As of December 31, 2007, ERHC reported cash assets totaling $33.87 million, compared to $38.03 million one year ago. The company reported that interest income totaled $431,863 during the three months ended December 31, 2007.
General and administrative expenses decreased by approximately $320,000, or 24%, during the first quarter, compared to the same period a year ago.
Nicolae Luca, acting CEO of ERHC Energy, said: The quarter saw a significant reduction in expenses incurred in connection with the justice department and SEC investigations of the company. By restructuring operations and implementing strict cost controls, we continue to strengthen the company’s financial position.
