GFI Oil & Gas Corporation has reported a net loss of C$1.9 million for the first quarter of 2007, compared to a net loss of C$0.73 million in the same period of 2006.
The company also reported interest income of C$0.28 million for the first quarter of 2007, compared to C$88,000 in the same period of 2006. The increase in interest income is due to larger cash balances from the private placements and the income on cash placed in restricted accounts.
For the quarter, total expenses were approximately C$2.2 million, compared to C$0.83 million in the same period of 2006.