ERHC Energy Inc (ERHE)

[RUBY1100]

ERHC net loss up in first quarter

Upstream Online
http://www.upstreamonline.com/incoming/article154510.ece


Houston-based independent oil and gas company ERHC Energy reported a net loss of $847,739 for the first quarter of this year, compared with a net loss of $444,504 for the same quarter last year.

ERHC’s interest income totalled $322,962.

The company’s cash assets totalled about $33 million, compared to about $36 million one year ago.

Company chief Peter Ntephe said: “The Company continues to maintain adequate cash reserves due to careful, responsible cost controls. ERHC’s strong financial standing positions us to pursue possible opportunities for corporate growth, such as corporate mergers and acquisitions and stock exchange listings.”

ERHC Energy has interests in six of the nine blocks in the offshore Joint Development Zone between Nigeria and the Democratic Republic of Sao Tome & Principe.

The Company has additional interests in the territorial waters of Democratic Republic of Sao Tome & Principe known as the Exclusive Economic Zone.

According to the Block operators, exploratory drilling in two JDZ blocks in which ERHC has interests could begin as early as the fourth quarter of 2008.


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09 May 2008 21:47 GMT | last updated: 09 May 2008 21:48 GMT