Addax Petroleum (fka AXC)

[Julius Erving]

Troy,

Ntephe is a completely, and I mean completely, out of his league in the CEO position.

Thank God they have so many advisors whom they let decide on issues.

Every day that he doesn't clarify what's happening is another example of his failure as a CEO.

Well, he only listens and cares about the big shareholders, thank God their interest, including that of himself, is in line with ours.

He just won't let us in the loop.

"The Company is continuing discussions with several international investment advisory and financial brokerage firms to act as financial advisors and intermediaries to ERHC. While ERHC has always used expert professional assistance to formulate and execute its capital raising initiatives, it is re-focusing on the retention of such advisors and intermediaries as a strategic imperative of the increased funding requirements that arise from the rollout of the new work programs in Chad and Kenya. The new firms retained will perform such financial advisory and investment banking services for the Company as are customary and appropriate in transactions of this type, including assisting the Company in analyzing, structuring, negotiating and effecting proposed capital raises. These initiatives may include any transaction or series of transactions in which one or more capital providers (existing or otherwise) commits debt capital to the Company, purchases equity of the Company (or securities of the Company convertible into equity), or alternatively funds the Company either directly or through farm-ins, farm-outs or other arrangements in which the capital provider earns an interest in oil and gas properties of the Company.

During the quarter ended December 31, 2015, the Company retained the services of Deloitte Corporate Finance LLC (DCF) to advise on the Company's oil assets in the Republics of Chad and Kenya, and to seek new strategic investment into the company itself."

The Doc.