My 75,000 shares improved by $2,346.70.
The catalyst for the price improvement was attributed to an upcoming conference, Nigeria Oil & Gas, where ERHC Energy is a presenter, and to healthy interest income of close $431,000 touted in a news release today.
My speculation would be that it is due less to either of those than to the traditional February bump this stock always seems to get - I made $27,0000 on it last year - and if not that, to the lack of any indication that SEC or DOJ indictments will emerge from a Houston federal grand jury that is studying ERHC issues amid an apparent absence of evidence.
Here is the Press Release:
02/12 ERHC Energy Inc. Reports First Quarter 2008 Financial Results
ERHC Energy Inc. Reports First Quarter 2008 Financial Results
HOUSTON, TX, Feb 12, 2008 (MARKET WIRE via COMTEX) -- ERHC Energy Inc. (ERHE) today reported financial results for the first quarter ended December 31, 2007.
As of December 31, 2007, ERHC reported cash assets totaling $33,870,197, compared to $38,030,673 one year ago.
During the three months ended December 31, 2007, ERHC's interest income totaled 431,863. ERHC's net loss totaled $586,765, which was up slightly from $522,142 for the three months ended December 31, 2006. General and administrative expenses during the first quarter decreased by approximately $320,000, or 24 percent, compared the same period a year ago.
"The quarter saw a significant reduction in expenses incurred in connection with the Justice Department and SEC investigations of the Company," said Acting Chief Executive Officer Nicolae Luca. "By restructuring operations and implementing strict cost controls, we continue to strengthen the Company's financial position."
To date, the Gulf of Guinea, off the coast of West Africa, has been ERHC Energy's primary focus. The Company's consortium partners, Addax Petroleum and Sinopec Corp., are preparing to begin exploration activities in two blocks of the Joint Development Zone (JDZ) between Nigeria and the Democratic Republic of Sao Tome & Principe. .