ERHC Energy Inc (ERHE)

[Krombacher]

I agree with you by and large...

...actually taking a look at the Level 2 we are always seeing big buys on the bid, albeit at a somewhat lower share price, and it's a different market maker most of the time. I've seen NITE, like today, but I've also seen ETRF and others. All large six figure orders.

So there's definitely interest out there...they just want it at a lower price...but at the same time they are setting floors.

200,000 sitting right on the bid right now, for example. These are buyers not sellers.

As for sellers, just a handful...12,000 at .0849 then 10,000 at .095. In fact you don't see much volume sells until you start getting into the 10s and even then it is less than those sitting on the bid.

Using Level 2 alone and assuming no one else comes into the fray, which is a faulty assumption but humor me, then for that guy on the bid to get 200,000 shares slapping only the ask would take us to 34 cents and he still wouldn't fulfill his order...but, of course, I fully realize it doesn't work that way and if we got to 34 cents a whole bunch of sellers would appear...but it's nice to match up the market depth on the sell side with the buy side to give an idea of how serious the sellers versus the buyers are...and it seems we have a market where buyers are quite serious.

Krombacher