ERHC Reports $32.4MM in Cash Assets

ERHC Energy Inc. has reported financial results for the third quarter ended June 30, 2008.

As of June 30, 2008, ERHC reported cash assets totaling approximately $32.4 million, compared to approximately $35.7 million one year ago.

During the three months ended June 30, 2008, ERHC's interest income totaled $225,079. ERHC’s net loss totaled $604,173, compared with a net loss of $587,219 for the three months ended June 30, 2007. General and administrative expenses during the third quarter totaled $820,462, which was a down nearly 24 percent from the third quarter of 2007.

"The Company has been prudent in its spending and has consistently been able to reduce its quarterly expenses during the past two years," said Chief Operating Officer and Acting Chief Executive Officer Peter Ntephe.