Addax Petroleum (fka AXC)

[midtieroil]

So ERHC has now drilled 6 dry holes. They have blown through over 50 million dollars and have not found one drop of oil in over a decade of trying. They have drilled one well in the last 6 years.

They screwed up the Stanford investment losing 5 million dollars. They screwed up the rights offering getting only 1.8 million while trying to raise 18 million. They screwed up the AIM listing and never got on a decent exchange. They tried to do a deal with Exile and screwed that up. They screwed up acquiring that pathetic S. Texas property.

They royally screwed up by issuing highly toxic convertible debentures that only raised about 5 million that resulted in 2.25 billion more shares being issued, did a 1 to 100 reverse split and then issued the equivalent of 300 BILLION more shares. All that dilution resulted in the share price going from .96 to a split adjusted .000001 share price. That had to be the worst use of highly toxic Convertible debentures I have ever seen in my life.

They screwed up by never diversifying and not buying some producing properties to provide some cash flow to fund overhead.

They screwed up not keeping Anadarko, Noble, Devon, Pioneer as partners and ended up with Sinopec instead. Both Sinopec and CEPSA were mediocre partners with limited technical ability at best.

If that isn't enough I'm sure I can think of a few more screw ups like not allowing shareholders to vote for BOD members for 5 years and refusing to have AGMs as required by their own bylaws.

Who in their right mind would defend this type of pathetic performance? Feel free to tell me what they've done right and why we should still support them. I've given you my reasons fairly often. Need more?

By the way these jokers started with 45 million in the bank. 3 blocks in the JDZ and 4 fully carried wells along with 2 blocks in the EEZ. I've never seen anybody start with so much and turn it into the train wreck that ERHC has become now.