Addax Petroleum (fka AXC)

[midtieroil]

I am equally sure if the management in charge since the JDZ drilling had not screwed up everything they touched multiple wells would have been drilled on multiple properties, a discovery would have been made, we would not be having this discussion and we would all be happy.

One partial carry on one well in the last 7 years is pathetic. During that time most exploration expenses were reimbursed so ERHC blew through 50 million on NOTHING.

They blew the rights offering. They blew the AIM listing. They blew the IRS audit. They had years of high oil prices and couldn't get a partner in the EEZ or Chad. The one partner they did get took them to the cleaners. They took 55% and ERHC didn't even get a full carry on a single well. ERHC management also diluted shareholders into oblivion not once but twice. They issued highly toxic convertible debentures that could have been avoided. Then they hid the terms of those debentures as long as they could. They also hid the results of the IRS audit and the resulting tax Court decision for years. Now ERHC has a tax lien, owes the IRS $2.7 million because they forgot to file a form and owes CEPSA $9 million because they didn't get a full carry on even a single well.

Despite all these screw ups, management has not been held accountable and as far as we know they are still drawing their full salaries. To make matters worse they haven't allowed a vote on the BOD all of whose terms expired at least 4 years ago and they haven't had a AGM in years either.

Yeah let's bring on Eland and Starcrest and see if all the current shareholders will be diluted into oblivion yet again. There are no free lunches. And this management will never be held accountable for anything they screw up or for how much of the company they give away for almost nothing.