ERHC Energy Inc (ERHE)

[midtieroil]

One minute the arguement is that ERHC is highly technically competent and the next minute it's not their fault because no oil was found. Fact is, partners do have input into drilling decisions. And, more importantly, ERHC had sole discretion in who they chose as partners.

ERHC had Noble, Pioneer, Devon and Anadarko in the JDZ and managed to lose all of those partners in favor of SNP and Addax. Really? That was an awful decision that resulted in 5 consecutive dry holes.

In Kenya, which was supposed to be a hot commodity at the time, They chose CEPSA. They are a large refining company like SNP who has very little technical competence in exploratory drilling. That resulted in another dry hole. Like it or not, ERHC chose the wrong partners for the wrong reasons.

Also, with all that ERHC started with they should have been able to obtain some revenue producing properties that could sustain them until oil was found and until it could be marketed. They failed to do that too.

That led to the toxic debentures, massive dilution, an IRS lien, 13 million in debt and a .0001 share price with almost no cash and no shares remaining.

With all those failures who could possibly believe ERHC is not responsible for not finding oil. They are solely responsible and ERHC management has never been held accountable or responsible for anything. Why not?