |   |
|    |   |   |      |   |     |   |       |     |   |   |       |   |   |   |   |   |
| Block 3 |   |   | 946,500   |   |     |   | 7,500,000  |     |   |   | -          |   |   |   | 6,553,500 |   |
|    |   |   |      |   |     |   |       |     |   |   |       |   |   |   |   |   |
| Block 4 |   |   | 946,500   |   |     |   | 18,000,000 |     |   |   | -          |   |   |   | 17,053,500 |   |
|    |   |   |      |   |     |   |       |     |   |   |       |   |   |   |   |   |
| Total   |   | $      | 2,839,500 |   |     | $      | 45,900,000 |     |   | $      | 12,958,250 |   |   | $ | 30,102,250 |   |

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|                         |   | 2008   |       |   | 2007   |   |
|------------------------------|--------|--------|------------|--------|--------|--------|
|                         |   |   |       |   |   |   |
| Net operating losses         |   | $      | 1,430,118  |   |   | $      | 931,241 |   |
| Income tax receivable        |   |   | 2,018,398  |   |   |   | 1,568,758 |   |
| Accrual for asset retirement |   |   | 164,900    |   |   |   | 164,900 |   |
|                         |   |   |       |   |   |   |   |   |
| Total deferred tax assets    |   |   | 3,613,416  |   |   |   | 2,664,899 |   |
| Valuation allowance          |   |   | (1,595,018 | )      |   |   | (616,141 | ) |
|                         |   |   |       |   |   |   |   |   |
| Net deferred tax asset       |   | $      | 2,018,398  |   |   | $      | 2,048,758 |   |

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|                                                     |   | Years Ended September 30, |      |
|----------------------------------------------------------|--------|---------------------------|-----------|
|                                                     |   | 2008                      |      |   | 2007 |   |   | 2006 |   |
|                                                     |   |                      |      |   |   |   |   |   |   |
| Income tax benefit (provision) at federal statutory rate |   | $                         | 1,033,870 |   |   | $ | 1,183,167 |   |   | $ | (8,579,742 | ) |
| Gain on sale of assets                                   |   |                      | -         |   |   |   | - |   |   |   | 59,243 |   |
| Change in valuation allowance                            |   |                      | (978,877  | ) |   |   | 1,998,759 |   |   |   | 19,179,493 |   |
| Expiration and adjustment of NOL’s                  |   |                      | -         |   |   |   | (1,364,518 | ) |   |   | (12,266,000 | ) |
| Director’s stock compensation                       |   |                      | (24,633   | ) |   |   | (30,090 | ) |   |   | (44,896 | ) |
| Consultants stock option expense                         |   |                      | -         |   |   |   | (59,650 | ) |   |   | (368,676 | ) |
| State income tax                                         |   |                      | -         |   |   |   | - |   |   |   | (9,853 | ) |
| Penalties                                                |   |                      | -         |   |   |   | (3,621 | ) |   |   | (31,771 | ) |
| Other                                                    |   |                      | -         |   |   |   | (1,047 | ) |   |   | (798 | ) |
|                                                     |   |                      |      |   |   |   |   |   |   |   |   |   |
| Income tax benefit (provision)                           |   | $                         | 30,360    |   |   | $ | 1,723,000 |   |   | $ | (2,063,000 | ) |
|                                                     |   |                      |      |   |   |   |   |   |   |   |   |   |

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|                          |   |     |       | Weighted |   | Market  |   |    |   | Weighted |       |  Exercise |   |
|-------------------------------|--------|----------|------------|----------|--------|---------|--------|---------|--------|----------|------------|----------------|--------|
|                          |   |     |       | Average  |   | Price   |   |    |   | Average  |       |  Price    |   |
|                          |   |     |       | Exercise |   | Intrinc |   |    |   | Exercise |       |  Intrinc  |   |
| Description                   |   | Warrants |       | Price    |   | Value   |   | Options |   | Price    |       |  Value    |   |
|                          |   |     |       |     |   |    |   |    |   |     |       |           |   |
| Balance at September 30, 2005 |   |     | 15,166,940 |     | $      | 0.37    |   | 0       |   |     | 3,000,000  |           | $      | 0.30 |   |  0.03 |   |
|                          |   |     |       |     |   |    |   |    |   |     |       |           |   |   |   |   |   |
| Granted                       |   |     | 6,500,000  |     |   | 0.36    |   |    |   |     | -          |           |   |   |   |   |   |
| Exercised                     |   | (b)      | (800,000   | )        |   | 0.20    |   |    |   | (c)      | (2,000,000 | )              |   | 0.30 |   |   |   |
| Expired or cancelled.         |   |     | -          |     |   | -       |   |    |   |     | (1,000,000 | )              |   | 0.30 |   |   |   |
|                          |   |     |       |     |   |    |   |  0 |   |     |       |           |   |   |   |  0 |   |
| Balance at September 30, 2006 |   |     | 20,866,940 |     |   | 0.37    |   |    |   |     | -          |           |   | 0.03 |   |   |   |
|                          |   |     |       |     |   |    |   |    |   |     |       |           |   |   |   |   |   |
| Granted                       |   |     | -          |     |   | -       |   |    |   |     | 1,000,000  |           |   | 0.43 |   |   |   |
| Exercised                     |   | (a)      | (5,625,000 | )        |   | 0.20    |   |    |   |     | -          |           |   | - |   |   |   |
| Expired or cancelled.         |   |     | (1,840,000 | )        |   | 0.50    |   |    |   |     | -          |           |   | - |   |   |   |
|                          |   |     |       |     |   |    |   |    |   |     |       |           |   |   |   |   |   |
| Balance at September 30, 2007 |   |     | 13,401,940 |     |   | 0.43    |   | 0       |   |     | 1,000,000  |           |   | 0.43 |   |  0 |   |
|                          |   |     |       |     |   |    |   |    |   |     |       |           |   |   |   |   |   |
| Granted                       |   |     | -          |     |   | -       |   |    |   |     | -          |           |   | - |   |   |   |
| Exercised                     |   |     | -          |     |   | -       |   |    |   |     | -          |           |   | - |   |   |   |
| Expired or cancelled.         |   |     | (1,050,000 | )        |   | 0.75    |   |    |   |     | -          |           |   | - |   |   |   |
|                          |   |     |       |     |   |    |   |    |   |     |       |           |   |   |   |   |   |
| Balance at September 30, 2008 |   |     | 12,351,940 |     |   | 0.40    |   | 0       |   |     | 1,000,000  |           |   | 0.43 |   |  0 |   |
|                          |   |     |       |     |   |    |   |    |   |     |       |           |   |   |   |   |   |
| Exercisable                   |   |     | 12,351,940 |     |   | 0.40    |   |    |   |     | 1,000,000  |           |   | 0.43 |   |   |   |

|                  |        |   |           |     |   |     |        |    |   | Weighted |      |
|-----------------------|-------------|--------|----------------|----------|--------|----------|-------------|---------|--------|----------|-----------|
|                  |        |   |           | Weighted |   | Exercise |        | Average |   |
|                  | Warrants    |   | Average        |     | Price  |     | Contractual |    |
| Grant Grouping        | Outstanding |   | Exercise Price |     | Range  |     | Years       |    |
|                  |        |   |           |     |   |     |        |    |   |     |      |   |
| Chrome                |        |   | 2,500,000      |     |   | $        | 0.25        |    |   | $        | 0.25      |   |   |   | 0.27 |   |
| Common stock purchase |        |   | 9,731,940      |     |   |     | 0.41        |    |   |     | 0.20-0.55 |   |   |   | 0.13 |   |
| Other                 |        |   | 120,000        |     |   |     | 3.00        |    |   |     | 3.00      |   |   |   | 0.25 |   |
|                  |        |   |           |     |   |     |        |    |   |     |      |   |   |   |   |   |
| Total                 |        |   | 12,351,940     |     |   |     |        |    |   |     |      |   |   |   |   |   |

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| Year Ending September 30, |   | Amount  |    |
|---------------------------|--------|---------|---------|
|                      |   |    |    |
| 2009                      |   |  $ | 107,040 |   |
| 2010                      |   |    | 107,040 |   |
| 2011                      |   |    | 107,040 |   |
| 2012                      |   |    | 26,760  |   |

| Year |   | CashCompensation |   |   | CommonStockIssuances |   |   | Value ofCommon StockIssuances |   |   | TotalCompensation |   |
|------|--------|------------------|--------|--------|----------------------|--------|--------|-------------------------------|--------|--------|-------------------|--------|
| 2008 |   | $                | -      |   |                 |   | -      |                          |   | $      | -                 |   |   | $ | - |   |
| 2007 |   |             | 38,100 |   |                 |   | 60,000 |                          |   |   | 17,700            |   |   |   | 55,800 |   |
| 2006 |   |             | 48,900 |   |                 |   | 60,000 |                          |   |   | 24,378            |   |   |   | 73,278 |   |

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| For the Year Ended September 30, 2008        |    |
|----------------------------------------------|---------|
|                                         |    |
|                                         | First   |   | Second |   | Third |   | Fourth |   |
|                                         | Quarter |   | Quarter |   | Quarter |   | Quarter |   |
|                                         |    |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative expenses          |    | $ | 1,018,167 |   |   | $ | 1,170,240 |   |   | $ | 828,692 |   |   | $ | 1,263,044 |   |
| Interest expense                             |    |   | 461 |   |   |   | 461 |   |   |   | 460 |   |   |   | 461 |   |
| Other income                                 |    |   | 431,863 |   |   |   | 322,962 |   |   |   | 225,079 |   |   |   | 261,285 |   |
| Benefit (provision) for income tax           |    |   | - |   |   |   | - |   |   |   | - |   |   |   | (30,360 | ) |
| Net loss attributable to common stockholders |    |   | (586,765 | ) |   |   | (847,739 | ) |   |   | (604,073 | ) |   |   | (1,032,580 | ) |
| Basic and diluted earnings per share         |    | $ | (0.00 | ) |   | $ | (0.00 | ) |   | $ | (0.00 | ) |   | $ | (0.00 | ) |

| For the Year Ended September 30, 2007        |   |
|----------------------------------------------|--------|
|                                         |   |
|                                         |   | First |   |   | Second |   |   | Third |   |   | Fourth |   |
|                                         |   | Quarter |   |   | Quarter |   |   | Quarter |   |   | Quarter |   |
|                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative expenses          |   | $ | 1,334,313 |   |   | $ | 1,181,541 |   |   | $ | 1,083,539 |   |   | $ | 1,377,372 |   |
| Interest expense                             |   |   | 461 |   |   |   | 461 |   |   |   | 461 |   |   |   | 460 |   |
| Other income                                 |   |   | 543,632 |   |   |   | 540,495 |   |   |   | 457,541 |   |   |   | 457,036 |   |
| Gain (loss) on settlements                   |   |   | - |   |   |   | - |   |   |   | (500,000 |   |   |   | - |   |
| Benefit (provision) for income tax           |   |   | 269,000 |   |   |   | 197,000 |   |   |   | 539,241 |   |   |   | 717,759 |   |
| Net loss attributable to common stockholders |   |   | (522,142 | ) |   |   | (444,507 | ) |   |   | (587,218 | ) |   |   | (203,037 | ) |
| Basic and diluted earnings per share         |   | $ | (0.00 | ) |   | $ | (0.00 | ) |   | $ | (0.00 | ) |   | $ | (0.00 | ) |

| For the Year Ended September 30, 2006                    |   |
|----------------------------------------------------------|--------|
|                                                     |   |
|                                                     |   | First |   |   | Second |   |   | Third |   |   | Fourth |   |
|                                                     |   | Quarter |   |   | Quarter |   |   | Quarter |   |   | Quarter |   |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative expenses                      |   | $ | 1,232,792 |   |   | $ | 1,727,524 |   |   | $ | 1,459,282 |   |   | $ | 1,569,158 |   |
| Gain on sale of partial interest in DRSTP concession fee |   |   | - |   |   |   | 30,102,250 |   |   |   | - |   |   |   | - |   |
| Interest expense                                         |   |   | 461 |   |   |   | 461 |   |   |   | 461 |   |   |   | 716 |   |
| Other income                                             |   |   | 4,269 |   |   |   | 27,399 |   |   |   | 583,269 |   |   |   | 508,204 |   |
| Benefit (provision) for income tax                       |   |   | - |   |   |   | (2,340,000 | ) |   |   | 300,000 |   |   |   | (23,000 |   |
| Net income ( loss) attributable to common stockholders   |   |   | (1,228,984 | ) |   |   | 26,061,664 |   |   |   | (621,474 | ) |   |   | (1,039,670 | ) |
| Basic and diluted earnings per share                     |   | $ | (0.00 | ) |   | $ | 0.04 |   |   | $ | (0.00 | ) |   | $ | (0.00 | ) |

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Item 

Item 9A.  Controls and Procedures

Item 

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tem  

Item  12

Item

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Ite

|   | (32) | Consolidated Financial Statements and Schedules: |
|--------|------|--------------------------------------------------|

|   | 1. | Consolidated Financial Statements:  See Index to Consolidated Financial Statements immediately following the signature pages of this report. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | Consolidated Financial Statement Schedule: See Index to Consolidated Financial Statements immediately following the signature pages of this report. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | The following documents are filed as exhibits to this report: |
|--------|----|---------------------------------------------------------------|

|   | 1. | Consolidated Financial Statements:  See Index to Consolidated Financial Statements immediately following the signature pages of this report. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------|

| EXHIBIT NO.   |   | IDENTIFICATION OF EXHIBIT                                                                                                                                                                                 |
|---------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Exhibit 3.1*  |   | Articles of Incorporation                                                                                                                                                                                 |
| Exhibit 3.2*  |   | Bylaws                                                                                                                                                                                                    |
| Exhibit 4.1*  |   | Specimen Common Stock Certificate.                                                                                                                                                                        |
| Exhibit 4.2*  |   | Form of Amended and Restated 12% Convertible Promissory Note, dated effective January 2001.                                                                                                               |
| Exhibit 4.3*  |   | Form of Amended and Restated 5.5% Convertible Promissory Note, dated effective January 2001.                                                                                                              |
| Exhibit 4.4*  |   | 20% Convertible Promissory Note, dated January 31, 2001, in favor of Chrome.                                                                                                                              |
| Exhibit 4.5*  |   | Term Loan Agreement, dated February 15, 2001, by and between Chrome and ERHC.                                                                                                                             |
| Exhibit 4.6*  |   | Senior Secured 10% Exchangeable 10% Convertible Promissory Note, dated January 31, 2001, in favor of Chrome.                                                                                              |
| Exhibit 4.7*  |   | Form of Warrant entitling Chrome to purchase common stock of the Company, exercise price of $0.40 per share.                                                                                              |
| Exhibit 10.1* |   | Option Agreement, dated April 7, 2003, by and between the Company and the Democratic Republic of Sao Tome and Principe (incorporated herein by reference to Exhibit 10.1 of Form 8-K filed April 2, 2003) |
| Exhibit 10.2* |   | Management and Administrative Services Agreement by and between Chrome Oil Services, Ltd. And the Company. (Incorporated by reference to Form 10-KSB filed September 24, 2001).                           |
| Exhibit 10.4* |   | Letter Agreement, dated November 29, 2004, by and between the Company and Chrome (incorporated herein by reference to Exhibit 10.1 of Form 8-K filed December 29, 2004).                                  |
| Exhibit 10.5* |   | Promissory Note, dated December 15, 2004, made by the Company in favor of Chrome (incorporated herein by reference to Exhibit 10.2 of Form 8-K filed December 29, 2004).                                  |
| Exhibit 10.6* |   | Promissory Note, dated December 15, 2004, made by the Company in favor of Chrome (incorporated herein by reference to Exhibit 10.3 of Form 8-K filed December 29, 2004).                                  |
| Exhibit 10.7* |   | Employment Agreement with Ali Memon.                                                                                                                                                                      |
| Exhibit 10.8* |   | Audit committee charter                                                                                                                                                                                   |
| Exhibit 10.9  |   | Employment Agreement with James Ledbetter                                                                                                                                                                 |
| Exhibit 10.10 |   | May 21, 2001 Memorandum of Agreement made b/w DRSTP and ERHC                                                                                                                                              |
| Exhibit 10.11 |   | March 15,  2003 Memorandum of Agreement made b/w DRSTP and ERHC                                                                                                                                 |
| Exhibit 10.12 |   | April 2, 2003 Option Agreement b/w DRSTP and ERHC                                                                                                                                                         |
| Exhibit 10.13 |   | Administrative Agreement b/w Nigeria/DRSTP and ERHC                                                                                                                                                       |
| Exhibit 10.14 |   | Block 2 Participation Agreement March 2, 2006 b/w ERHC, Addax and Sinopec                                                                                                                                 |
| Exhibit 10.15 |   | Block 2 Participation Agreement August 11, 2004 b/w ERHC and Pioneer                                                                                                                                      |
| Exhibit 10.16 |   | Block 3 Participation Agreement  February 16, 2006 b/w ERHC and Addax                                                                                                                           |
| Exhibit 10.17 |   | Block 4 Participation Agreement November 17, 2005 b/w ERHC and Addax                                                                                                                                      |
| Exhibit 10.18 |   | Block 4 2nd Amendment to Participation Agreement March 14, 2006                                                                                                                                           |
| Exhibit 10.19 |   | Block 4 3rd Amendment to Participation Agreement July 14, 2006                                                                                                                                            |
| Exhibit 10.20 |   | September 2003 WesternGeco Report on the Seismic Interpretation of blocks 1-9                                                                                                                             |
| Exhibit 31.1  |   | Certification Pursuant to 18 U.S.C Section 1350, as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                     |
| Exhibit 31.2  |   | Certification Pursuant to 18 U.S.C Section 1350, as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                     |
| Exhibit 32.1  |   | Certification Pursuant to 18 U.S.C Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                     |
| Exhibit 32.2  |   | Certification Pursuant to 18 U.S.C Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                     |

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SIGNATURES

| ERHC Energy Inc. |                                                         |
|------------------|--------------------------------------------------------------|
| By:              | //s//Peter Ntephe                                            |   |
|             | Peter Ntephe                                                 |   |
|             | Chief Operating Officer & Acting Chief Executive Officer |   |
|             | //s//Sylvan Odobulu                                          |   |
|             | Sylvan Odobulu                                               |   |
|             | Principal Accounting Officer                                 |   |

| Signature                                                             |   | Title                    |   | Date              |
|-----------------------------------------------------------------------|--------|--------------------------|--------|-------------------|
| //s//  Howard Jeter                                         |   | Director                 |   | December 15, 2008 |
|          Howard Jeter    |   | Member Audit Committee   |   |              |
| //s//  Andrew Uzoigwe                                       |   | Director                 |   | December 15, 2008 |
|          Andrew Uzoigwe  |   | Member Audit Committee   |   |              |
| //s//  Clement Nwizubo                                      |   | Director                 |   | December 15, 2008 |
|          Clement Nwizubo |   | Chairman Audit Committee |   |              |

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