ERHC Energy Inc (ERHE)

[RubyMartin]

ERHC Energy Inc. (OTCBB: ERHE) - Friday's shares closed down 1.37% with a price of $0.360. The volume was at 440,290. ERHC Energy Inc. reported financial results for the third quarter ended June 30, 2006. As of June 30, 2006, ERHC reported cash assets totaling $41.3 million. During the three months ended June 30, 2006, ERHC had a net loss of $621,474, compared to a net loss of $223,628 for the three months ended June 30, 2005. Interest income increased by $527,732 due to the significant cash balance related to proceeds from the sale of participation interests in Blocks 2, 3 and 4 of the Joint Development Zone (JDZ) during the first quarter. General and administrative expenses during the third quarter increased by $1.2 million over the same period last year, due to an increase in legal costs, accounting of employee stock options in fiscal 2005, and increased travel and administrative expenses of doing business internationally.

ERHC Energy Inc. is a Houston-based independent oil and gas company focused on growth through high impact exploration in the highly prospective Gulf of Guinea and the development of undeveloped and marginal oil and gas fields. ERHC is committed to creating and delivering significant value for its shareholders, investors, and employees; sustainable and profitable growth through risk balanced smart exploration, cost efficient development and high margin production.