ERHC Energy Inc (ERHE)

[midtieroil]

Actually ERHC has over 13 million in current liabilities and less than .5 million in cash. They are delinquent on the 9 million they owe CEPSA and could lose the Kenya block due to that delinquency. ERHC didn't pay the IRS the 2.7 million they owe them either so the IRS put a lien on their assets. No activity on the JDZ blocks for 6 years since they drilled 5 dry holes there. ERHC needs to spend 13 million in Chad by June or they could lose that block too. ERHC does still have an EEZ block but haven't gotten a partner there in over a decade of trying.

There are still more toxic convertible debentures outstanding that could result in billions of more shares being issued. The last 100 to 1 reverse split a little over a year ago brought the share count down to 30 million. It now stands at an estimated 1.5 billion. The probability of another reverse split looks high. This time it would probably need to be 1000 to 1 to get the share price back to just 10¢.

Other than those few problems. The future of ERHC looks great.