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Where in the post you replied to did I say *anything* about a suit?
Didn't know Keeney said Offor converted. That's good news. If we get R/S'ed into oblivion Offor will too.
I don't apply that though to Ntephe and Odobulu. As far as I'm concerned they are granting themselves spot bonuses for jobs well done and buying shares with that.
I don't trust either of them, not after this fiasco. Neither man has a clue how to run a publicly traded company.
Does that deductive reasoning suggest a higher price because the share count didn't peg to 3B?
How about Offor never converted and his $250K was paid back with the $291K lawsuit settlement?
The share count fits that scenario as well, but what doesn't make sense is if Offor did not convert his percentage of ownership is roughly a third of what it was.
Unless an IOC is taking an equity stake and running the show going forward I don't see Offor letting his piece of the pie shrink.
The thing with toxins is antidotes work almost instantly.
There is no doubt this company has been poisoned, but the patient could be up and walking down the road to a full recovery in the blink of an eye.
This can help...
https://translate.google.com/
Please use it.
and the ERHE,, can CEPSA the Offor Sinopec until gushes the whole oil... can you hear and know what meant I say that day?
Go ERHE!
Re-read my post. I looked up micro cap oil companies on Seeking Alpha and then pulled their most recent quarterly reports. The CEO's of those companies valued their proven reserves at $16 per barrel... multiple companies, multiple CEO's, same number... $16 per barrel... in their SEC filings. You twisted my post into something I didn't say. Nobody on SeekingAlpha wrote an article about the $16 number... ever. I never said that. YOU made it up... again. Same MO as always.
Anyone wanting the truth can find it. They don't have to believe the deception posted here on I-hub.
Consummating a deal in the EEZ with a cash component to end the convertibles and ERHE is back to multiple pennies...
all you project is gloom and doom *worst case* scenarios.
Never see a penny again... blah, blah, blah.
This is a case of just because you say it doesn't make it so.
Anyone interested can look into micro cap oil company filings and see $16 used over and over as the value of proved reserves.
No, I am not going to post a link for you. Hint: poke around SeekingAlpha for micro cap oil companies and then pull their filings.
$16 per barrel is the number most are using.
This a B.S. post. The value of proven oil in the ground, onshore, is $16 per barrel. 10M barrels, ERHC's share, is worth 6 cents per share. 100M barrels, 60 cents.
It's not a stretch to envision ERHC's share is 100M barrels across the Chad and Kenya assets, and the EEZ could be many times that.
I never thought I's be happy with 60 cents per share, but then I never thought I'd own this many shares either. As long as Ntephe doesn't R/S us out of existence it could all still end very well.
My biggest issue right now is lack of trust. Ntephe burned shareholders BAD with an offering at 7.5 cents and no Offor involvement. He can't be trusted.
That's why firing Ntephe and Odobulu is PARAMOUNT. At this point a reverse is all but inevitable. A reverse with management still in place that obliterated shareholders with convertible debt is OUT OF THE QUESTION.
This stock will plummet 70-80%, maybe more, on the day they do a reverse if Ntephe and Odobulu are still employed. They CANNOT be trusted.
Ntephe and Odobulu MOUST go to insure the survival of the company.
I move to strike "dilution insurance" from this board. I would like to substitute "news insurance" in its place.
That is what buying "down here", with the threat of a reverse, is all about. If the EEZ deal gets inked... yahooooooo. If not, the insurance premiums will be for naught. Buy whatever size policy fits your confidence level that the MOU will result in a deal. My gut tells me that this entire convertibles FIASCO was done to facilitate <fill in the blank>. It all started about the same time as EEZ negotiations commenced.
A reverse split can not happen. A reverse split is the end of ERHC Energy. A reverse split will take the market cap below the cost of a used car.
If Ntephe and Odobulu go down the reverse split path it will show that ERHC is nothing more than a Nigerian scam and Ntephe and Odobulu will be attached to that notoriety for life.
Fact, the shares out have been over 700 million for over a decade.
And the whole second paragraph is laughable conjecture... "one this is certain"
Not THAT'S funny!
That is a good and important point.
Think about that Krom. You are saying that ERHC management worked behind the scenes with a shareholder to gift wrap a quick conversion to shares for him in order for him to keep his "piece of the pie".
It doesn't get any more illegal than that. Where's *my* gift to keep *my* piece of the pie?
Sorry Krom, all is not right with my world. Ntephe has shown, to the highest levels attainable, that he does not understand the stock market in any way, shape or form.
That ignorance, and the O/S at 2.6B, puts a reverse split front and center. Ntephe **MUST** be made to understand that a reverse split is the end of ERHC Energy.
Who knows, maybe he does understand that, and he is killing it for an Offor takeover, which would result in the mother of all lawsuits when oil is found, and oil *will* be found.
I don't trust Ntephe. I simply can't anymore. There is no excuse for running the company to the edge of a cliff like he has done.
There is no way forward for ERHC Energy with Peter Ntephe as CEO. He and Odobulu selfishly put their paychecks ahead of *all* of the shareholders they are suppose to be working for.
The ridiculous dilution is bad enough, a reverse split is a death sentence... all brought to us by Peter Ntephe.
He and Odobulu need to be fired for this company to truly move forward. Absolutely nobody can trust that they have shareholders interests on their radar after this fiasco.
There's no excuse for the Board not to act other than incompetence and/or corruption.
Can you imagine the support and follow-on buying his purchases would have produced had he not gagged the transfer agent and paint ERHE as a deceptive scam?
Ntephe is an incompetent fool and should be fired.
Ntephe, ungag the Transfer Agent and tell us the true share count... NOW. Failing that only shows the depth of your incompetence.
LOL! Thanks for the correction. I know better. As for the rest...
I hope you typed it with a smile.
What a joke.
Case and point, yet again.
I agree:
"I would prefer they cut expenses to the bone rather than taking on more Convertible notes. That said, they have dramatically improved their position over one quarter and I would hope that trend continues."
But the fact remains... with even moderately competent management the company never would have ended up in this position. Shareholders were sacrificed because it was "quick and convenient" and easier than doing the job he was hired to do.
I believe there is a rock solid legal case against Ntephe for completely abandoning his fiduciary duty to shareholders, but it's fools play to entertain acting on that. The company is all but bankrupt now, what would be the point. Ntephe would just run back to Nigeria and hide. He hasn't faced his shareholders in years. He certainly wouldn't face accountability in a court of law.
Peter Ntephe showed his true colors when he blocked the Transfer Agent from disclosing the true share count, and now he is actively trying to convince people that the share count is under 1.5B... that's a damn lie.
Strategyone, you are NOT being truthful...
"The 10Q is out and I am shocked how low the O/S was on 3/31. "
You knew on 4-6-2015 the O/S was 1,391,658,234. Gremlin9999 posted it straight from the Transfer Agent...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=112456624
The April/May conversions added roughy 1 billion new shares since then, omitting Offor. If Offor has converted then the O/S is at 3B already, so please don't act like there is any room for this company to navigate. The O/S is not 1.5B, not anywhere near it, and you know it. The O/S in the 10Q is nothing more than outright deception.
I know that.
You know that, and
Ntephe and Odobulu know that.
Would you like to bet that they try to raise the authorized or do a reverse without the mandatory shareholder vote? Why wouldn't they, Ntephe has absolutely no regard for the law or the shareholders that law protects or he wouldn't be hiding the true O/S.
I've supported the deceptive snake for nearly a decade. He lost me with gagging the Transfer Agent and hiding the true shares out.
Ntephe belongs in jail in a cell next to Odobulu, IMO.
I won't be surprised AT ALL to learn they they are using corporate funds to buy the stock. It would be simple to grant themselves periodic bonuses and use those for their purchases.
The intentional lack of transparency is criminal.
Those certainly aren't CEO qualities.
Well, they've only drilled the JDZ to date...
When Ntephe gagged the Transfer Agent to hide the number of shares outstanding from investors he smeared the worst of the worst about Nigeria all over ERHC Energy.
No BOD of any public company would allow its CEO to do what Ntephe has done. The only conclusion can be that the BOD resigned and bolted long ago. They don't exist. That explains why there have been no stock purchases by them. It is really starting to look like Ntephe and Odobulu are trying to recover from company destroying mistakes by compounding them with worse mistakes. If I am right, one or both will see jail time when this is all over.
No investor should be denied access to an accurate count of the shares outstanding, ever. The number in last weeks 10K is a deceptive joke.
Honestly, yes, but Ntephe gagging the Transfer Agent from telling the public the current share count proves that honesty is not part of the equation.
I vote that he share a cell with Bernie Madoff.
What?! This is almost a positive post... kinda/sorta. LOL!
I agree, unless Odobulu is using company funds to make those purchases. I know that's illegal, but I am having a hard time trusting anything after they gagged the transfer agent. There is not ONE ethical reason for them to do that.
What if Offor's terms where 50 % of the share price and he converted on the same day that the company implemented a 1 for 2 reverse? The shares outstanding would be about 1.5B (as in the 10K) and the expected share price drop from the latest 5-4 conversions would be hidden by the split.
Of course everybody would have to be on the same page for such an illegal scheme to work, but the transfer agent was gagged for a reason the shares outstanding as stated in the 10K isn't possible without a reverse split.
Either they are lying about the O/S or a split has occurred.
"Offor's loan has been converted. There is NO WAY they he converted prior to a reverse split and HIGHLY UNLIKELY that he didn't convert at the low."
No comments? Well okay then.
Inking the final agreement in the EEZ with enough cash to buy back the new convertibles before their conversion date... with the O/S never getting to 3B, is a clear way out of this.
What other scenario makes any sense when you realize that Offor's loan has been converted. There is NO WAY they he converted prior to a reverse split and HIGHLY UNLIKELY that he didn't convert at the low.
And then there the filing from Mr. Myrup from Manassas, VA:
http://www.intelius.com/people/Gregg-Myrup/0cqwkkd6ve7
What is an Economic Officer for the Department of State... https://www.linkedin.com/pub/gregg-myrup/6a/801/179 ... doing buying up shares of a little known energy company?
The plot thickens!
That must be embarrassing. He owns less than 2% by best estimate. He showed his hand a little early.
...or...
Did ERHC gag the TA to force everyone to use the old number and reveal their ownership(and their IDENTITY) at 2%'ish rather than 5%?
Interesting.
For quite some time the market cap and share price have been meaningless, except for showing, clearly, that the market has lost all trust in management. That can be fixed.
What hasn't changed is the value of the assets and the vastly ignored potential of those assets. Case and point, ERHC has a carry on the first well in Kenya. That's a $30M well that they have to pay a small fraction of the drilling cost... and the value of that is many times the market cap.
Imagine what could happen if the MOU that expires mid-June results in an agreement in the EEZ containing a cash component large enough to cover ERHC's needs for the next 2 years. I see that as a possibility.
It's questionable whether the EEZ has compelling enough data to justify a significant cash component, but a farm-in plus majority/co-majority ownership of ERHE *could* justify that investment. Think about it.
Convertible debt... gone.
Need for more funding... gone.
Fear and doubt... gone.
Experienced partner significant equity... done.
The only thing left is what are the estimates and when will they spud. Nothing but upticks from that point on.
I'll WAG at 2.37B shares outstanding.
You're asking the wrong question. Shareholders can't find out the O/S because of <fill in the blank>.
Does Emeka Offor know the share count? He owned 43% before this chaos hit. Does anyone think he is in the dark about what his percentage of ownership is now?
Of COURSE not! Emeka Offor knows the share count and all other shareholders have been denied that information.
Why?
That's the question I want answered.
Suicide, IMO.
"they are seeking strategic or high net worth share buyers which can best be accommodated by a plan to R/S and reauthorize more shares so as to accommodate this buyer."
There would be no limit to those joining a Class Action to fight the genocide of original investors. Either the get a partner offering cash until drilling or this ends up in court, IMO.
Krom, there's a reason Ntephe isn't on that list. Those people have a LOT of money and a LOT of character.
I don't know how much money Ntephe has, but his systematic wave after wave of convertible debt issued to wipe out the retail shareholder shows how much character he has.
Ntephe will NEVER appear on a list like that. For that matter neither will Offor, who stands to be the primary beneficiary of Ntephe's extermination of shareholders.
They'll stop soon. They've got to be getting close to 5%.
True colors will come shining through.
Not a chance ssc. You couldn't be MORE wrong.
Agreed.
Krom, I understand perfectly...
"Every share they sell after the 1 for 500 split Ntephe used on the website cuts our gain by 500. If you thought you might make $100K on a pre-split purchase, adjust that to 200 bucks. "
A reverse split is irrelevant except that in this case it will be done to continue exponential dilution. Every share floated post dilution is 500 shares in our world, "the real world".
If there is no need for further dilution there is no need for a reverse split, yet he put it out there, and in a massively negative way... 1 for 500? It's a joke.
Pick you numbers, *any* dilution post R/S screws us into the ground. Ntephe is exterminating the retail investor like they were bugs.
He is the one that put the 1 for 500 example on the company website... not me. He seems to be applying the jelly before "the act."