Addax Petroleum (fka AXC)

[midtieroil]

I can think of two reasons. First, they needed to prop up the share price in order for the company to survive. Where would the share price have gone if they didn't buy and would it have been possible to sell even more convertible debentures to keep ERHC and their bloated salaries alive until drilling absent their purchases.

The second reason could be why many bought. They bought into the hype that this one well was a sure thing and that everybody who bought would get filthy rich. It was a much longer shot than anybody would admit and it appears it didn't happen. We haven't seen them buy any more lately. What does that tell you?