10 February 2012, Sweetcrude, HOUSTON – ERHC Energy Incorporated, a publicly traded American company with oil and gas assets in Sub-Saharan Africa, has announced its results for the first quarter of its current financial year.
The company said that as at December 31, 2011, it had cash and cash equivalents and treasury bills totaling $11,920,851, and virtually no debts.
It further stated that its general and administrative expenses, during the first quarter, totaled $1,040,099, which represented a decrease of approximately 15 percent from the first quarter of fiscal 2011. The decrease was due to an ongoing effort to control and reduce general operating expenses.
ERHC holds oil and gas exploration interests in the Republic of Chad, the Sao Tome and Principe Exclusive Economic Zone (EEZ) and the Nigeria-Sao Tome and Principe Joint Development Zone (JDZ).
In the Republic of Chad, ERHC has 100 percent of the interest in BDS 2008 and Manga. The Company has a 50 percent interest in Chari-Ouest Block 3.
It holds 100 percent working interests in Blocks 4 and 11 In the EEZ, with an option to acquire up to 15 percent working interests in two more Blocks.
ERHC holds working interests in Blocks 2, 3, 4, 5, 6 and 9 in the JDZ.
