In the filing, the company also removed its troublesome "going concern" clause:
As described in Note 4 to the financial statements, during the quarter ended March 31, 2006, the Company received cash proceeds of $45,900,000 from the sale of participation interests in Blocks 2, 3 and 4 of the JDZ. Management believes that these proceeds will sustain the Company's operations for the foreseeable future and that they mitigate any going concern issues raised at September 30, 2005.
The company also revealed that it is looking for other opportunities in the supply and trading end of the industry, In the typically restrained language of the filing, officials said "The Company is currently exploring opportunities in other areas of the energy industry with emphasis in supply and trading."
The amounts below appear with a line through them due to the "E" that has been placed on the symbol by the SEC due to the late filing. The "E" will be removed by Wednesday.
ERHEE shares immediately soared 9.6 percent to $0.67 in light trading.