Nothing positive will happen as long as Nigerian scammers Peter Ntephe and Sylvan Odobulu remain. Anyone that wants to deal with facts has to accept that.

Look at the facts: Now with $13M of debt on the balance sheet and zero revenue they talk of acquiring producing properties? With what? Money from trafficking girls through Boko Haram? They have nothing left.

These self serving pigs blew $45M in cash and produced a 0.0002 share price, but paid themselves HANDSOMELY in the process.

The *only* way any shareholders left have any chance is if these pigs are escorted to the door... preferably to another door with bars.

I still own it, but I have to be honest, I can not longer physically eat carrots... they make me sick to my stomach.

You mean "Ntephe'd"

You have said that for 10 years and always been 100% wrong.

Anyone buying this stock will lose their money. Peter Ntephe and Sylvan Odobulu are crooks.

Diluting to 3B shares to survive until Tarach-1 was drilled was painful, but understandable... there was a chance.

Diluting now, with nothing in the cue, shows just how pathetic these two men are.

IMO, this is Ntephe's "end game". He has no answers and no options. Rather than show an ounce of ethical decency and close the doors he is actively stealing whatever money he can from anyone that is stupid enough to buy the continued dilution.

I haven't bought any shares since the reverse split, nor will I. I was willing to roll the dice with Tarach-1 and I lost. So be it.

I feel sorry for those that continued buying shares floated by these pigs.

Good luck with your other investments. Peter Ntephe destroyed this one.

Last night might not have happened if "O" refrained from spending 5 generations worth of potential prosperity to buy votes today.

Incredibly short sighted.

This speculation is caused by a pathetic lack of leadership.

Peter Ntephe and Sylvan Odobulu aren't qualified to run a lemonade stand.

They refuse to comply with even the most basic disclosure laws.

Like you, I welcome, and encourage, a full investigation into my lack of trading this stock.

You would be amazed how far off you are on that accusation.

It's odd that after each negative article the share price went up.

Are they buying?

I accept that today was meaningless with 900 shares traded, but the articles are not causing any selling either.

I doubt Ntephe reads this board, but if he does... know this, I am not buying another share until convertibles are off the table, and maybe not then.

If he wants to run it down to triple zeros again fine. It will happen much quicker this time, and with a tiny fraction of the money raised compared to the last fiasco.

Peter Ntephe and Sylvan Odobulu could raise far more money by resigning than continuing with convertibles.

If CEPSA wants it, it has value. That can be leveraged.

Still pounding that Stanford drum? Get over it...

Odobulu was 1 out of 28,000 people that got conned by Stanford. You tout it like it was incomprehensible that anyone would invest in Stanford. 28,000 did, including ERHC Energy.

"Some 28,000 investors—10 times the number of direct investors in the Madoff case—bought certificates of deposit from Stanford International Bank in Antigua, which was owned by Texas financier R. Allen Stanford. Stanford's U.S. sales force had promised the investors—many of them retired oil workers—that the CDs were at least as safe as instruments from a U.S. bank."

http://www.cnbc.com/2014/02/14/-many-victims-penniless.html

The "source" for this article is a couple of I-hub posts from days ago.

Too funny!

I'll give you a 2 part answer;

1.) Why don't you put in an order to buy 100,000 shares? Now think about why you won't.

2.) Why don't you put in an order to sell 100,000 shares? Now think about why you won't.

Each of us has a different answer to those questions, but it seems everyone is reaching the same conclusions.

"Phase 3 decision very soon to come, so then we also know."

Why cause all of the negative speculation by not saying anything?

"Tarach-1 encountered oil and we are evaluating whether the data warrants drilling another well."

It really is *THAT* simple. Give the market a clue.

The September conversions would be at a much higher price. Their investment, and ours, would be at a much higher value, and it would attract financing options they have never had access to before.

But no, Peter Ntephe and Sylvan Odobulu want to continue to hide the results instead of being transparent. They may be educated, but they come from a third world country and they are showing it. This is exactly why third world countries are viewed as a negative by the broader markets.

"Wouldn't you just love to know who is the private company NGAR is preparing to merge with? I know i would and i guess in due time we will."

Are you thinking it will be the decomposing remains of the company they willfully destroyed over the last two years with toxic debt?

They'll end up with ankle bracelets... and not the jewelry variety.

They can't raise squat with the market cap this low. I have said that from the beginning. You are one sick dude if you take pleasure from a negative outcome.

There are a lot of good people that believe in Peter Ntephe that will get hurt. I feel for them.

Let's hope it doesn't end that way.

You could be right, and I hope you are. However, they could also just be hiding a dry well to keep the share price from cratering ahead of Septembers conversions. The lower it goes the more shares there going to have to float, diluting themselves into oblivion.

I very sincerely hope your scenario is correct. If not, it's game over.

What exactly was the reason for hiding the JDZ results for almost TWO YEARS? Five dry holes, so we've been told.

Ntephe is not showing strong ethical behavior here. It's been over two months since total depth, and still he hides the most material news in the history of the company... ERHC is going to fly or die based on these results.

There is nothing, and I mean nothing, more material to shareholders than these results.

I created an online poll to gauge opinions on the legality of hiding Tarach-1 results:

http://PollEv.com/ROSYLAKE863

I created an online poll to gauge opinions on the legality of hiding Tarach-1 results:

http://PollEv.com/ROSYLAKE863

That exact verbiage was in the last filing as well, word for word.

It isn't something new.

That statement has been in the last few filings. It isn't something new.

Whether they are negotiating to give up a little more for cash to right the ship is unknown. They have to sell something, soon, or they will dilute us (and themselves) into oblivion again.

See the last sentence on page 19...

https://www.sec.gov/Archives/edgar/data/799235/000114036116076712/form10q.htm

CEPSA wanted ERHC to have skin in the game for the first well. If successful, CEPSA knew it would recoup all future carried costs and agreed to fully carry ERHC going forward. That's the way I read it.

So what's to negotiate? IMO, give up a little more of the block for cash to pay down all debt and keep the lights on.

Bye-bye toxic notes... ERHC may be able to pay back the debt before conversion.

If there isn't great news released ahead of those conversions the lenders are going to get caught holding the debt. There's no market for ERHE shares until convertible debt is off the table.

21M shares with no buyers at *any* price is what I see them holding.

I'm won't even *consider* buying any until convertible debt is eliminated.

You obviously haven't read the last filing where the "ongoing concern" was added.

How many times have they had their own money, and a lot of it, on the line?

Answer: Just one. Now.

nordicroots, here are 144 out of 6000 reasons oil will never fall out of demand...

http://www.ranken-energy.com/products%20from%20petroleum.htm

I expect that we will know very soon.

I expect that something will happen prior to the supposed doomsday September conversions that will drastically reduce the number of shares required for the conversion.

Offor, Ntephe, and Odobulu did not just throw away $550K

JMHO

E*trade shows the last trade at 0.19 for me. Strange... having a wrong quote is one thing, but 2 different quotes?

Good lord, lighten up. He was just making a joke.

His post always seem to be intended as humorous.

Do you even know what a "carry" is? CEPSA wouldn't be paying ERHC's way, they will be "loaning" the drilling costs to ERHC and recouping that loan, with interest, through cost oil. ERHC will be forfeiting whatever amount of oil is required to pay back the drilling costs.

CEPSA took the risk with Tarach-1 to gain entry into Kenya. If the results warrant more drilling CEPSA will be taking ZERO risk to carry ERHC.

Some of the garbage that gets posted here is unbelievable.

Actually, the board is dominated by individuals telling everyone "don't worry", "we hit", "there will be an appraisal well in September", etc.

Not one claim that is backed up with *any* sort of proof.

Google "McKool Smith" and read their expertise under commercial litigation.

From asset valuation to fiduciary duty violation to class action... they are the one stop shop to stop this abuse of shareholders and the U.S. laws Ntephe violates.

Ahhh, got it. As much as I get mocked for saying it, I'll still say it again... we don't know the results, the *truth*, about what was found in the JDZ.

That's a fact.

Planned, not drilled. Phase 3 starts in September. If they drill it they found good news in Tarach.

If we don't know Tarach results by then a suit will already be in progress.

Neither is ERHC, nor your excuse for them..

“13.12 Public Announcements
No public announcement or statement regarding the terms or existence or this Agreement shall be made without prior written consent of both Parties; provided that, notwithstanding any failure to obtain such approval, neither Party shall beprohibited from issuing or making any such public announcement or statement to the extent it is necessary to do so inorder to comply with the applicable laws, rules or regulations of any government, legal proceedings or stock exchange having jurisdiction over such Party or its Affiliates, however, any such required public announcement shall include only that portion of the information which the disclosing Party is advised by written opinion of counsel (including in-house counsel) is legally required to announce. Such opinion shall be delivered to the other Parties prior to any such public announcement.”

They have hidden behind "we can't announce anything without operator approval" in the JDZ for 7 years. They still haven't released a PR saying the 5 JDZ wells were dry holes... they haven't said a damn thing.

The Joint Operating Agreement above gives them EXPLICIT approval to announce well results (critically material to ERHC shareholders) to comply with the laws ERHC has to operate in.

What is a liability for ERHC is this...

“13.12 Public Announcements
No public announcement or statement regarding the terms or existence or this Agreement shall be made without prior written consent of both Parties; provided that, notwithstanding any failure to obtain such approval, neither Party shall beprohibited from issuing or making any such public announcement or statement to the extent it is necessary to do so inorder to comply with the applicable laws, rules or regulations of any government, legal proceedings or stock exchange having jurisdiction over such Party or its Affiliates, however, any such required public announcement shall include only that portion of the information which the disclosing Party is advised by written opinion of counsel (including in-house counsel) is legally required to announce. Such opinion shall be delivered to the other Parties prior to any such public announcement.”

They have hidden behind "we can't announce anything without operator approval" in the JDZ for 7 years. They still haven't released a PR saying the 5 JDZ wells were dry holes... they haven't said a damn thing.

The Joint Operating Agreement above gives them EXPLICIT approval to announce well results (critically material to ERHC shareholders) to comply with the laws ERHC has to operate in.

They aren't doing that. That is illegal.

Confirmed by:

"4.1 paragraph iii:

Costs of the Appraisal Well

Provided that the Farmee decides at its own discretion, following its analysis and evaluation of the Exploratory Well or the 3D Acquisition, that sufficient hydrocarbons exist to justify:

(a) the declaration of a commercial project pursuant to the Contract; and

(b) the drilling of an appraisal well (the “Appraisal Well”),
the Farmee shall pay one hundred percent (100%) of the costs, expenses, expenditure and liabilities incurred by
the Parties for such Appraisal Well."

The only reference CEPSA has made to September 2016 is that they would complete 1 well by that date.

They did... Tarach-1.

Unless you can prove otherwise, this is it. We thrive or die.

They can't selectively disclose to a VC or anyone else. The well results must be released to all.