ERHC Energy Inc. reported financial results for the first quarter ended December 31, 2007.
As of December 31, 2007, ERHC reported cash assets totaling $33,870,197, compared to $38,030,673 one year ago.
During the three months ended December 31, 2007, ERHC's interest income totaled $431,863. ERHC's net loss totaled $586,765, which was up slightly from $522,142 for the three months ended December 31, 2006. General and administrative expenses during the first quarter decreased by approximately $320,000, or 24 percent, compared the same period a year ago.
"The quarter saw a significant reduction in expenses incurred in connection with the Justice Department and SEC investigations of the Company," said Acting Chief Executive Officer Nicolae Luca. "By restructuring operations and implementing strict cost controls, we continue to strengthen the Company's financial position."
To date, the Gulf of Guinea, off the coast of West Africa, has been ERHC Energy's primary focus. The Company's consortium partners, Addax Petroleum and Sinopec Corp., are preparing to begin exploration activities in two blocks of the Joint Development Zone (JDZ) between Nigeria and the Democratic Republic of Sao Tome & Principe.
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