Addax Petroleum (fka AXC)

[midtieroil]

The problem is there is nothing of much value left. The JDZ is worthless IMO. No activity in almost 7 years with 5 dry holes. Same goes for the EEZ. Nobody is going to be in any hurry to drill there and the recent sale of a block had a value of only 4 million while there is over 13 million in debt. Chad is gone and CEPSA is owed 10 million in Kenya. Nothing is happening there in Kenya until the 10 million is paid in full. Is Starcrest going to pay that? I doubt it.

Then there is the 2.7 million owed the IRS and the resulting lien. Is Starcrest going to pay that too?

So, are those buying in smart or foolish. Nobody would touch ERHC with a ten foot pole. I don't believe for a second that those buying in know more than every other oil company in the world. This was a last chance from a desperate company that nobody else would touch and I don't expect a happy ending to this twisted story.

So, I see 13 million in debt and 4 million in assets. I see the Texas property as worthless too. Right now I doubt with the low production that they are even turning a profit.

This could turn ugly fast.