----

| ☒ | 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)                           |

----

----

|     | PART I                                                                                                              | PAGE   |
|----------|---------------------------------------------------------------------------------------------------------------------|--------|
|          |                                                                                                                |   |
| Item 1.  | Business                                                                                                            | 4      |
| Item 1A. | Risk Factors                                                                                                        | 15     |
| Item 1B. | Unresolved Staff Comments                                                                                           | 19     |
| Item 2.  | Properties                                                                                                          | 19     |
| Item 3.  | Legal Proceedings                                                                                                   | 20     |
| Item 4.  | Submission of Matters to a Vote of Security Holders                                                                 | 21     |
|     |                                                                                                                |   |
|     | PART II                                                                                                             |   |
|     |                                                                                                                |   |
| Item 5.  | Market for Registrant’s Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities | 21     |
| Item 6.  | Selected Financial Data                                                                                             | 22     |
| Item 7.  | Management’s Discussion and Analysis of Financial Condition and Plan of Operations                            | 23     |
| Item 7A. | Quantitative and Qualitative Disclosures about Market Risk                                                          | 27     |
| Item 8.  | Financial Statements and Supplementary Data                                                                         | 28     |
| Item 9.  | Changes in and Disagreements with Accountants on Accounting and Financial Disclosures                               | 49     |
| Item 9A. | Controls and Procedures                                                                                             | 49     |
| Item 9B. | Other Information                                                                                                   | 49     |
|     |                                                                                                                |   |
|     | PART III                                                                                                            |   |
|     |                                                                                                                |        |
| Item 10. | Directors and Executive Officers of the Registrant                                                                  | 50     |
| Item 11. | Executive Compensation                                                                                              | 54     |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                      | 61     |
| 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; |
|--|--------|--------------------------------|

|  | · | 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. |
|--|--------|-------------------------------------------|

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

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

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

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

|  | · | political instability in the Republic of Kenya, Republic of Chad, 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; |
|--|--------|-----------------------------------------------------|

|  | · | 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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| LICENSE: |   | PSC with the Government of Kenya (effective September 2012) |
|----------|--------|-------------------------------------------------------------|
|     |   |                                                        |
| PARTIES: |   | ERHC (35%); CEPSA (55%); Government of Kenya (10%)1         |

| Minimum Work                                                               | Minimum Expenditure | Status                                                                                                                  |
|----------------------------------------------------------------------------|---------------------|-------------------------------------------------------------------------------------------------------------------------|
| Acquire and interpret 1,000 square kilometers of gravity and magnetic data | $250,000            | Completed: 14,943.8 line kilometers of FTG data acquired by January 2014 at an estimated total cost of $2,700,000.      |
| Acquire and interpret 1,000 kilometers of 2D seismic data                  | $10,000,000         | Completed: 1,086.6 line kilometers of 2D seismic data acquired by August 2014 at an estimated total cost of $28,300,000 |

| Minimum Work                                     | Minimum Expenditure | Status                                                                                          |
|--------------------------------------------------|---------------------|-------------------------------------------------------------------------------------------------|
| Acquire 750 square kilometers of 3D seismic data | $30,000,000         | Decision taken not to acquire 3D seismic but to proceed to drilling based on FTG and 2D seismic |
|                                             |                |                                                                                            |
| OR                                               | OR                  |                                                                                            |
|                                             |                |                                                                                            |
| Drill one (1) well to a minimum depth of 3,000m  | $30,000,000         | Preparation underway for drilling exploration well in Q1 2016                                   |

| Minimum Work                                    | Minimum Expenditure | Status         |
|-------------------------------------------------|---------------------|----------------|
| Drill one (1) well to a minimum depth of 3,000m | $30,000,000         | Not yet arisen |

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| Ministry Training Fund |   | $175,000 per annum during the exploration period                                                                         |
|------------------------|--------|--------------------------------------------------------------------------------------------------------------------------|
|                   |   |                                                                                                                     |
|                   |   | $200,000 per annum (minimum) from adoption of first development plan                                                     |
|                   |   |                                                                                                                     |
| Social Projects:       |   | $50,000 per annum (minimum)                                                                                              |
|                   |   |                                                                                                                     |
| Surface Rentals:       |   | $5/km2 per annum (exploration phase 1); $10/km2 per annum (exploration phase 2); $15/km2 per annum (exploration phase 3) |
|                   |   |                                                                                                                     |
|                   |   | $100/km2 per annum (development and production period)                                                                   |

| Cost Recovery: |
|----------------|
|           |   |   |
| Cost Oil       |   | Up to 60% of Cost Oil each fiscal year |

| Incremental Production Tranches | Government Share | Contractor Share |
|---------------------------------|------------------|------------------|
| 0-30,000 barrels per day        | 50%              | 50%              |
| Next 25,000 barrels per day     | 60%              | 40%              |
| Next 25,000 barrels per day     | 65%              | 35%              |
| Next 20,000 barrels per day     | 70%              | 30%              |
| Above 100,000 barrels per day   | 78%              | 22%              |

----

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----

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| LICENSE: |   | PSC with the Government of Chad signed June 20112 |
|----------|--------|---------------------------------------------------|
|     |   |                                              |
| PARTIES: |   | ERHC (100%)                                       |

| Minimum Work                                                         | Minimum Expenditure                            | Status                                      |
|----------------------------------------------------------------------|------------------------------------------------|---------------------------------------------|
| Unspecified: annual work program to be proposed yearly by contractor | $15,000,000 in total for the exploration phase | EIA completed;                         |
|                                                                 |                                           | Aero gravity and magnetic survey completed; |
|                                                                 |                                           |                                        |
|                                                                 |                                           | ·                                      | 4,720 line kilometers of high precision gravity and magnetic data acquired by November 2014; |
|                                                                 |                                           | ·                                      | Three leads identified; |
|                                                                 |                                           |                                        |
|                                                                 |                                           | Seismic in preparation;                     |
|                                                                 |                                           |                                        |
|                                                                 |                                           | ·                                      | 2D seismic on focus areas planned for 2016 |

----

----

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| Minimum Work                                                         | Minimum Expenditure | Status                                                                                              |
|----------------------------------------------------------------------|---------------------|-----------------------------------------------------------------------------------------------------|
| Unspecified: annual work program to be proposed yearly by contractor | $1,000,000          | Not yet arisen; ERHC proposes an exploration well in this period if Phase 1 G&G studies justify |

| OTHER FINANCIAL OBLIGATIONS: |
|------------------------------|
|                         |   |   |
| Ministry Training Fund       |   | $250,000 per annum during the exploration period |
|                         |   |   |
|                         |   | $500,000 per annum during the exploitation period |
|                         |   |   |
| Social Projects:             |   | None specified in the PSC |
|                         |   |   |
| Surface Rentals              |   | $1/km2 per annum (Exploration Phase 1); $5/ km2 per annum (Exploration Phase 2); $10// km2 per annum (Extension) |
|                         |   |   |
|                         |   | $100/ km2 per annum (Exploitation Phase 1); $150/ km2 per annum (Exploitation Phase 1) |

| COST RECOVERY AND PRODUCTION SHARING: |
|---------------------------------------|
|                                  |   |   |
| Royalty                               |   | 14.25% for crude oil |
|                                  |   |   |
|                                  |   | 5% for natural gas |
|                                  |   |   |
| Cost Oil                              |   | Up to 70% of net production after deduction of royalty |

| R-Factor, as defined by the PSC 4      | Less than or equal to 2.25 | Between 2.25 and 3 | Greater than 3 |
|----------------------------------------|----------------------------|--------------------|----------------|
| Contractor’s share of profit oil | 60%                        | 50%                | 40%            |
| State’s share of profit oil      | 40%                        | 50%                | 60%            |

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| JDZ Block |   | ERHC Original Participating Interest |   | ERHC Joint Bid Participating Interest |   | Participating Interest(s) Assigned |   | Current ERHC Retained Participating Interest |
|-----------|--------|--------------------------------------|--------|---------------------------------------|--------|------------------------------------|--------|----------------------------------------------|
|      |   |                                 |   |                                  |   |                               |   |                                         |
| 2         |   | 30.00%                               |   | 35.00%                                |   | 43.00%                             |   | 22.00%                                       |
| 3         |   | 20.00%                               |   | 5.00%                                 |   | 15.00%                             |   | 10.00%                                       |
| 4         |   | 25.00%                               |   | 35.00%                                |   | 40.50%                             |   | 19.50%                                       |
| 5         |   | 15.00%                               |   | -                                     |   | -                                  |   | 15.00% (in arbitration)                      |
| 6         |   | 15.00%                               |   | -                                     |   | -                                  |   | 15.00% (in arbitration )                     |
| 9         |   | 20.00%                               |   | -                                     |   | -                                  |   | 20.00%                                       |

| Date of Participation Agreement                                          | Party(ies) to the Participation Agreement                                                                                                      |   | Participating Interest(s) Assigned |        |   | Participating Interest Assigned Price |    |
|--------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|-------------|--------|---------------------------------------|---------|
|                                                                     |                                                                                                                                                |   |                                    |        |   |                                       |    |
| JDZ Block 2 - Participation Agreement - ERHC Retained Interest of 22.00% |                                                                                                                                                |   |                                    |        |
|                                                                     |                                                                                                                                                |   |                                    |        |   |                                       |    |
| March 2, 2006                                                            | Sinopec International Petroleum Exploration Production Co. Nigeria Ltd - a subsidiary of Sinopec International Petroleum and Production Corporation |   |                               | 28.67       | %      |                                  | $       | 13,600,000 |   |
|                                                                     |                                                                                                                                                |   |                               |        |   |                                  |    |   |   |
|                                                                     | Addax Energy Nigeria Limited - an Addax Petroleum Corporation subsidiary                                                                            |   |                               |  14.33 | %      |                                  | $  | 6,800,000 |   |
|                                                                     |                                                                                                                                                |   |                               |        |   |                                  |    |   |   |
| JDZ Block 3 - Participation Agreement - ERHC Retained Interest of 10.00% |                                                                                                                                                |   |                               |        |   |
|                                                                     |                                                                                                                                                |   |                               |        |   |                                  |    |   |   |
| February 15, 2006                                                        | Addax Petroleum Resources Nigeria Limited - a subsidiary of Addax Petroleum Corporation                                                             |   |                               | 15.00       | %      |                                  | $       | 7,500,000 |   |
|                                                                     |                                                                                                                                                |   |                               |        |   |                                  |    |   |   |
| JDZ Block 4 - Participation Agreement - ERHC Retained Interest of 19.50% |                                                                                                                                                |   |                               |        |   |
|                                                                     |                                                                                                                                                |   |                               |        |   |                                  |    |   |   |
| November 15, 2005                                                        | Addax Petroleum Nigeria (Offshore 2) Limited - a subsidiary of Addax Petroleum Corporation                                                          |   |                               | 40.50       | %      |                                  | $       | 18,000,000 |   |

----

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

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

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

|  | · | JDZ Block 5:  15.0% (in arbitration) |
|--|--------|-------------------------------------------|

|  | · | JDZ Block 6:  15.0% (in arbitration) |
|--|--------|-------------------------------------------|

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

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----

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|  | · | Farm-outs of part of the Company’s assets in Kenya, Chad and the Săo Tomé and Príncipe Exclusive Economic Zone |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Issue shares of common stock through a registered direct offering |
|--|--------|-------------------------------------------------------------------|

|  | · | Other available financing options |
|--|--------|-----------------------------------|

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| Item 1A.  | Risk Factors |
|----------------|--------------|

----

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

|  | · | the approval of the Company or 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 land based and/or deep water drilling rigs and the availability of operating personnel. |
|--|--------|----------------------------------------------------------------------------------------------------------------------|

----

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|  | · | Loss of future revenue and concessions as a result of hazards such as war, acts of terrorism, insurrection and other political risks; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Increases in taxes and governmental interests; |
|--|--------|------------------------------------------------|

|  | · | Unilateral renegotiation of contracts by government entities; |
|--|--------|---------------------------------------------------------------|

|  | · | Difficulties in enforcing our rights against a governmental agency because of the doctrine of sovereign immunity and foreign sovereignty over international operations; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Changes in laws and policies governing operations of foreign-based companies, and |
|--|--------|-----------------------------------------------------------------------------------|

|  | · | Currency restrictions and exchange rate fluctuations. |
|--|--------|-------------------------------------------------------|

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----

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| Item 1B. | Unresolved Staff Comments |
|----------|---------------------------|

| Item 2. | Properties |
|---------|------------|

----

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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% |
|--|--------|--------------------------|

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

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

|  | · | JDZ Block 5:  15.0% (in Arbitration) |
|--|--------|-------------------------------------------|

|  | · | JDZ Block 6:  15.0% (in Arbitration) |
|--|--------|-------------------------------------------|

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

|  | · | EEZ Block 4: 100%  working interest and no signature bonus |
|--|--------|-----------------------------------------------------------------|

|  | · | EEZ Block 11: 100% working interest and no signature bonus |
|--|--------|------------------------------------------------------------|

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

| Item 3. | Legal Proceedings |
|---------|-------------------|

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| Item 4. | Submission of Matters to a Vote of Security Holders |
|---------|-----------------------------------------------------|

| Item 5. | Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities |
|---------|--------------------------------------------------------------------------------------------------------------------|

|             |   | High              |   |   | Low    |   |
|------------------|--------|-------------------|--------|--------|--------|--------|
|             |   | (Price per share) |   |
| Fiscal Year 2014 |   |                   |   |   |        |   |
| First Quarter    |   | $                 | 0.062  |   |   | $      | 0.038 |   |
| Second Quarter   |   |              | 0.085  |   |   |   | 0.048 |   |
| Third Quarter    |   |              | 0.074  |   |   |   | 0.047 |   |
| Fourth Quarter   |   |              | 0.105  |   |   |   | 0.050 |   |
|             |   |              |   |   |   |   |   |   |
| Fiscal Year 2015 |   |              |   |   |   |   |   |   |
| First Quarter    |   | $                 | 0.053  |   |   | $      | 0.070 |   |
| Second Quarter   |   |              | 0.023  |   |   |   | 0.001 |   |
| Third Quarter    |   |              | 0.003  |   |   |   | 0.001 |   |
| Fourth Quarter   |   |              | 0.004  |   |   |   | 0.001 |   |

----

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|                                                       |   | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) |      |   | Weighted-average exercise price of outstanding options, warrants and rights (b) |   |   | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) |   |
|------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------|-----------|--------|---------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                       |        |                                                                                            |           |   |                                                                                 |   |
| Equity compensation plans approved by security holders     |   |                                                                                            | 4,150,000 |   |                                                                            |   | 0.20   |                                                                                                                                            |   |   | 5,318,244 |   |
|                                                       |   |                                                                                            |      |   |                                                                            |   |   |                                                                                                                                            |   |   |   |   |
| Equity compensation plans not approved by security holders |   |                                                                                            | -         |   |                                                                            |   | -      |                                                                                                                                            |   |   | - |   |

|  | · | During the second quarter of 2012, Board of Directors granted 4,750,000 stock options to officers and board of directors members of the Company.  The options vest over two years, are exercisable for a period of 2 years and have a $0.20 strike price.  The options are only exercisable if the Company’s share price reaches $0.75 per share and remains consistently at or above that level for a period of one month. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | During the fourth quarter of 2013, the Company awarded 420,000 shares for 2013 to directors, for services rendered in 2013. These shares were unissued at September 30, 2015. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 6. | Selected Financial Data |
|---------|-------------------------|

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| Item 7. | Management’s Discussion and Analysis of Financial Condition and Plan of Operations |
|---------|------------------------------------------------------------------------------------------|

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----

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|  | • | Farm-outs of part of the Company's assets in Kenya, Chad and the Săo Tomé and Príncipe Exclusive Economic Zone |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------|

|  | • | Issue shares of common stock through a registered direct offering |
|--|---------|-------------------------------------------------------------------|

|  | • | Convertible loans and other debt instruments |
|--|---------|----------------------------------------------|

|  | • | Other available financing options |
|--|---------|-----------------------------------|

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| Contractual Obligations    |   | Total  |       |   | Less Than 1 Year |   |      | 1-3 Years |   |   | 3-5 Years |   |   | More Than 5 Years |      |
|----------------------------|--------|--------|------------|--------|------------------|--------|-----------|-----------|--------|--------|-----------|--------|--------|-------------------|-----------|
|                       |   |        |       |   |                  |   |      |           |   |   |           |   |   |                   |      |
| Kenya license interest (1) |   | $      | 1,325,000  |   |             | $      | 1,325,000 |      |   | $      | -         |   |   | $                 | -         |   |   | $ | - |   |
| Chad license interest (2)  |   |   | 14,331,800 |   |             |   | 250,000   |      |   |   | 4,500,000 |   |   |              | 9,581,800 |   |   |   | - |   |
| Operating lease (3)        |   |   | 371,632    |   |             |   | 129,027   |      |   |   | 242,605   |   |   |              | -         |   |   |   | - |   |
|                       |   |   |       |   |             |   |      |      |   |   |      |   |   |              |      |   |   |   |   |   |
| Total                      |   | $      | 16,028,432 |   |             | $      | 1,704,027 |      |   | $      | 4,742,605 |   |   | $                 | 9,581,800 |   |   | $ | - |   |

|  | (1) | ERHC’s obligations under this PSC are been carried by CEPSA as part of consideration for it’s 55% working interest in the Block. This obligation is the ERHC’s portion of 25% of 35% cost of drilling an exploration well in 2016 in accordance to the its farm-out agreement |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | This represents obligations under our PSC with Chad. The Company has a $15,000,000 commitment under a five year work program. Furthermore, the Company is contractually obligated to pay annual Surface Area Fees, estimated to be $16,360 per year during the Initial Exploration Period. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | Lease obligations consist of operating lease for office space. Office lease represent non-cancelable leases for office space used in daily operations. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Item 7A. | Quantitative and Qualitative Disclosures about Market Risk |
|----------|------------------------------------------------------------|

----

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| Item 8. | Financial Statements and Supplementary Data |
|---------|---------------------------------------------|

|                                                                                                                                | Page(s) |
|-------------------------------------------------------------------------------------------------------------------------------------|---------|
|                                                                                                                                |    |
| Report of Independent Registered Public Accounting Firm on the Financial Statements for the Years ended September 30, 2015 and 2014 | 29      |
|                                                                                                                                |    |
| Consolidated Financial Statements:                                                                                                  |    |
|                                                                                                                                |    |
| Consolidated Balance Sheets as of September 30, 2015 and 2014                                                                       | 30      |
|                                                                                                                                |    |
| Consolidated Statements of Operations for the Years Ended September 30, 2015 and 2014                                               | 31      |
|                                                                                                                                |    |
| Consolidated Statements of Comprehensive Income for the Years Ended September 30, 2015 and 2014                                     | 32      |
|                                                                                                                                |    |
| Consolidated Statements of Shareholders’ Equity for the Years Ended September 30, 2015 and 2014                               | 33      |
|                                                                                                                                |    |
| Consolidated Statements of Cash Flows for the Years Ended September 30, 2015 and 2014                                               | 34      |
|                                                                                                                                |    |
| Notes to Consolidated Financial Statements                                                                                          | 35      |
|                                                                                                                                |    |
| Financial Statement Schedules                                                                                                       |    |

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|                                                                                                                                                                       |   | 2015   |        |   | 2014   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
|                                                                                                                                                                       |   |        |        |   |        |   |
| ASSETS                                                                                                                                                                     |   |        |        |   |        |   |
|                                                                                                                                                                       |   |        |        |   |        |   |
| Current assets:                                                                                                                                                            |   |        |        |   |        |   |
| Cash and cash equivalents                                                                                                                                                  |   | $      | 757,313     |   |   | $      | 2,182,406 |   |
| Investment in Oando Energy Resources                                                                                                                                       |   |   | 211,699     |   |   |   | 671,402 |   |
| Deferred debt origination cost – short term                                                                                                                          |   |   | 47,377      |   |   |   | 147,079 |   |
| Prepaid expenses and other                                                                                                                                                 |   |   | 207,636     |   |   |   | 246,922 |   |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Total current assets                                                                                                                                                       |   |   | 1,224,025   |   |   |   | 3,247,809 |   |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Oil and gas concession fees                                                                                                                                                |   |   | 6,016,014   |   |   |   | 6,006,235 |   |
| Furniture and equipment, net of accumulated depreciation of $445,626 and $368,587 at September 30, 2015 and 2014, respectively                                             |   |   | 133,349     |   |   |   | 206,273 |   |
| Deferred debt origination cost – long term                                                                                                                           |   |   | 14,333      |   |   |   | 43,755 |   |
| Income tax receivable                                                                                                                                                      |   |   | -           |   |   |   | 2,018,533 |   |
| Prepaid expenses – long term                                                                                                                                         |   |   | -           |   |   |   | 172,433 |   |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Total assets                                                                                                                                                               |   | $      | 7,387,721   |   |   | $      | 11,695,038 |   |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| LIABILITIES AND SHAREHOLDERS' EQUITY                                                                                                                                       |   |   |        |   |   |   |   |   |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Current liabilities:                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Accounts payable and accrued liabilities                                                                                                                                   |   | $      | 989,083     |   |   | $      | 379,639 |   |
| Convertible note payable, net of discount – short term                                                                                                               |   |   | 253,250     |   |   |   | 625,533 |   |
| Derivative liability – short term                                                                                                                                    |   |   | 725,898     |   |   |   | 751,404 |   |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Total current liabilities                                                                                                                                                  |   |   | 1,968,231   |   |   |   | 1,756,576 |   |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Convertible note payable, net of discount – long term                                                                                                                |   |   | 2,874       |   |   |   | 38,076 |   |
| Derivative liability – long term                                                                                                                                     |   |   | -           |   |   |   | 270,538 |   |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Total liabilities                                                                                                                                                          |   |   | 1,971,105   |   |   |   | 2,065,190 |   |
| Commitments and contingencies:                                                                                                                                             |   |   |        |   |   |   |   |   |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Shareholders’ equity:                                                                                                                                                |   |   |        |   |   |   |   |   |
| Preferred stock, par value $0.0001; authorized 10,000,000 shares; none issued and outstanding                                                                              |   |   |        |   |   |   | - |   |
| Common stock, par value $0.0001; authorized 3,000,000,000 shares; issued and outstanding 2,921,603,827 and 765,194,088 shares at September 30, 2015 and 2014, respectively |   |   | 292,159     |   |   |   | 76,520 |   |
| Additional paid-in capital                                                                                                                                                 |   |   | 105,758,501 |   |   |   | 101,080,306 |   |
| Accumulated other comprehensive loss                                                                                                                                       |   |   | (1,135,728  | )      |   |   | (678,598 | ) |
| Accumulated deficits                                                                                                                                                       |   |   | (99,498,316 | )      |   |   | (90,848,380 | ) |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Total shareholders’ equity                                                                                                                                           |   |   | 5,416,616   |   |   |   | 9,629,848 |   |
|                                                                                                                                                                       |   |   |        |   |   |   |   |   |
| Total liabilities and shareholders’ equity                                                                                                                           |   | $      | 7,387,721   |   |   | $      | 11,695,038 |   |

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|                                                                     |   | Year Ended September 30, |          |
|--------------------------------------------------------------------------|--------|--------------------------|---------------|
|                                                                     |   | 2015                     |          |   | 2014 |   |
|                                                                     |   |                          |          |   |  |   |
| Costs and expenses:                                                      |   |                          |          |   |  |   |
| General and administrative                                               |   | $                        | 2,831,258     |   |   | $ | 3,290,150 |   |
| Exploration expenses                                                     |   |                     | 1,425,592     |   |   |   | 964,393 |   |
| Depreciation                                                             |   |                     | 77,038        |   |   |   | 68,284 |   |
| Gain on sale of partial interest on sale of concession                   |   |                     | (239,515      | ) |   |   | (2,724,793 | ) |
|                                                                     |   |                     |          |   |   |   |   |   |
| Total costs and expenses                                                 |   |                     | 4,094,373     |   |   |   | 1,598,034 |   |
|                                                                     |   |                     |          |   |   |   |   |   |
| Other income and (expenses):                                             |   |                     |          |   |   |   |   |   |
| Interest income                                                          |   |                     | 2,062         |   |   |   | 4,829 |   |
| Gain (loss) on change in fair value of derivatives                       |   |                     | (105,951      | ) |   |   | 136,811 |   |
| Day 1 loss on embedded derivative                                        |   |                     | (1,024,292    | ) |   |   | (392,220 | ) |
| Gain on insurance recovery for loss on deposit                           |   |                     | 1,046,862     |   |   |   | - |   |
| Interest expense                                                         |   |                     | (2,455,711    | ) |   |   | (131,979 | ) |
|                                                                     |   |                     |          |   |   |   |   |   |
| Total other income and (expense)                                         |   |                     | (2,537,030    | ) |   |   | (382,559 | ) |
|                                                                     |   |                     |          |   |   |   |   |   |
| Loss before benefit (provision) for income taxes                         |   |                     | (6,631,403    | ) |   |   | (1,980,593 | ) |
|                                                                     |   |                     |          |   |   |   |   |   |
| Benefit (provision) for income taxes:                                    |   |                     |          |   |   |   |   |   |
| Current                                                                  |   |                     | (2,018,533    | ) |   |   | - |   |
| Deferred                                                                 |   |                     | -             |   |   |   | - |   |
|                                                                     |   |                     |          |   |   |   |   |   |
| Total benefit (provision)for income taxes                                |   |                     | (2,018,533    | ) |   |   | - |   |
|                                                                     |   |                     |          |   |   |   |   |   |
| Net loss                                                                 |   | $                        | (8,649,936    | ) |   | $ | (1,980,593 | ) |
|                                                                     |   |                     |          |   |   |   |   |   |
| Net loss per common share –basic and diluted                       |   | $                        | (0.01         | ) |   | $ | (0.00 | ) |
|                                                                     |   |                     |          |   |   |   |   |   |
| Weighted average number of common shares outstanding - basic and diluted |   |                     | 1,727,698,597 |   |   |   | 764,953,181 |   |

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|                                                                                       |   | Year Ended September 30, |       |
|--------------------------------------------------------------------------------------------|--------|--------------------------|------------|
|                                                                                       |   | 2015                     |       |   | 2014 |   |
|                                                                                       |   |                          |       |   |  |   |
| Net loss                                                                                   |   | $                        | (8,649,936 | ) |   | $ | (1,980,593 | ) |
|                                                                                       |   |                     |       |   |   |   |   |   |
| Other comprehensive income – unrealized (loss) gain on available for sale securities |   |                     | (457,130   | ) |   |   | 107,877 |   |
|                                                                                       |   |                     |       |   |   |   |   |   |
| Total other comprehensive loss                                                             |   | $                        | (9,107,066 | ) |   | $ | (1,872,716 | ) |

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|                                                                    |   | Common Stock |          |   | Additional Paid-In |   |    | Accumulated |   |   | Accumulated Other Comprehensive |   |   |        |        |
|-------------------------------------------------------------------------|--------|--------------|---------------|--------|--------------------|--------|---------|-------------|--------|--------|---------------------------------|--------|--------|--------|-------------|
|                                                                    |   | Shares       |          |   | Amount             |   |    | Capital     |   |   | Deficit                         |   |   | Income |        |   | Total |   |
|                                                                    |   |              |          |   |                    |   |    |             |   |   |                                 |   |   |        |        |   |  |   |
| Balance at September 30, 2013                                           |   |         | 764,849,260   |   |               | $      | 76,485  |        |   | $      | 101,067,084                     |   |   | $      | (88,867,787 | ) |   | $ | (786,475 | ) |   | $ | 11,489,307 |   |
| Common stock issued for services                                        |   |         | 344,828       |   |               |   | 35      |        |   |   | 19,966                          |   |   |   | -           |   |   |   | - |   |   |   | 20,001 |   |
| Stock option expense                                                    |   |         | -             |   |               |   | -       |        |   |   | 6,957                           |   |   |   | -           |   |   |   | - |   |   |   | 6,957 |   |
| Accounting for tainted warrants                                         |   |         | -             |   |               |   | -       |        |   |   | (13,701                         | )      |   |   | -           |   |   |   | - |   |   |   | (13,701 | ) |
| Unrealized gain on available for sale equity securities                 |   |         | -             |   |               |   | -       |        |   |   | -                               |   |   |   | -           |   |   |   | 107,877 |   |   |   | 107,877 |   |
| Net loss                                                                |   |         | -             |   |               |   | -       |        |   |   | -                               |   |   |   | (1,980,593  | ) |   |   | - |   |   |   | (1,980,593 | ) |
|                                                                    |   |         |          |   |               |   |    |        |   |   |                            |   |   |   |        |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2014                                           |   |         | 765,194,088   |   |               |   | 76,520  |        |   |   | 101,080,306                     |   |   |   | (90,848,380 | ) |   |   | (678,598 | ) |   |   | 9,629,848 |   |
| Common stock issued for services                                        |   |         | 210,000       |   |               |   | 21      |        |   |   | 8,379                           |   |   |   | -           |   |   |   | - |   |   |   | 8,400 |   |
| Common stock issued for convertible debts-related party                 |   |         | 92,825,369    |   |               |   | 9,281   |        |   |   | 240,719                         |   |   |   | -           |   |   |   | - |   |   |   | 250,000 |   |
| Derivative liabilities extinguished on conversion – related party |   |         | -             |   |               |   | -       |        |   |   | 432,646                         |   |   |   | -           |   |   |   | - |   |   |   | 432,646 |   |
| Common stock issued for convertible debts                               |   |         | 2,063,374,370 |   |               |   | 206,337 |        |   |   | 1,522,033                       |   |   |   | -           |   |   |   | - |   |   |   | 1,728,370 |   |
| Derivative liabilities extinguished on conversion                       |   |         | -             |   |               |   | -       |        |   |   | 2,474,418                       |   |   |   | -           |   |   |   | - |   |   |   | 2,474,418 |   |
| Unrealized loss on available for sale equity securities                 |   |         | -             |   |               |   | -       |        |   |   | -                               |   |   |   | -           |   |   |   | (457,130 | ) |   |   | (457,130 | ) |
| Net loss                                                                |   |         | -             |   |               |   | -       |        |   |   | -                               |   |   |   | (8,649,936  | ) |   |   | - |   |   |   | (8,649,936 | ) |
|                                                                    |   |         |          |   |               |   |    |        |   |   |                            |   |   |   |        |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2015                                           |   |         | 2,921,603,827 |   |               | $      | 292,159 |        |   | $      | 105,758,501                     |   |   | $      | (99,498,316 | ) |   | $ | (1,135,728 | ) |   | $ | 5,416,616 |   |

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|                                                                        |   | Year Ended September 30, |            |
|-----------------------------------------------------------------------------|--------|--------------------------|-----------------|
|                                                                        |   | 2015                     |            |   | 2014 |   |
|                                                                        |   |                          |            |   |  |   |
| Cash flows from operating activities:                                       |   |                          |            |   |  |   |
| Net loss                                                                    |   | $                        | (8,649,936      | ) |   | $ | (1,980,593 | ) |
| Adjustments to reconcile net loss to net cash used by operating activities: |   |                     |            |   |   |   |   |   |
| Depreciation and depletion expense                                          |   |                     | 77,038          |   |   |   | 68,284 |   |
| Day 1 loss on embedded derivative                                           |   |                     | 1,024,292       |   |   |   | 392,220 |   |
| Loss/(Gain) on change in fair value of derivatives                          |   |                     | 105,951         |   |   |   | (136,811 | ) |
| Loss on debt penalties                                                      |   |                     | 34,467          |   |   |   | - |   |
| Loss on write-off of tax receivable                                         |   |                     |  2,018,533 |   |   |   |  - |   |
| Compensatory stock options                                                  |   |                     | -               |   |   |   | 6,957 |   |
| Gain on sale of partial interest in Kenya concession                        |   |                     | (239,515        | ) |   |   | (2,724,793 | ) |
| Amortization of convertible debt discount                                   |   |                     | 2,023,979       |   |   |   | 49,373 |   |
| Amortization of debt issuance cost                                          |   |                     | 247,669         |   |   |   | 41,216 |   |
| Stock issued for services                                                   |   |                     | 8,400           |   |   |   | 20,001 |   |
| Realized loss on investment in common stock                                 |   |                     | 2,573           |   |   |   | - |   |
| Changes in operating assets and liabilities:                                |   |                     |            |   |   |   |   |   |
| Prepaid expenses and other                                                  |   |                     | 211,719         |   |   |   | (139,366 | ) |
| Accounts payable and other accrued liabilities                              |   |                     | 741,515         |   |   |   | (2,229,309 | ) |
|                                                                        |   |                     |            |   |   |   |   |   |
| Net cash used by operating activities                                       |   |                     | (2,393,315      | ) |   |   | (6,632,821 | ) |
|                                                                        |   |                     |            |   |   |   |   |   |
| Cash Flows From Investing Activities                                        |   |                     |            |   |   |   |   |   |
| Purchase of oil and gas concessions                                         |   |                     | (9,779          | ) |   |   | (294,506 | ) |
| Proceeds from sale of partial interest in Kenya concession                  |   |                     | 239,515         |   |   |   | 4,731,608 |   |
| Proceeds from sale of certificates of deposit                               |   |                     | -               |   |   |   | 2,186,182 |   |
| Purchase of furniture and equipment                                         |   |                     | (4,114          | ) |   |   | (72,193 | ) |
|                                                                        |   |                     |            |   |   |   |   |   |
| Net cash provided by investing activities                                   |   |                     | 225,622         |   |   |   | 6,551,091 |   |
|                                                                        |   |                     |            |   |   |   |   |   |
| Cash flows from financing activities:                                       |   |                     |            |   |   |   |   |   |
| Debt origination fees                                                       |   |                     | (69,200         | ) |   |   | (232,050 | ) |
| Payment on convertible debt principle                                       |   |                     | (46,200         | ) |   |   | - |   |
| Proceeds from convertible debt, related party                               |   |                     | 250,000         |   |   |   | - |   |
| Proceeds from convertible debt, net of expense                              |   |                     | 608,000         |   |   |   | 1,311,982 |   |
|                                                                        |   |                     |            |   |   |   |   |   |
| Net cash provided by financing activities                                   |   |                     | 742,600         |   |   |   | 1,079,932 |   |
|                                                                        |   |                     |            |   |   |   |   |   |
| Net (decrease) increase in cash  and cash equivalents                  |   |                     | (1,425,093      | ) |   |   | 998,202 |   |
|                                                                        |   |                     |            |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                            |   |                     | 2,182,406       |   |   |   | 1,184,204 |   |
|                                                                        |   |                     |            |   |   |   |   |   |
| Cash and cash equivalents at end of period                                  |   | $                        | 757,313         |   |   | $ | 2,182,406 |   |
|                                                                             |   |                     |            |   |   |   |   |   |
| Supplemental disclosure of cash flow information:                           |   |                     |            |   |   |   |   |   |
| Interest paid                                                               |   | $                        |  -         |   |   | $  |  - |   |
| Income taxes paid                                                           |   | $                        | -               |   |   | $ | - |   |
|                                                                        |   |                     |            |   |   |   |   |   |
| Non-cash investing and financing activities:                                |   |                     |            |   |   |   |   |   |
| Unrealized (loss) gain in Investment Oando Energy Resources                 |   | $                        | (457,130        | ) |   | $ | 107,877 |   |
| Accounting for tainted warrants                                             |   | $                        | -               |   |   | $ | 13,701 |   |
| Non-cash debt origination costs                                             |   | $                        | -               |   |   | $ | 668,946 |   |
| Discount from derivative                                                    |   | $                        | 1,480,777       |   |   | $ | - |   |
| Conversion of note payable to common stock – related party            |   | $                        | 250,000         |   |   | $ | - |   |
| Conversion of note payable to common stock                                  |   | $                        | 1,728,370       |   |   | $ | - |   |
| Derivative liabilities extinguished on conversion – related party     |   | $                        | 432,646         |   |   | $ | - |   |
| Derivative liabilities extinguished on conversion                           |   | $                        | 2,474,418       |   |   | $ | - |   |

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|  | · | Level 1 Inputs—Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Level 2 Inputs—Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Level 3 Inputs—Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                   |   | Quoted Prices In an Active Market for Identical Assets(Level 1) |    |   | Significant Other Observable Inputs(Level 2) |    |   | Significant Unobservable Inputs (Level 3) |   |    | Total    |    |
|--------------------------------------------------------|--------|-----------------------------------------------------------------|---------|--------|---------------------------------------------------|---------|--------|-------------------------------------------|--------|---------|----------|---------|
|                                                   |   |                                                                 |    |   |                                                   |    |   |                                           |   |    |          |    |
| Marketable equity securities - Oando Energy Resources: |   | $                                                               | 211,699 |   |                                              | $       | -      |                                      |   | $       | -        |    |   | $ | 211,699 |   |
| Derivative liability                                   |   | $                                                               | -       |   |                                              | $  | -      |                                      |   | $  | (725,898 | )  |   | $  | (725,898 | )  |

|                                                   |   | Quoted Prices In an Active Market for Identical Assets (Level 1) |    |   | Significant  Other Observable Inputs (Level 2) |   |   | Significant Unobservable Inputs (Level 3) |   |   | Total      |    |
|--------------------------------------------------------|--------|------------------------------------------------------------------|---------|--------|-----------------------------------------------------|--------|--------|-------------------------------------------|--------|--------|------------|---------|
|                                                   |   |                                                                  |    |   |                                                     |   |   |                                           |   |   |            |    |
| Marketable equity securities - Oando Energy Resources: |   | $                                                                | 669,476 |   |                                                | $      | -      |                                      |   | $      | -          |    |   | $ | 669,476 |   |
| Derivative liability                                   |   | $                                                                | -       |   |                                                | $      | -      |                                      |   | $      | (1,021,942 | )  |   | $ | (1,021,942 | )  |
| 2-Year Warrants                                        |   | $                                                           | 1,926   |   |                                                | $      | -      |                                      |   | $      | -          |    |   | $ | 1,926 |   |

|                                                                                                            |   | DerivativeLiability |       |
|-----------------------------------------------------------------------------------------------------------------|--------|---------------------|------------|
|                                                                                                            |   |                     |       |
| Balance at September 30, 2014                                                                                   |   | $                   | 1,021,942  |   |
| Increase in derivative value due to issuances of convertible promissory notes                                   |   |                | 1,480,777  |   |
| Decrease in derivative value due to convertible promissory notes converted to common stocks                     |   |                | (2,907,064 | ) |
| Day 1 loss on derivative liabilities                                                                            |   |                | 1,024,292  |   |
| Change in fair market value of derivative liabilities on convertible notes due to the mark to market adjustment |   |                | 111,849    |   |
| Change in fair market value of derivative liabilities on tainted warrants due to the mark to market adjustment  |   |                | (5,898     | ) |
|                                                                                                            |   |                |       |   |
| Balance at September 30, 2015                                                                                   |   | $                   | 725,898    |   |

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|                                                                                                            |   | Derivative Liability |      |
|-----------------------------------------------------------------------------------------------------------------|--------|----------------------|-----------|
|                                                                                                            |   |                      |      |
| Balance at September 30, 2013                                                                                   |   | $                    | -         |   |
| Increase in derivative value due to issuances of convertible promissory notes                                   |   |                 | 752,832   |   |
| Day 1 loss on derivative liabilities                                                                            |   |                 | 392,220   |   |
| Increase in derivative value attributable to tainted warrants                                                   |   |                 | 13,701    |   |
| Change in fair market value of derivative liabilities on convertible notes due to the mark to market adjustment |   |                 | (129,008  | ) |
| Change in fair market value of derivative liabilities on tainted warrants due to the mark to market adjustment  |   |                 | (7,803    | ) |
|                                                                                                            |   |                 |      |   |
| Balance at September 30, 2014                                                                                   |   | $                    | 1,021,942 |   |

| Lender                 |   | Date ofAgreement |   |   | Term(Months) |   |   | AnnualInterest Rate |   |   |   | Face Value |   |   | Accrued Interest |   |   | Discount |   |   | Net ConvertibleNote Payable |   |    | Note Derivative Liability |   |
|------------------------|--------|------------------|--------|--------|--------------|--------|--------|---------------------|--------|--------|--------|------------|--------|--------|------------------|--------|--------|----------|--------|--------|-----------------------------|--------|---------|---------------------------|--------|
| Redwood Fund III       |   | 5/15/2014        |   |   |         | 6      |   |                |   | 12.00  | %      |       |   | $      | 40,000           |   |   | $        | 5,918  |   |                        | $      | 15,867  |                      |   | $ | 30,051 |   |   | $ | 114,005 |   |
| Tonaquint, Inc         |   | 10/7/2014        |   |   |         | 12     |   |                |   | 22.00  | %      | (a)        |   |   | 98,177           |   |   |     | 46,416 |   |                        |   | 16,700  |                      |   |   | 127,893 |   |   |   | 128,566 |   |
| JMJ Financial #3       |   | 10/22/2014       |   |   |         | 24     |   |                |   | 5.83   | %      |       |   |   | 8,900            |   |   |     | 5,556  |   |                        |   | 11,582  |                      |   |   | 2,874 |   |   |   | 27,375 |   |
| LG Capital #2          |   | 10/23/2014       |   |   |         | 12     |   |                |   | 8.00   | %      |       |   |   | 23,533           |   |   |     | 2,500  |   |                        |   | 9,398   |                      |   |   | 16,635 |   |   |   | 52,628 |   |
| Cardinal Capital Group |   | 11/6/2014        |   |   |         | 24     |   |                |   | 22.00  | %      | (a)        |   |   | 43,998           |   |   |     | 30,133 |   |                        |   | 41,984  |                      |   |   | 32,147 |   |   |   | 94,158 |   |
| Rock Capital           |   | 2/6/2015         |   |   |         | 12     |   |                |   | 10.00  | %      |       |   |   | 23,005           |   |   |     | -      |   |                        |   | 20,351  |                      |   |   | 2,654 |   |   |   | 67,377 |   |
| Union Capital #3       |   | 2/17/2015        |   |   |         | 12     |   |                |   | 8.00   | %      |       |   |   | 34,500           |   |   |     | -      |   |                        |   | -       |                      |   |   | 34,500 |   |   |   | 93,039 |   |
| Adar Bay #2            |   | 2/19/2015        |   |   |         | 12     |   |                |   | 8.00   | %      |       |   |   | 12,000           |   |   |     | -      |   |                        |   | 11,742  |                      |   |   | 258 |   |   |   | 39,280 |   |
| LG Capital #3          |   | 3/10/2015        |   |   |         | 12     |   |                |   | 8.00   | %      |       |   |   | 52,500           |   |   |     | -      |   |                        |   | 43,388  |                      |   |   | 9,112 |   |   |   | 109,470 |   |
|                   |   |             |   |   |         |   |   |                |   |   |   |       |   | $      | 336,613          |   |   | $        | 90,523 |   |                        | $      | 171,012 |                      |   | $ | 256,124 |   |   | $ | 725,898 |   |

|   | (a) | During the year ended September 30, 2015, the note was defaulted due to insufficient authorized common share to fulfill conversion request, additional interest accrual recorded due to interest rate increased to 22% from 12% related to the default. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Lender                    |   | Date of Agreement |   | Term (Months) |   |   | Annual Interest Rate |   |   |                           | Face Value |   |      | Accrued Interest |   |   | Discount |   |   | Deferred Debt Origination Costs Due at Maturity(c) |    |   | Net Convertible Note Payable |   |   | Note Derivative Liability |   |
|---------------------------|--------|-------------------|--------|---------------|--------|--------|---------------------------|--------|--------|--------------------------------|------------|--------|-----------|------------------|--------|--------|----------|--------|--------|----------------------------------------------------|---------|--------|------------------------------|--------|--------|---------------------------|--------|
| JMJ Financial             |   | 4/15/2014         |   | 24            |   |   |                      | 5.83   | %      | (a)                            |       | $      | 100,000   |             |   | $      | 1,342    |   |   | $                                                  | 95,379  |   |                         | $      | 11,111 |                      |   | $ | 17,074 |   |   | $ | 117,809 |   |
| KBM Worldwide             |   | 4/24/2014         |   | 9             |   |   |                      | 8.00   | %      |                           |       |   | 103,500   |             |   |   | 4,809    |   |   |                                               | -       |   |                         |   | -      |                      |   |   | 108,309 |   |   |   | - |   |
| KBM Worldwide             |   | 6/26/2014         |   | 9             |   |   |                      | 8.00   | %      |                           |       |   | 53,000    |             |   |   | 1,487    |   |   |                                               | -       |   |                         |   | -      |                      |   |   | 54,487 |   |   |   | - |   |
| JSJ Investments           |   | 4/29/2014         |   | 6             |   |   |                      | 12.00  | %      |                           |       |   | 100,000   |             |   |   | 10,126   |   |   |                                               | -       |   |                         |   | -      |                      |   |   | 109,792 |   |   |   | - |   |
| Adar Bays                 |   | 5/20/2014         |   | 12            |   |   |                      | 8.00   | %      |                           |       |   | 52,500    |             |   |   | 1,530    |   |   |                                               | 48,234  |   |                         |   | -      |                      |   |   | 5,796 |   |   |   | 81,401 |   |
| LG Capital                |   | 5/20/2014         |   | 12            |   |   |                      | 8.00   | %      |                           |       |   | 52,500    |             |   |   | 1,530    |   |   |                                               | 48,234  |   |                         |   | -      |                      |   |   | 5,796 |   |   |   | 68,626 |   |
| Redwood Fund III          |   | 5/15/2014         |   | 6             |   |   |                      | 7.85   | %      | (b)                            |       |   | 100,000   |             |   |   | 5,934    |   |   |                                               | -       |   |                         |   | -      |                      |   |   | 105,934 |   |   |   | - |   |
| Vista Capital Investments |   | 6/16/2014         |   | 24            |   |   |                      | 5.83   | %      | (b)                            |       |   | 50,000    |             |   |   | 423      |   |   |                                               | 43,441  |   |                         |   | 5,556  |                      |   |   | 12,538 |   |   |   | 60,785 |   |
| Tonaquint, Inc            |   | 7/10/2014         |   | 12            |   |   |                      | 12.00  | %      |                           |       |   | 115,000   |             |   |   | 3,100    |   |   |                                               | 104,979 |   |                         |   | -      |                      |   |   | 13,121 |   |   |   | 152,002 |   |
| Union Capital             |   | 7/16/2014         |   | 12            |   |   |                      | 8.00   | %      |                           |       |   | 30,000    |             |   |   | 533      |   |   |                                               | -       |   |                         |   | -      |                      |   |   | 30,533 |   |   |   | - |   |
| Iconic Holding, LLC       |   | 7/16/2014         |   | 12            |   |   |                      | 10.00  | %      |                           |       |   | 75,000    |             |   |   | 1,562    |   |   |                                               | 69,626  |   |                         |   | -      |                      |   |   | 6,936 |   |   |   | 67,480 |   |
| Auctus Private            |   | 7/29/2014         |   | 9             |   |   |                      | 8.00   | %      |                           |       |   | 58,750    |             |   |   | 1,082    |   |   |                                               | -       |   |                         |   | -      |                      |   |   | 59,832 |   |   |   | - |   |
| KBM Worldwide             |   | 8/11/2014         |   | 9             |   |   |                      | 8.00   | %      |                           |       |   | 53,000    |             |   |   | 712      |   |   |                                               | -       |   |                         |   | -      |                      |   |   | 53,712 |   |   |   | - |   |
| Vista Capital Investments |   | 8/26/2014         |   | 24            |   |   |                      | 5.83   | %      | (b)                            |       |   | 25,000    |             |   |   | 70       |   |   |                                               | 24,766  |   |                         |   | 2,777  |                      |   |   | 3,081 |   |   |   | 28,000 |   |
| KBM Worldwide             |   | 9/2/2014          |   | 9             |   |   |                      | 8.00   | %      |                           |       |   | 47,500    |             |   |   | 389      |   |   |                                               | -       |   |                         |   | -      |                      |   |   | 47,889 |   |   |   | - |   |
| JMJ Financial             |   | 9/3/20114         |   | 24            |   |   |                      | 5.83   | %      | (a)                            |       |   | 50,000    |             |   |   | 108      |   |   |                                               | 47,948  |   |                         |   | 5,556  |                      |   |   | 7,716 |   |   |   | 58,046 |   |
| JSJ Investments           |   | 9/8/2014          |   | 6             |   |   |                      | 12.00  | %      |                           |       |   | 100,000   |             |   |   | 1,447    |   |   |                                               | 87,602  |   |                         |   | -      |                      |   |   | 13,845 |   |   |   | 217,078 |   |
| Macallan Partners, LLC    |   | 9/9/2014          |   | 12            |   |   |                      | 10.00  | %      |                           |       |   | 120,000   |             |   |   | 690      |   |   |                                               | 113,806 |   |                         |   | -      |                      |   |   | 7,218 |   |   |   | 164,817 |   |
|                      |   |              |   |          |   |   |                      |   |   |       |       | $      | 1,285,750 |             |   | $      | 36,874   |   |   | $                                                  | 684,015 |   |                         | $      | 25,000 |                      |   | $ | 663,609 |   |   | $ | 1,016,044 |   |

| (a) | Implied interest rate. The note is subject to a one time 12% interest charge unless repaid within 90 days |
|-----|-----------------------------------------------------------------------------------------------------------|

| (b) | Implied interest rate. The note is subject to a one time 12% interest charge regardless of how long it has been outstanding |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

| (c) | Original Issue Discount due at maturity of the note |
|-----|-----------------------------------------------------|

----

Table of Contents

| Lender                 |   | Date of Agreement |   | Term Of Conversion                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Eligible forConversion        |
|------------------------|--------|-------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|
|                   |   |              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                          |
| Redwood Fund III       |   | May 15, 2014      |   | Conversion Price shall be 55% of the lowest traded price, determined on the then current trading market for the Company’s common stock, for 20 trading days prior to conversion.                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 180 after the effective dates |
| JMJ Financial          |   | October 22, 2014  |   | Conversion Price shall be lesser of $0.06 or 60% of lowest trade price in the 25 trading days previous to conversion.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 180 after the effective dates |
| Tonaquint, Inc         |   | October 7, 2014   |   | Conversion price shall be 65% (the “Conversion Factor”) of the lowest intra-day trade price of Borrower’s common stock (“Common Stock”) in the twenty-five (25) Trading Days immediately preceding the Conversion .                                                                                                                                                                                                                                                                                                                                                                                              |   | 180 after the effective date  |
| LG Capital #2          |   | October 23, 2014  |   | Conversion price shall be 50% of the lowest trading price of the Common Stock as reported on the National Quotations Bureau OTCQB exchange which the Company’s shares are traded or any exchange upon which the Common Stock may be traded in the future, for the twenty prior trading days including the day upon which a Notice of Conversion is received by the Company.                                                                                                                                                                                                                                                              |   | 180 after the effective date  |
| Cardinal Capital Group |   | November 6, 2014  |   | Conversion price shall equal the lesser of (a) $0.05 or (b) 60% of the lowest trade occurring during the twenty five (25) consecutive Trading Days immediately preceding the applicable Conversion Date on which the Holder elects to convert all or part of this Note, subject to adjustment as provided in this Note.                                                                                                                                                                                                                                                                                                                        |   | 180 after the effective date  |
| Rock Capital           |   | February 6, 2015  |   | Conversion price shall equal be 55% of the lowest closing bid price of the Common Stock as reported on the National Quotations Bureau OTCQB exchange which the Company’s shares are traded or any exchange upon which the Common Stock may be traded in the future ("Exchange"), for the twenty prior trading days including the day upon which a Notice of Conversion is received by the Company (provided such Notice of Conversion is delivered by fax or other electronic method of communication to the Company after 4 P.M. Eastern Standard or Daylight Savings Time if the Holder wishes to include the same day closing price). |   | 180 after the effective date  |
| Union Capital          |   | February 17, 2015 |   | Conversion price shall equal be 55% of the lowest closing bid price of the Common Stock as reported on the National Quotations Bureau OTCQB exchange which the Company’s shares are traded or any exchange upon which the Common Stock may be traded in the future ("Exchange"), for the twenty prior trading days including the day upon which a Notice of Conversion is received by the Company (provided such Notice of Conversion is delivered by fax or other electronic method of communication to the Company after 4 P.M. Eastern Standard or Daylight Savings Time if the Holder wishes to include the same day closing price). |   | 180 after the effective dates |
| Adar Bay               |   | February 19, 2015 |   | Conversion price shall equal be 50% of the lowest trading price of the Common Stock as reported on the National Quotations Bureau OTCQB exchange which the Company’s shares are traded or any exchange upon which the Common Stock may be traded in the future, for the twenty prior trading days including the day upon which a Notice of Conversion is received by the Company.                                                                                                                                                                                                                                                        |   | 180 after the effective date  |
| LG Capital #3          |   | March 10, 2015    |   | Conversion price shall equal be 60% of the lowest trading price of the Common Stock as reported on the National Quotations Bureau OTCQB exchange which the Company’s shares are traded or any exchange upon which the Common Stock may be traded in the future, for the twenty prior trading days including the day upon which a Notice of Conversion is received by the Company.                                                                                                                                                                                                                                                        |   | 180 after the effective date  |

----

Table of Contents

| Lender                       |   | Date of Agreement |   | Finder's Fees |    |   | Deferred Debt Origination Costs Due at Maturity |   |   | Legal and Other Debt Origination Costs |   |   | Deferred Debt Origination Costs at September 30, 2014 |   |   | Additions |    |   | Amortization |   |    | Deferred Debt Origination Costs at September 30, 2015 |
|------------------------------|--------|-------------------|--------|---------------|---------|--------|-------------------------------------------------|--------|--------|----------------------------------------|--------|--------|-------------------------------------------------------|--------|--------|-----------|---------|--------|--------------|--------|---------|-------------------------------------------------------|
|                         |   |              |   |               |    |   |                                                 |   |   |                                        |   |   |                                                       |   |   |           |    |   |              |   |    |                                                       |
| JMJ Financial #1             |   | 04/15/14          |   | $             | 10,000  |   |                                            | $      | 11,111 |                                   |   | $      | -                                                     |   |   | $         | 18,896  |   |         | $      | -       |                                                  |   | $ | 18,896 |   |   | $ | - |
| KBM Worldwide #1             |   | 04/24/14          |   |          | 10,000  |   |                                            |   | -      |                                   |   |   | 3,500                                                 |   |   |      | 7,692   |   |         |   | -       |                                                  |   |   | 7,692 |   |   |   | - |
| KBM Worldwide #2             |   | 06/26/14          |   |          | 5,000   |   |                                            |   | -      |                                   |   |   | 3,000                                                 |   |   |      | 6,247   |   |         |   | -       |                                                  |   |   | 6,247 |   |   |   | - |
| JSJ Investments #1           |   | 04/29/14          |   |          | 10,000  |   |                                            |   | -      |                                   |   |   | -                                                     |   |   |      | 1,562   |   |         |   | -       |                                                  |   |   | 1,562 |   |   |   | - |
| Adar Bay                     |   | 05/20/14          |   |          | 5,000   |   |                                            |   | -      |                                   |   |   | 2,500                                                 |   |   |      | 4,900   |   |         |   | -       |                                                  |   |   | 4,900 |   |   |   | - |
| LG Capital                   |   | 05/20/14          |   |          | 5,000   |   |                                            |   | -      |                                   |   |   | 2,500                                                 |   |   |      | 4,900   |   |         |   | -       |                                                  |   |   | 4,900 |   |   |   | - |
| Redwood Fund III             |   | 05/15/14          |   |          | 10,000  |   |                                            |   | -      |                                   |   |   | -                                                     |   |   |      | 2,438   |   |         |   | -       |                                                  |   |   | 2,438 |   |   |   | - |
| Vista Capital Investments #1 |   | 06/16/14          |   |          | 5,000   |   |                                            |   | 5,556  |                                   |   |   | -                                                     |   |   |      | 9,860   |   |         |   | -       |                                                  |   |   | 9,860 |   |   |   | - |
| Various                      |   | Various           |   |          | -       |   |                                            |   | -      |                                   |   |   | 52,500                                                |   |   |      | 25,596  |   |         |   | 18,700  |                                                  |   |   | 29,956 |   |   |   | 14,340 |
| Tonaquint, Inc #1            |   | 07/10/14          |   |          | 10,000  |   |                                            |   | 10,000 |                                   |   |   | 5,000                                                 |   |   |      | 23,898  |   |         |   | -       |                                                  |   |   | 23,898 |   |   |   | - |
| Union Capital                |   | 07/16/14          |   |          | -       |   |                                            |   | -      |                                   |   |   | 4,500                                                 |   |   |      | 4,500   |   |         |   | -       |                                                  |   |   | 4,500 |   |   |   | - |
| Iconic Holding, LLC          |   | 07/16/14          |   |          | 6,750   |   |                                            |   | 7,500  |                                   |   |   | -                                                     |   |   |      | 14,250  |   |         |   | -       |                                                  |   |   | 14,250 |   |   |   | - |
| Acutus Private               |   | 07/29/14          |   |          | 5,250   |   |                                            |   | -      |                                   |   |   | 6,250                                                 |   |   |      | 10,292  |   |         |   | -       |                                                  |   |   | 10,292 |   |   |   | - |
| KBM Worldwide #3             |   | 08/11/14          |   |          | 5,000   |   |                                            |   | -      |                                   |   |   | 3,000                                                 |   |   |      | 7,160   |   |         |   | -       |                                                  |   |   | 7,160 |   |   |   | - |
| Vista Capital Investments #2 |   | 08/26/14          |   |          | 2,500   |   |                                            |   | 2,777  |                                   |   |   | -                                                     |   |   |      | 5,277   |   |         |   | -       |                                                  |   |   | 5,277 |   |   |   | - |
| KBM Worldwide #4             |   | 09/02/14          |   |          | 4,500   |   |                                            |   | -      |                                   |   |   | 2,500                                                 |   |   |      | 6,540   |   |         |   | -       |                                                  |   |   | 6,540 |   |   |   | - |
| JMJ Financial #2             |   | 09/03/14          |   |          | 5,000   |   |                                            |   | 5,556  |                                   |   |   | -                                                     |   |   |      | 10,556  |   |         |   | -       |                                                  |   |   | 10,556 |   |   |   | - |
| JSJ Investments #2           |   | 09/08/14          |   |          | 10,000  |   |                                            |   | -      |                                   |   |   | 2,000                                                 |   |   |      | 11,759  |   |         |   | -       |                                                  |   |   | 11,759 |   |   |   | - |
| Macallan Partners, LLC       |   | 09/09/14          |   |          | -       |   |                                            |   | 12,000 |                                   |   |   | -                                                     |   |   |      | 12,000  |   |         |   | -       |                                                  |   |   | 12,000 |   |   |   | - |
| Tonaquint, Inc #2            |   | 10/07/14          |   |          | 10,000  |   |                                            |   | 5,000  |                                   |   |   | 15,000                                                |   |   |      | -       |   |         |   | 30,000  |                                                  |   |   | 14,902 |   |   |   | 15,098 |
| JMJ Financial # 3            |   | 10/22/14          |   |          | 5,000   |   |                                            |   | -      |                                   |   |   | 5,556                                                 |   |   |      | -       |   |         |   | 10,556  |                                                  |   |   | 5,556 |   |   |   | 5,000 |
| LG Capital #2                |   | 10/23/14          |   |          | 5,000   |   |                                            |   | 2,500  |                                   |   |   | 2,500                                                 |   |   |      | -       |   |         |   | 10,000  |                                                  |   |   | 9,494 |   |   |   | 506 |
| Cardinal Group               |   | 11/06/14          |   |          | -       |   |                                            |   | 8,500  |                                   |   |   | 6,500                                                 |   |   |      | -       |   |         |   | 15,000  |                                                  |   |   | 5,667 |   |   |   | 9,333 |
| KBM Worldwide #7             |   | 01/12/15          |   |          | -       |   |                                            |   | 4,500  |                                   |   |   | -                                                     |   |   |      | -       |   |         |   | 4,500   |                                                  |   |   | - |   |   |   | 4,500 |
| Rock Capital                 |   | 02/06/15          |   |          | -       |   |                                            |   | 1,000  |                                   |   |   | 4,500                                                 |   |   |      | -       |   |         |   | 5,500   |                                                  |   |   | 189 |   |   |   | 5,311 |
| Union Capital #3             |   | 02/17/15          |   |          | -       |   |                                            |   | 1,500  |                                   |   |   | 4,500                                                 |   |   |      | -       |   |         |   | 6,000   |                                                  |   |   | 4,500 |   |   |   | 1,500 |
| Adar Bay #2                  |   | 02/19/15          |   |          | -       |   |                                            |   | 3,500  |                                   |   |   | -                                                     |   |   |      | -       |   |         |   | 3,500   |                                                  |   |   | - |   |   |   | 3,500 |
| LG Capital #3                |   | 03/10/15          |   |          | -       |   |                                            |   | 4,000  |                                   |   |   | 7,500                                                 |   |   |      | -       |   |         |   | 11,500  |                                                  |   |   | 8,878 |   |   |   | 2,622 |
| Vista #3                     |   | 03/02/15          |   |          | -       |   |                                            |   | -      |                                   |   |   | 5,800                                                 |   |   |      | -       |   |         |   | 5,800   |                                                  |   |   | 5,800 |   |   |   | - |
|                         |   |              |   |          |    |   |                                            |   |   |                                   |   |   |                                                  |   |   |      |    |   |         |   |    |                                                  |   |   |   |   |   |   | - |
|                         |   |         |   | $             | 129,000 |   |                                            | $      | 85,000 |                                   |   | $      | 139,106                                               |   |   | $         | 188,323 |   |         | $      | 121,056 |                                                  |   | $ | 247,669 |   |   | $ | 61,710 |

| Lender                    |   | Date of Agreement |   | Transaction Costs |    |   | Deferred Debt Origination Costs Due at Maturity |   |   | Legal and Other Debt Origination Costs |   |   | Initial Deferred Origination Costs |   |   | Amortization |    |   | Net Deferred Debt Origination Costs |   |
|---------------------------|--------|-------------------|--------|-------------------|---------|--------|-------------------------------------------------|--------|--------|----------------------------------------|--------|--------|------------------------------------|--------|--------|--------------|---------|--------|-------------------------------------|--------|
| JMJ Financial             |   | 4/15/2014         |   | $                 | 10,000  |   |                                            | $      | 11,111 |                                   |   | $      | -                                  |   |   | $            | 21,111  |   |                                | $      | 2,215 |   |   | $ | 18,896 |   |
| KBM Worldwide             |   | 4/24/2014         |   |              | 10,000  |   |                                            |   | -      |                                   |   |   | 3,500                              |   |   |         | 13,500  |   |                                |   | 5,808 |   |   |   | 7,692 |   |
| KBM Worldwide             |   | 6/26/2014         |   |              | 5,000   |   |                                            |   | -      |                                   |   |   | 3,000                              |   |   |         | 8,000   |   |                                |   | 1,753 |   |   |   | 6,247 |   |
| JSJ Investments           |   | 4/29/2014         |   |              | 10,000  |   |                                            |   | -      |                                   |   |   | -                                  |   |   |         | 10,000  |   |                                |   | 8,438 |   |   |   | 1,562 |   |
| Adar Bays                 |   | 5/20/2014         |   |              | 5,000   |   |                                            |   | -      |                                   |   |   | 2,500                              |   |   |         | 7,500   |   |                                |   | 2,600 |   |   |   | 4,900 |   |
| LG Capital                |   | 5/20/2014         |   |              | 5,000   |   |                                            |   | -      |                                   |   |   | 2,500                              |   |   |         | 7,500   |   |                                |   | 2,600 |   |   |   | 4,900 |   |
| Redwood Fund III          |   | 5/15/2014         |   |              | 10,000  |   |                                            |   | -      |                                   |   |   | -                                  |   |   |         | 10,000  |   |                                |   | 7,562 |   |   |   | 2,438 |   |
| Vista Capital Investments |   | 6/16/2014         |   |              | 5,000   |   |                                            |   | 5,556  |                                   |   |   | -                                  |   |   |         | 10,556  |   |                                |   | 696 |   |   |   | 9,860 |   |
| Various                   |   | Various           |   |              | -       |   |                                            |   | -      |                                   |   |   | 33,800                             |   |   |         | 33,800  |   |                                |   | 5,693 |   |   |   | 28,107 |   |
| Tonaquint, Inc            |   | 7/10/2014         |   |              | 10,000  |   |                                            |   | -      |                                   |   |   | 15,000                             |   |   |         | 25,000  |   |                                |   | 1,102 |   |   |   | 23,898 |   |
| Union Capital             |   | 7/16/2014         |   |              | -       |   |                                            |   | -      |                                   |   |   | 4,500                              |   |   |         | 4,500   |   |                                |   | - |   |   |   | 4,500 |   |
| Iconic Holding, LLC       |   | 7/16/2014         |   |              | 6,750   |   |                                            |   | -      |                                   |   |   | 7,500                              |   |   |         | 14,250  |   |                                |   | - |   |   |   | 14,250 |   |
| Auctus Private            |   | 7/29/2014         |   |              | 5,250   |   |                                            |   | -      |                                   |   |   | 6,250                              |   |   |         | 11,500  |   |                                |   | 1,208 |   |   |   | 10,292 |   |
| KBM Worldwide             |   | 8/11/2014         |   |              | 5,000   |   |                                            |   | -      |                                   |   |   | 3,000                              |   |   |         | 8,000   |   |                                |   | 840 |   |   |   | 7,160 |   |
| Vista Capital Investments |   | 8/26/2014         |   |              | 2,500   |   |                                            |   | 2,777  |                                   |   |   | -                                  |   |   |         | 5,277   |   |                                |   | - |   |   |   | 5,277 |   |
| KBM Worldwide             |   | 9/2/2014          |   |              | 4,500   |   |                                            |   | -      |                                   |   |   | 2,500                              |   |   |         | 7,000   |   |                                |   | 460 |   |   |   | 6,540 |   |
| JMJ Financial             |   | 9/3/2014          |   |              | 5,000   |   |                                            |   | 5,556  |                                   |   |   | -                                  |   |   |         | 10,556  |   |                                |   | - |   |   |   | 10,556 |   |
| JSJ Investments           |   | 9/8/2014          |   |              | 10,000  |   |                                            |   | -      |                                   |   |   | 2,000                              |   |   |         | 12,000  |   |                                |   | 241 |   |   |   | 11,759 |   |
| Macallan Partners, LLC    |   | 9/9/2014          |   |              | -       |   |                                            |   | -      |                                   |   |   | 12,000                             |   |   |         | 12,000  |   |                                |   | - |   |   |   | 12,000 |   |
|                      |   |              |   |              |    |   |                                            |   |   |                                   |   |   |                               |   |   |         |    |   |                                |   |   |   |   |   |   |   |
|                      |   |         |   | $                 | 109,000 |   |                                            | $      | 25,000 |                                   |   | $      | 98,050                             |   |   | $            | 232,050 |   |                                | $      | 41,216 |   |   | $ | 190.834 |   |

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|  | · | The stock price would fluctuate with the Company projected volatility; |
|--|--------|------------------------------------------------------------------------|

|  | · | The Derivative Convertible Notes convert at  40%  to  60%  of the market prices; |
|--|--------|------------------------------------------------------------------------------------------------------|

|  | · | An event of default would occur initially 0% of the time, increasing 1.00% per month until it reaches 10%; |
|--|--------|------------------------------------------------------------------------------------------------------------|

|  | · | The projected volatility curve for each valuation period was based on the historical volatility of the Company, ranging between 200% and 260%; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The Company would redeem the notes initially 0% of the time, and increase monthly by 1.00% to a maximum of 5.00%; |
|--|--------|-------------------------------------------------------------------------------------------------------------------|

|  | · | The holders of the notes would automatically convert the notes at the maximum of two times the conversion price if the Company is not in default, with the target conversion price dropping as maturity approaches; and |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The Holder would convert the note early after 0-90-180 days and at maturity if the registration was effective and the Company was not in default. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The stock price would fluctuate with the Company projected volatility; |
|--|--------|------------------------------------------------------------------------|

|  | · | The stock price would fluctuate with an annual volatility. The projected volatility curve for each valuation period was based on the historical volatility of the Company, ranging between 101% and 103%; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The Holder would exercise the warrant as they become exercisable at target prices of two times the higher of the projected reset price or stock price; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The Warrants with the $0.355; $0.28; and $0.275 exercise prices are fixed and not projected to adjust; and |
|--|--------|------------------------------------------------------------------------------------------------------------|

|  | · | The Feltang Warrants expired in the period ending September 30, 2014 without being exercised. |
|--|--------|-----------------------------------------------------------------------------------------------|

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|                                           |   | 2015   |      |   | 2014   |   |
|------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                           |   |        |      |   |        |   |
| DRSTP concession                               |   | $      | 3,113,795 |   |   | $      | 3,113,795 |   |
| Chad concession                                |   |   | 2,800,600 |   |   |   | 2,800,600 |   |
| Pending concessions in other African countries |   |   | 101,619   |   |   |   | 91,840 |   |
|                                           |   |   |      |   |   |   |   |   |
|                                           |   | $      | 6,016,014 |   |   | $      | 6,006,235 |   |

|  | a. | pay surface fees of $60,000 per year and annual training fees of $175,000 per year during the initial exploration term of two years that started in the first quarter of 2013, |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | b. | spend at least $10,250,000 over the first two years on a minimum work program, and an additional $30,000,000 in each of the following two periods of two years each. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                 |   | 2015   |      |   | 2014   |   |
|--------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                                                                 |   |        |      |   |        |   |
| Signature bonus                                                                      |   | $      | 2,000,000 |   |   | $      | 2,000,000 |   |
| Advisers’ and ancillary costs related to the PSC                               |   |   | 320,600   |   |   |   | 320,600 |   |
| Legal fees and costs for the drafting and negotiation of the PSC, as provided in PSC |   |   | 480,000   |   |   |   | 480,000 |   |
|                                                                                 |   |   |      |   |   |   |   |   |
|                                                                                 |   | $      | 2,800,600 |   |   | $      | 2,800,600 |   |

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|  | a. | spend at least $15,000,000 over the first five years on a minimum work program and at least an additional $1,000,000 over a further period of up to three years |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | b. | incur surface fees of $16,360 per calendar year during the first validity period starting on July 12, 2012, and lasting for up to eight years.  Surface fees for subsequent periods will depend on the exploration progress as well as on the acreage retained by ERHC. |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Block  |   | ERHC Original Participating Interest |   | ERHC Joint Bid Participating Interest |   | Participating Interest(s) Transferred |   | Current ERHC Retained Participating Interest |   |  Remaining Cost Allocated to Blocks |
|--------|--------|------------------------------------------------|--------|---------------------------------------|--------|---------------------------------------|--------|----------------------------------------------|--------|-----------------------------------------------|
| JDZ 2  |   | 30.00%                                         |   | 35.00%                                |   | 43.00%                                |   | 22.00%                                       |   | $                                             | - |
| JDZ 3  |   | 20.00%                                         |   | 5.00%                                 |   | 15.00%                                |   | 10.00%                                       |   |                                          | - |
| JDZ 4  |   | 25.00%                                         |   | 35.00%                                |   | 40.50%                                |   | 19.50%                                       |   |                                          | - |
| JDZ 5  |   | 15.00%                                         |   |  -                               |   |  -                               |   | 15.00% (in arbitration)                      |   |                                          | 567,900 |
| JDZ 6  |   | 15.00%                                         |   |  -                               |   |  -                               |   | 15.00% (in arbitration)                      |   |                                          | 567,900 |
| JDZ 9  |   | 20.00%                                         |   |  -                               |   |  -                               |   | 20.00%                                       |   |                                          | 567,900 |
| EEZ 4  |   | 100.00%                                        |   |  -                               |   |  -                               |   | 100.00%                                      |   |                                          | 567,900 |
| EEZ 11 |   | 100.00%                                        |   |  -                               |   |  -                               |   | 100.00%                                      |   |                                          | 842,195 |

|                           |   | 2015   |        |   | 2014   |   |
|--------------------------------|--------|--------|-------------|--------|--------|--------|
| Net operating losses           |   | $      | 11,619,113  |   |   | $      | 8,753,206 |   |
| Income tax receivable          |   |   | -           |   |   |   | 2,018,398 |   |
| Allowance for loss on deposits |   |   | 1,443,651   |   |   |   | 1,799,584 |   |
| Other                          |   |   | 1,702,196   |   |   |   | 827,145 |   |
| Total deferred tax assets      |   |   | 14,764,960  |   |   |   | 13,398,333 |   |
| Valuation allowance            |   |   | (14,764,960 | )      |   |   | (11,379,800 | ) |
|                           |   |   |        |   |   |   |   |   |
| Net deferred tax asset         |   | $      | -           |   |   | $      | 2,018,533 |   |

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|                                         |   | 2015   |       |   | 2014   |   |
|----------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                         |   |        |       |   |        |   |
| Income tax benefit at federal statutory rate |   | $      | 2,940,978  |   |   | $      | 673,402 |   |
| Change in valuation allowance                |   |   | (6,113,573 | )      |   |   | (637,154 | ) |
| Expiration and adjustment of NOLs            |   |   | 1,019,766  |   |   |   | (94,021 | ) |
| Stock compensation                           |   |   | (2,856     | )      |   |   | (9,166 | ) |
| Other                                        |   |   | 137,152    |   |   |   | 66,939 |   |
|                                         |   | $      | (2,018,533 | )      |   | $      | - |   |

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| Risk free interest rate  |   |   | 0.25   | % |
|--------------------------|--------|--------|--------|---|
| Dividend yield           |   |   | 0.00   | % |
| Annual volatility        |   |   | 105.97 | % |
| Exit/Attrition rates     |   |   | 2.00   | % |
| Target exercise multiple |   |   | 2.14   | % |

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| Description                   |   | Warrants |       |   | Weighted Average Exercise Price |   |   | Market Price Intrinsic Value |   |
|-------------------------------|--------|----------|------------|--------|---------------------------------|--------|--------|------------------------------|--------|
|                          |   |          |       |   |                                 |   |   |                              |   |
| Balance at September 30, 2013 |   |     | 13,777,729 |   |                            |   | 0.32   |                         |   |   | - |   |
| Granted                       |   |     | -          |   |                            |   |   |                         |   |   |   |   |
| Exercised                     |   |     | -          |   |                            |   |   |                         |   |   |   |   |
| Expired or cancelled          |   |     | 6,500,000  |   |                            |   |   |                         |   |   |   |   |
| Balance at September 30, 2014 |   |     | 7,277,729  |   |                            |   | 0.28   |                         |   |   | - |   |
| Granted                       |   |     | -          |   |                            |   |   |                         |   |   |   |   |
| Exercised                     |   |     | -          |   |                            |   |   |                         |   |   |   |   |
| Expired or cancelled          |   |     | 459,546    |   |                            |   | 0.28   |                         |   |   |   |   |
| Balance at September 30, 2015 |   |     | 6,818,183  |   |                            |   |   |                         |   |   | - |   |

| a. | $2,000,000 as the entire signature bonus |
|----|------------------------------------------|

| b. | $320,600 in advisers' and ancillary costs related to the PSC |
|----|--------------------------------------------------------------|

| c. | $480,000 as legal fees and costs for the drafting and negotiation of the PSC, as provided for in the PSC |
|----|----------------------------------------------------------------------------------------------------------|

| d. | $190,872 as costs of Environmental Impact Study, as provided for in the PSC |
|----|-----------------------------------------------------------------------------|

| e. | $448,000 on Aeromagnetic data acquisition survey, in fulfilment of work program obligations under the PSC |
|----|-----------------------------------------------------------------------------------------------------------|

| f. | $378,374 2014/2015 Training and Surface rental Fess, as provided in the PSC |
|----|-----------------------------------------------------------------------------|

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| Year Ended September 30, |   | Amount |    |
|--------------------------|--------|--------|---------|
|                     |   |        |    |
| 2016                     |   | $      | 131,638 |   |
| 2017                     |   |   | 110,968 |   |
| 2018                     |   |   | -       |   |
|                     |   |   |    |   |
|                     |   | $      | 242,606 |   |

|  | · | A limited refund of verifiable past costs of which $1.5 million has been received to date. |
|--|--------|--------------------------------------------------------------------------------------------|

|  | · | Cash consideration of $2.5 million. |
|--|--------|-------------------------------------|

|  | · | Further value consideration dependent on whether exploration (i) proceeds through seismic to drilling of wells and (ii) results in a commercial discovery and production. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosures |
|---------|---------------------------------------------------------------------------------------|

| Item 9A. | Controls and Procedures |
|----------|-------------------------|

| Item 9B. | Other Information |
|----------|-------------------|

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| Item 10. | Directors and Executive Officers of the Registrant and Corporate Governance |
|----------|-----------------------------------------------------------------------------|

| Name            |   | Age    |   | Position                                        |
|-----------------|--------|--------|--------|-------------------------------------------------|
|            |   |   |   |                                            |
| Howard Jeter    |   | 68     |   | Director                                        |
| Andrew Uzoigwe  |   | 72     |   | Director                                        |
| Friday Oviawe   |   | 53     |   | Director                                        |
| Peter C. Ntephe |   | 48     |   | Director, President and Chief Executive Officer |

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----

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|  Name     |   | Fees Earned or Paid in Cash |   |   | Stock Awards |   |   | OptionAwards |   |   | Non-Equity Incentive Plan Compensation |   |   | Change in Pension Value and Nonqualified Deferred Compensation Earnings |   |   | All Other Compensation |   |   | Total  |   |
|----------------|--------|-----------------------------|--------|--------|--------------|--------|--------|--------------|--------|--------|----------------------------------------|--------|--------|-------------------------------------------------------------------------|--------|--------|------------------------|--------|--------|--------|--------|
|  2015     |   |                             |   |   |              |   |   |              |   |   |                                        |   |   |                                                                         |   |   |                        |   |   |        |   |
| Howard Jeter   |   | $                           | 38,125 |   |         | $      | -      |         |   | $      | -                                      |   |   | $                                                                       | -      |   |                   | $      | -      |   |   | $ | - |   |   | $ | 38,125 |   |
| Andrew Uzoigwe |   |                        | 38,125 |   |         |   | -      |         |   |   | -                                      |   |   |                                                                    | -      |   |                   |   | -      |   |   |   | - |   |   |   | 38,125 |   |
| Friday Oviawe  |   |                        | 40,000 |   |         |   | -      |         |   |   | -                                      |   |   |                                                                    | -      |   |                   |   | -      |   |   |   | - |   |   |   | 40,000 |   |
| Peter Ntephe   |   |                        | 26,000 |   |         |   | -      |         |   |   | -                                      |   |   |                                                                    | -      |   |                   |   | -      |   |   |   | - |   |   |   | 26,000 |   |
|           |   |                        |   |   |         |   |   |         |   |   |                                   |   |   |                                                                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| 2014           |   |                        |   |   |         |   |   |         |   |   |                                   |   |   |                                                                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Howard Jeter   |   | $                           | 42,624 |   |         | $      | -      |         |   | $      | -                                      |   |   | $                                                                       | -      |   |                   | $      | -      |   |   | $ | - |   |   | $ | 42,624 |   |
| Andrew Uzoigwe |   |                        | 42,624 |   |         |   | -      |         |   |   | -                                      |   |   |                                                                    | -      |   |                   |   | -      |   |   |   | - |   |   |   | 42,624 |   |
| Friday Oviawe  |   |                        | 44,500 |   |         |   | -      |         |   |   | -                                      |   |   |                                                                    | -      |   |                   |   | -      |   |   |   | - |   |   |   | 44,500 |   |
| Peter Ntephe   |   |                        | 26,000 |   |         |   | -      |         |   |   | -                                      |   |   |                                                                    | -      |   |                   |   | -      |   |   |   | - |   |   |   | 26,000 |   |

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| Name           |   |   | Option Awards                                       |   |   | Stock Awards |                                                                                               |
|----------------|--------|--------|-----------------------------------------------------|--------|--------|--------------|----------------------------------------------------------------------------------------------------|
|           |   |   |                                                |   |   |         |                                                                                               |
|           |   |   | Number of Securities Underlying Unexercised Options |   |   |         | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) (2) |   |   |   | Option Exercise Price ($) |   | Option Expiration Date |   |   | Number of Shares or Units of Stock That Have Not Vested (#)  |   |   |   | Market Value of Shares or Units of Stock That Have Not Vested ($) |   |   |   | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)  |   |   |   | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) |   |
|           |   |   | Exercisable                                         |   |   |         | Unexercisable (1)                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|           |   |   |                                                |   |   |         |                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Peter Ntephe   |   |   | —                                             |   |   |         | 525,000                                                                                            |   |   |   | 75,000 |   |   |   | 0.20 |   | 1/6/2022 |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Howard Jeter   |   |   | —                                             |   |   |         | 525,000                                                                                            |   |   |   | 75,000 |   |   |   | 0.20 |   |  1/6/2022 |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Friday Oviawe  |   |   | —                                             |   |   |         | 525,000                                                                                            |   |   |   | 75,000 |   |   |   | 0.20 |   |  1/6/2022 |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Andrew Uzoigwe |   |   | —                                             |   |   |         | 525,000                                                                                            |   |   |   | 75,000 |   |   |   | 0.20 |   |  1/6/2022 |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |

|  | (1) | The number in this column reflects the rule 144 options awarded in 2012 pursuant to the 2004 Plan that have vested, but are not exercisable due to other factors. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The number in this column reflects the rule 144 options awarded in 2012 pursuant to the 2004 Plan that have not vested as of September 30, 2015. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

----

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| Item 11. | Executive Compensation |
|----------|------------------------|

----

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| · | a base salary rate typically targeted at a level that is competitive in our market as determined by the Compensation Committee, |
|--------|---------------------------------------------------------------------------------------------------------------------------------|

| · | other equity awards, including equity grants to new hires to attract talented personnel and occasional grants of options/restricted shares to retain our talented employees, and |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | a comprehensive benefits package. |
|--------|-----------------------------------|

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|                                                   |        |   | Salary |    |   | Bonus  |   |    | Stock Awards Authorized and Issued |   |   | Stock Awards Authorized Unissued |   |   | OptionAwards |    |   | Non-EquityIncentive PlanCompensation |   |    | Change in Pension Value and Nonqualified Deferred Compensation Earnings |   |   | All OtherCompensation |   |   | Total  |    |
|--------------------------------------------------------|--------|--------|--------|---------|--------|--------|--------|---------|------------------------------------|--------|--------|----------------------------------|--------|--------|--------------|---------|--------|--------------------------------------|--------|---------|-------------------------------------------------------------------------|--------|--------|-----------------------|--------|--------|--------|---------|
| Name and Principal Position                            | Year   |   | ($)    |    |   | ($)    |   |    | ($)                                |   |   | ($)                              |   |   | ($)          |    |   | ($)                                  |   |    | ($)                                                                     |   |   | ($)                   |   |   | ($)    |    |
|                                                   |   |   |   |    |   |   |   |    |                               |   |   |                             |   |   |         |    |   |                                 |   |    |                                                                    |   |   |                  |   |   |   |    |
| Peter Ntephe (1)                                       |   |   |        |    |   |        |   |    |                                    |   |   |                                  |   |   |              |    |   |                                      |   |    |                                                                         |   |   |                       |   |   |        |    |
| Chief Executive Officer                                | 2015   |   |   | 236,000 |   |   |   | — |                               |   |   | —                          |   |   |         | — |   |                                 |   | — |                                                                    |   |   | —               |   |   |   | — |   |   |   | — |   |   |   | 236,000 |   |
|                                                        | 2014   |   |   | 236,000 |   |   |   | — |                               |   |   | —                          |   |   |         | — |   |                                 |   | — |                                                                    |   |   | —               |   |   |   | — |   |   |   | — |   |   |   | 236,000 |   |
|                                                   |   |   |   |    |   |   |   |    |                               |   |   |                             |   |   |         |    |   |                                 |   |    |                                                                    |   |   |                  |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Sylvan Odobulu (2)                                     |   |   |   |    |   |   |   |    |                               |   |   |                             |   |   |         |    |   |                                 |   |    |                                                                    |   |   |                  |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Vice President -  Administration & Controller | 2015   |   |   | 180,000 |   |   |   | — |                               |   |   | —                          |   |   |         | — |   |                                 |   | — |                                                                    |   |   | —               |   |   |   | — |   |   |   | — |   |   |   | 180,000 |   |
|                                                        | 2014   |   |   | 180,000 |   |   |   | — |                               |   |   | —                          |   |   |         | — |   |                                 |   | — |                                                                    |   |   | —               |   |   |   | — |   |   |   | — |   |   |   | 180,000 |   |

|  | (1) | Mr. Ntephe is contracted through ERHC’s holding company, ERHC Energy Cayman Limited and is paid a salary of $236,000 per year for his services as CEO. Stock awards and other compensation were awarded for his service as a director from April 2010 when he was elected to the board. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | Mr. Odobulu joined the Company in July 2006 as controller and is the Principal Accounting Officer. He was promoted to Vice President – Administration in January 2012, at which time his salary was increased from $162,000 to $180,000 per year. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|           |   |   | Option Awards            |   |   | Stock Awards          |                                                                                               |
|----------------|--------|--------|---------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|
|           |   |   |                                                                            |   |   |                                                               |                                                                                               |
| Name           |   |   | Number of Securities Underlying Unexercised Options         |   |   |                                                               | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) (2) |   |   |   | Option Exercise Price ($) |   | Option Expiration Date |   |   | Number of Shares or Units of Stock That Have Not Vested (#) |   |   |   | Market Value of Shares or Units of Stock That Have Not Vested ($) |   |   |   | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |   |   |   | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) |   |
|           |   |   | Exercisable                                                                     |   |   |                                                               | Unexercisable (1)                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|           |   |   |                                                                            |   |   |                                                               |                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Peter Ntephe   |   |   | —                                                                         |   |   |                                                               | 875,000                                                                                            |   |   |   | 125,000 |   |   |   | 0.20 |   | 1/6/2022 |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Sylvan Odobulu |   |   | —                                                                         |   |   |                                                               | 656,250                                                                                            |   |   |   | 93,750 |   |   |   | 0.20 |   | 1/6/2022 |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |

|  | (1) | The number in this column reflects the rule 144 options awarded in 2012 pursuant to the 2004 Plan that have vested, but are not exercisable due to other factors. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The number in this column reflects the rule 144 options awarded in 2012 pursuant to the 2004 Plan that have not vested as of September 30, 2015. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

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| Employee       |   | Position                                             |   | Date of Agreement Commencement |   | Date of Agreement Termination |   | Term of Agreement |   | Monthly/Annual Compensation |   | Estimated Cost if Triggering Event Occurred at September 30, 2015 |   |
|----------------|--------|------------------------------------------------------|--------|-------------------------------------|--------|-------------------------------|--------|-------------------|--------|-----------------------------|--------|------------------------------------------------------------------------|--------|
|           |   |                                                 |   |                                |   |                          |   |              |   |                             |   |                                                                        |   |
| Peter Ntephe   |   | President and Chief Executive Officer                |   | 4/22/2015                           |   | 4/21/2017                     |   | 2 years           |   |                        | $      | 19,667 /236,000                                                        |   |   | $ | 472,000 |   |
| Sylvan Odobulu |   | Vice President – Administration and Controller |   | 7/3/2015                            |   | 7/2/2017                      |   | 2 years           |   |                        | $      | 15,000 /180,000                                                        |   |   | $ | 360,000 |   |

|   | · | Within one month of commencement, 3 months of base salary |
|--------|--------|-----------------------------------------------------------|

|   | · | After 1 month but before 12 months – 12 months of base salary |
|--------|--------|---------------------------------------------------------------------|

|   | · | After 12 months – 24 months of base salary |
|--------|--------|--------------------------------------------------|

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|                                                       |   | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) |      |   | Weighted-average exercise price of outstanding options, warrants and rights (b) |   |   | Number of securities remaining available  for future issuance under equity compensation plans (excluding securities reflected in column  (a) (c) |   |
|------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------|-----------|--------|---------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                       |   |                                                                                                 |      |   |                                                                                 |   |   |                                                                                                                                                                 |   |
| Equity compensation plans approved by security holders     |   |                                                                                            | 4,150,000 |   |                                                                            |   | 0.20   |                                                                                                                                                            |   |   | 5,318,244 |   |
|                                                       |   |                                                                                            |      |   |                                                                            |   |   |                                                                                                                                                            |   |   |   |   |
| Equity compensation plans not approved by security holders |   |                                                                                            | -         |   |                                                                            |   | -      |                                                                                                                                                            |   |   | - |   |

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Table of Contents

| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
|----------|------------------------------------------------------------------------------------------------|

| Name and Address                                                     |   | Amount and Natureof BeneficialOwnership (1) |        |   |   |   | Percent ofClass (1) |   |
|----------------------------------------------------------------------|--------|---------------------------------------------|-------------|--------|--------|--------|---------------------|--------|
|                                                                 |   |                                             |        |   |   |   |                     |   |
| > 5% Shareholders:                                                |   |                                             |        |   |   |   |                     |   |
| Chrome Oil Services LTD (Sir Emeka Offor)                            |   |                                        | 293,111,096 |   | (2)    |   |                |   | 9.837 | % |
| c/o No 22 Lobito, Wuse II                                            |   |                                        |        |   |   |   |                |   |   |   |
| Abuja, Nigeria                                                       |   |                                        |        |   |   |   |                |   |   |   |
|                                                                 |   |                                        |        |   |   |   |                |   |   |   |
| Chrome Energy, LLC (Sir Emeka Offor)                                 |   |                                        | 103,305,706 |   | (2)    |   |                |   | 3.467 | % |
| c/o No 22 Lobito Crescent, Wuse II,                                  |   |                                        |        |   |   |   |                |   |   |   |
| Abuja, Nigeria.                                                      |   |                                        |        |   |   |   |                |   |   |   |
|                                                                 |   |                                        |        |   |   |   |                |   |   |   |
| Sir Emeka Offor                                                      |   |                                        | 400,621,802 |   | (2)    | (3)    |                |   | 13.445 | % |
| 228B Muri Okunola ST, PO Box 71898 Victoria Island                   |   |                                        |        |   |   |   |                |   |   |   |
| Lagos, Nigeria                                                       |   |                                        |        |   |   |   |                |   |   |   |
|                                                                 |   |                                        |        |   |   |   |                |   |   |   |
| Directors and Named Executive Officers:                              |   |                                        |        |   |   |   |                |   |   |   |
| Peter Ntephe, President and Chief Executive Officer (4)              |   |                                        | 65,083,714  |   |   |   |                |   | * |   |
|                                                                 |   |                                        |        |   |   |   |                |   |   |   |
| Sylvan Odobulu, Controller (4)                                       |   |                                        | 80,464,166  |   |   |   |                |   | * |   |
|                                                                 |   |                                        |        |   |   |   |                |   |   |   |
| Howard Jeter, Director (4)                                           |   |                                        | 1,088,333   |   |   |   |                |   | * |   |
|                                                                 |   |                                        |        |   |   |   |                |   |   |   |
| Friday Oviawe, Director (4)                                          |   |                                        | 546,666     |   |   |   |                |   | * |   |
|                                                                 |   |                                        |        |   |   |   |                |   |   |   |
| Dr. Andrew Uzoigwe, Director (4)                                     |   |                                        | 1,113,333   |   |   |   |                |   | * |   |
|                                                                 |   |                                        |        |   |   |   |                |   |   |   |
| All directors and named executive officer as a group (5 persons) (4) |   |                                        | 148,296,212 |   |   |   |                |   | 4.977 | % |

| * | Less than three percent. |
|---|--------------------------|

| (1) | At September 30, 2015, a total of 2,979,683,870 shares of our Common Stock were issued and outstanding. |
|-----|---------------------------------------------------------------------------------------------------------|

| (2) | Represents shares indirectly owned by Sir Emeka Offor, as a result of his ownership of, and exercise of voting and investment control over, each of Chrome Oil Services, Ltd. and Chrome Energy, LLC. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Includes 4,205,000 shares owned directly by Sir Emeka Offor. |
|-----|--------------------------------------------------------------|

| (4) | Address c/o ERHC Energy, Inc., Suite 1440, 5444 Westheimer Road, Houston, TX 77056. |
|-----|-------------------------------------------------------------------------------------|

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| Item 13. | Certain Relationships and Related Transactions |
|----------|------------------------------------------------|

| Item 14. | Principal Accounting Fees and   Services |
|----------|----------------------------------------------------|

|      |   | 2015   |   |   | 2014   |   |
|-----------|--------|--------|--------|--------|--------|--------|
|      |   |        |   |   |        |   |
| Audit fee |   | $      | 62,000 |   |   | $      | 62,000 |   |
| Tax fees  |   |   | 5,750  |   |   |   | 5,750 |   |
|      |   |   |   |   |   |   |   |   |
|      |   | $      | 67,750 |   |   | $      | 67,750 |   |

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Table of Contents

| Item 15. | Exhibits and Financial Statement Schedules and Reports on Form 8-K |
|----------|--------------------------------------------------------------------|

|  | 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: |
|--|----|---------------------------------------------------------------|

| 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* | Employment Agreement with Sylvan Odobulu                                                                                                                                                 |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Exhibit 10.21* | Employment Agreement with David Alan Bovell                                                                                                                                              |
| Exhibit 10.22* | Employment Agreement with Peter Ntephe                                                                                                                                                   |
| Exhibit 10.23* | Summary of Production Sharing Contract between the Republic of Chad and ERHC, dated June 30, 2011                                                                                        |
| Exhibit 10.24* | Novation of the Production Sharing Contract between the Republic of Chad and ERHC dated November 18, 2013 and a Decree of the President of the Republic of Chad dated September 24, 2013 |
| 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                                                                    |

|  | * | Previously filed |
|--|---|------------------|

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| ERHC Energy Inc. |                                        |
|------------------|---------------------------------------------|
| By:              | //s//Peter Ntephe                           |   |
|             | Peter Ntephe                                |   |
|             | President and  Chief Executive Officer |   |
|             | //s//Sylvan Odobulu                         |   |
|             | Sylvan Odobulu                              |   |
|             | Principal Accounting Officer                |   |

| Signature                  |   | Title                    |   | Date              |
|----------------------------|--------|--------------------------|--------|-------------------|
| //s//  Howard Jeter   |   | Director                 |   | December 22, 2015 |
| Howard Jeter               |   | Member Audit Committee   |   |              |
| //s//  Andrew Uzoigwe |   | Director                 |   | December 22, 2015 |
| Andrew Uzoigwe             |   | Member Audit Committee   |   |              |
| //s//  Friday Oviawe  |   | Director                 |   | December 22, 2015 |
| Friday Oviawe              |   | Chairman Audit Committee |   |              |

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