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Magic.... you were spot on with your explanation, I ran into the same problem last Saturday with Krom. You are smarter than i was then. When everyone[except his supporter] can see he is wrong, it is best to just stop responding.
Krom....Using your example. Exercise the warrants to BUY shares at .28 cents cost $1.9 million. When the shares reach .56 cents sell recieve $3.6 million. I believe that is doubling you money. Here is a vital hint to understanding this exercise, the warrants were paid for when the units were purchased at .22 cents.
Krom.....Do you even know what a warrant exercisable at .28 cents means? Your example proves you do not. Want to tell us again about all those degrees and Wall Street experience you have. LOL!!
Mid..... i can't prove it but i would bet the buyer is foreign, and i'm not talking about an AIM mm.
dest....NO!!!
Krom....You really ought to do some reading of the SEC documents before making off the wall statements. The number of warrants the buyer recieved is convertible into 6,818,183 shares. RR recieved warrants for 454,546 shares as part of their fee.
magic...The shares were registered under the Shelf, and the buyer could sell at anytime. But i would bet they are holding tight and may even be the size buyer who has been lurking at .22 cents for the last two days. My opinion.
2...... On my quote system, NITE has been and usually is by far the most active MM. Was on the ask most all day yesterday, and is the lead on the ask this am.
So true. But sometimes less is still valuable if nearby production facilities. See Total news today.
Total Hits Gas Pay in North Sea
by SubseaIQ|Norwegian Petroleum Directorate|Monday, October 18, 2010
Total E&P Norge AS made a gas/condensate discovery in well 25/5-7 on the David prospect, located about 12 miles (20 kilometers) northeast of the Heimdal field in the Norwegian sector of the North Sea. A gas column of about 230 feet (70 meters) was encountered in the Brent group (primary target) with better reservoir rocks and reservoir quality than expected. The Statfjord formation, the secondary target, has good reservoir properties, but with aquifers. Preliminary estimates of the size of the discovery range between 2.4 and 3.2 million cubic meters of recoverable oil equivalents. Drilled by the Ocean Vanguard semisub, the well was not formation tested, but data was gathered. The partners in the license are considering connecting the discovery to the Heimdal field. Total, serving as operator of the license, holds a 40% interest; Petoro holds 30%; Centrica Resources holds 20%; and Det norske holds the remaining 10%.
Woodside, China May Sign LNG Supply Agreement by End of 2010
By Bloomberg News
Oct. 18 (Bloomberg) -- Woodside Petroleum Ltd., Australia’s second-largest oil producer, may reach an initial agreement to supply liquefied natural gas from its Browse project to China by the end of 2010, the head of its China unit said.
“We are currently in detailed discussion with Chinese state-owned companies about LNG supply and we are interested to reach key terms in the next few months or even by the end of the year,” George J. Gilboy, general manager for the Greater China Region, said in an interview in Shanghai yesterday.
Chinese energy companies are building LNG terminals as part of the government’s plan to use more of the cleaner-burning fuel. Woodside has supplied 3 million metric tons of the fuel a year since 2006 to China National Offshore Oil Corp.’s terminal in the southern province of Guangdong, the nation’s first.
“Australia will be a big partner for China’s LNG development as Chinese companies know Australia is special to them,” Gilboy said. “They understand the advantages of Australia in terms of geography, political stability, transparency of laws and fair dealing with partners.” He declined to give details of the negotiations or identify the Chinese partner.
Separately, talks with PetroChina Co. on LNG supply are continuing even after an agreement lapsed, Gilboy said.
“PetroChina is interested in development in Australia and it is a very important company in China’s energy market and we like to work with PetroChina in future,” he said.
Agreement Expires
Woodside’s preliminary agreement to supply as much as 3 million tons of LNG a year from the Browse project to the Chinese company, valued at about A$45 billion ($44 billion), expired last year.
Woodside and partners Chevron Corp., Royal Dutch Shell Plc, BP Plc and BHP Billiton Ltd. in February opted to process the fuel at a hub in the Kimberley region of Western Australia after accepting a government deadline to decide how to develop the Browse venture. A final investment decision for Browse is due in 2012.
The Browse fields, off Western Australia, are estimated to contain 13 trillion cubic feet of sales gas and 355 million barrels of condensate, a type of light oil, Macquarie Group Ltd. said in a client note Feb. 25.
CPC Corp., Taiwan’s state-owned oil refiner, extended a preliminary agreement to buy LNG from Browse venture to the end of this month and wants to acquire as much as 10 percent of the project, Vice-President Lin Maw-Wen said in January.
“We still aim to finalize the CPC contract. For the agreement, we don’t worry too much about speculation on the deadline,” Gilboy said. “What we really care about is both parties are interested to continue to make progress to finalize the deal.”
CPC is also keen to import condensate from Browse and discussions with the Taiwan company extend beyond LNG, he said, without giving details.
China will need about as much as 50 million tons a year of LNG by 2020, which means they will have to buy 15 million to 20 million tons above current contracted supplies, Gilboy said.
“Woodside is developing several projects to meet the demand and Browse is exactly the project to meet it,” he said.
--Winnie Zhu, with assistance from James Paton in Sydney. Editors: Jane Lee, John Viljoen.
To contact the reporter on this story: Winnie Zhu in Shanghai at wzhu4@bloomberg.net
To contact the editor responsible for this story: Clyde Russell at crussell7@bloomberg.net
Last Updated: October 18, 2010 00:26 EDT
Monday, 18 Oct 2010Xinhua quoted experts at a seminar held by Stockholm China Alliance recently said the Chinese economy will keep rapid growth for another 10 to 20 years and at the same time face challenges.
Mr Anders Ahnlid director general for trade from the Swedish Foreign Ministry said that China is emerging as a leading force in the world economy.
He said that "The financial crisis and the recession have no doubt accelerated this process and now we are facing a situation where we have to deal with a huge economy."
He added that Sweden consistently seeks to resist trade protectionism and firmly opposes restrictions to imports to the European Union market.
Mr Lu Feng deputy dean of National School of Development at Beijing University said that China has achieved a V-shape or quick and strong economic recovery with the CNY 4 trillion stimulus packaged by the Chinese government after the outbreak of the global financial crisis.
He said that "China has taken a proactive fiscal policy with large flexibility in monetary policies using diversified tools to control the bubbles."
(Sourced from Xinhua)
Monday, 18 Oct 2010
China Knowledge quoted according to statistics released by the General Administration of Customs of China, China crude oil imports hit a record high of 23.3 million tonnes or 5.7 million barrels per day in September up from the 20.9 million tons recorded in August or 17.2 million tons in the same period of last year.
In the first nine months of this year, the country imported 181.2 million tons of crude oil, 24.1% more than in the same period of last year.
The customs said last month, China imported 2.8 million tonnes of refined oil while it exported 2.09 million tonnes.
(Sourced from China Knowledge)
Things to read and think about.
http://www.sec.gov/Archives/edgar/data/799235/000114036110040478/form424b5.htm
Fundamental Transaction. If, at any time while the warrants are outstanding, (1) we consolidate or merge with or into another corporation, (2) we sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of our assets, (3) any purchase offer, tender offer or exchange offer (whether by us or another individual or entity) is completed pursuant to which holders of our common stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of our outstanding common stock, (4) we effect any reclassification or recapitalization of our common stock or any compulsory share exchange pursuant to which our common stock is converted into or exchanged for other securities, cash or property, or (5) we consummate a stock or share purchase agreement or other business combination with another person or entity whereby such other person or entity acquires more than 50% of the outstanding shares of our common stock (or the occurrence of any analogous proceeding) affecting our Company each, a “Fundamental Transaction,” then upon any subsequent exercise of the warrants, the holders thereof will have the right to receive the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the number of warrant shares then issuable upon exercise of the warrant, and any additional consideration payable as part of the Fundamental Transaction. Any successor to us or surviving entity will assume the obligations under the warrant.
Delivery of Certificates. Upon the holder’s exercise of a warrant, we will promptly, but in no event later than three trading days after the exercise date (referred to as the “exercise share delivery date”), issue and deliver, or cause to be issued and delivered, a certificate for the shares of common stock issuable upon exercise of the warrant. In addition, we will, if the holder provides the necessary information to us, issue and deliver the shares electronically through The Depository Trust Corporation through its Deposit Withdrawal Agent Commission System (DWAC) or another established clearing corporation performing similar functions.
Notice of Corporate Action. We will provide at least 20 days prior notice to holders of the warrants to provide them with the opportunity to exercise their warrants and hold common stock in order to participate in or vote on the following corporate events:
· if we shall take a record of the holders of our common stock for the purpose of entitling them to receive a dividend or other distribution, or any right to subscribe for or purchase any shares of stock of any class or any other right;
· if we authorize or approve, enter into any agreement contemplating, or solicit shareholder approval for any transaction that would be deemed a Fundamental Transaction as described above; or
· a voluntary dissolution, liquidation or winding up of our Company.
Additional Provisions. We are not required to issue fractional shares upon the exercise of the warrants. No holders of the warrants will possess any rights as a shareholder under those warrants until the holder exercises those warrants. The warrants may be transferred independent of the common stock they were issued with, on a form of assignment, subject to all applicable laws.
The number of warrant shares that may be acquired by any holder upon any exercise of the warrant will be limited to the extent necessary to insure that, following such exercise (or other issuance), the total number of shares of common stock then beneficially owned by such holder and its affiliates and any other persons whose beneficial ownership of common stock would be aggregated with the holder’s for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, does not exceed 4.99% of the total number of issued and outstanding shares of common stock (including for such purpose the shares of common stock issuable upon such exercise), or beneficial ownership limitation. The holder may elect to change this beneficial ownership limitation from 4.99% to 9.99% of the total number of issued and outstanding shares of common stock (including for such purpose the shares of common stock issuable upon such exercise) upon 61 days’ prior written notice.
PLAN OF DISTRIBUTION
We have entered into a placement agency agreement, dated as of September 12, 2010, with Rodman & Renshaw, LLC, or Rodman, as placement agent which we refer to as the placement agency agreement. Subject to the terms and conditions contained in the placement agency agreement, Rodman & Renshaw, LLC has agreed to act as our placement agent in connection with this offering.
The placement agent has agreed to use its reasonable best efforts to arrange for the sale of all of the securities in this offering. There is no requirement that any minimum number of units or dollar amount of units be sold in this offering and there can be no assurance that we will sell all or any of the units being offered. We will enter into securities purchase agreements directly with the investors who purchase securities in this offering.
The placement agency agreement provides that the obligations of the placement agent and the investors are subject to certain conditions precedent, including, among other things, the absence of any material adverse change in our business and the receipt of certain opinions, letters and certificates from us or our counsel.
We currently anticipate that the closing of this offering will take place on or about October 12, 2010. On the closing date, the following will occur:
? we will receive funds in the amount of the aggregate purchase price;
? the placement agent will receive the placement agent fees in accordance with the terms of the placement agency agreement; and
? we will irrevocably instruct the transfer agent to deliver the shares of common stock, and we will deliver the warrants, to the investors.
The placement agent proposes to arrange for the sale to one or more purchasers of the securities offered pursuant to this prospectus supplement.
Because there is no minimum offering amount required as a condition to closing in this offering, the actual total offering fees, if any, are not presently determinable and may be substantially less than the maximum amount set forth above.
We have agreed to indemnify the placement agent and certain other persons against certain liabilities, including liabilities under the Securities Act of 1933, as amended, relating to or arising out of the placement agent’s activities under the placement agency agreement. We also have agreed to contribute to payments the placement agent may be required to make in respect of such liabilities.
A copy of the placement agency agreement, the form of securities purchase agreement we entered into with the purchasers and the form of warrant will be included as exhibits to our current report on Form 8-K that will be filed with the SEC in connection with the consummation of this offering.
The placement agent has informed us that it will not engage in over allotment, stabilizing transactions or syndicate covering transactions in connection with this offering.
The transfer agent for our common stock to be issued in this offering is Corporate Stock Transfer, Inc. of Denver, Colorado. We will act as transfer agent for the warrants being offered hereby.
Our common stock is traded on the OTC Bulletin Board under the symbol “EHRE.” The warrants to purchase common stock issued to the investors in this offering are not expected to be eligible for trading on any market.
The purchase price per unit and the exercise price for the warrants were determined based on negotiations with the purchasers and discussions with the placement agent based on current market factors
The validity of the issuance of the securities offered hereby will be passed upon for us by Thompson & Knight LLP. The placement agent is being represented in connection with this offering by Weinstein Smith LLP
Anti-Takeover Provisions
Some provisions of our amended articles of incorporation and our bylaws may be deemed to have an anti-takeover effect and may delay, defer or prevent a tender offer or takeover attempt that a shareholder might deem to be in the shareholder’s best interest. The authorized but unissued shares of our common stock and preferred stock are available for future issuance without shareholder approval. These additional shares may be used for a variety of corporate purposes, such as for additional public offerings, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise. In addition, our board of directors is authorized to make, alter or repeal our bylaws without further shareholder approval.
BB..... I think we need to just overlook the Junior Wall Street wizard. When i was his age i thought i knew much more than i really did,also. I fear he will someday run right up against Proverbs 16:18, just as i did.
Krom... i swear. Sometimes you can be do wrong even you junior Wall street supporter can see it.
"Finally, if AIM is achieved by year end, it will be a year before SEO can divest his shares, per AIM rules. Hence, shareholders have to expect to hold on to their shares until late 2011 possibly 2012 if they expect their share values to reach fruition."
Wrong...no exchange can keep a person from selling his/her shares in a private transaction. He just is prohibited from selling his shares on the exchange....
Also if you would take the time to try to comprehend what i wrote on my posts about WS i said they may have represented the buying institution and i also said they may have represented RR. And those may not be one and the same. If you know so much about Wall Street, you should know underwriters sometimes buy the block and then redistribute it. I can not fathom why you would be trying so hard to convince people that i said something i did not say.
kownski.... I believe the delay may be because the operators are not yet ready to announce the drilling results, and the JDZ {stp} is insisting on results before agreeing to go to phase 11. Does anyone know for sure if the small players have a "drop dead" date at the commencement of phase 11? Is that the date they have to pay any arrears and declare in for phase 11 or drop out? If this is the case as some have stated we could have a standoff here of the big companies wanting the small players out before announcing results, and the JDZ's desire to have results announced and refusing to go to phase 11 before they are announced.
Of course, i do not believe this has any effect on ERHC. Because the free carry almost guarantees a takeout of ERHC. Why would SNP pay our way for billions and wait years to get their money back? Pretty strong incentive for them to buy or have us bought. And getting a deal for a buyout could also cause a delay. My opinion.
Krom....I have bad news for you. Your link does prove my point.
Here is the excerpt. " Our law firm represents issuers, investment banks and institutional investors primarily in business combination and financing transactions" Insitutional investors are the buyers of placements. Did you know this? LOL!!!
Now the case is CLOSED!
Krom....Why this BS about an attorney representing both? Anyone knows this will not happen, conflict of interest issues. And why are you using examples from civil or criminal law? This was a business transactions, and i never said WS represented both sides. You tried to prove they would only exclusively represent the placement agent on a stock transaction. I disagree. Case closed. Go do a spread sheet. How is your poll going?
Krom....I did not say both,i said either. I do not have a link that proves this statement. It is just common sense.
Law firms almost always will represent either side of a transaction in their area of expertise. But of course, you already knew this, didn't you?
Krom... Your link did not prove anything about WS involvement with ERHC's offering. Do you think WS can only always represent the offering side of a transaction? I think they would be very happy to represent either side of a transaction.
If no one else will "toot your horn", i guess some will just brag on themselves. That does seem somewhat unseemly to me.
krom..."it says so right there" link? BTW, i did say it was possible they worked for RR.
krom....you said " It is clear that all of the other stuff is for them to just cover themselves in case the acquisition won't go through, even though it will. "
No,No,No..... Why do you make statements like that? All that is clear is they mentioned ALL contingencies. We could use more clear, rational logic on this MB. MY opinion.
Krom....WS was not employed by ERHC to put this deal together,yet they are mentioned in the definitions section. This means they either reprensented the buyer or maybe RR. BB is not incorrect, but someone is. Guess who.
I disagree with your disagree. The shares have been reported to the SEC as owned by FAB since 2004 when Offor paid off his loan with them. Shares held as colleteral by a bank remain in the owners [debtor] name as they can be reclaimed by the debtor repaying his loan. I do not believe Offor would be in effect filing false reports of not claiming the full amount of shares he owns to the SEC. Under the circumstances that have prevailed since May 2006 doing so would be lunacy. And Offor is not dumb.
Now it is possible Offor han been trying to repurchase these shares from whomever now has control of them.
"Could it be that ERHC has teamed up with Elan and, along with possibly some other partners, they are going after one of the Shell assets mentioned?"
More likely Elan teaming with Chrome. My opinion.
I think there may be two different loans by Nigerian banks to Offor getting mixed together here. Tha FAB loan was to Offor, The Other involved Chrome's sub and the 110 million shares owned by the sub. These are the shares Offor is trying to get released, My Opinion.
There will not be an effort to take ERHC private. Forget about it. ERHC is still Subject to the SEC rules and REGs.
The 30 page agreement between ERHC and the buyer{S} of the stock.
http://www.sec.gov/Archives/edgar/data/799235/000114036110040474/form8k.htm
The agreement states the buyer will be named in the document, but is not. The following was listed in the definitions section, and might be the representative of the buyer.
"WS” means Weinstein Smith LLP with offices located at 420 Lexington Avenue, Suite 2620, New York, New York 10170-0002.
The date on this document was 10/06/10/.
You busted me. I admit i was thinking of Ted and listening to him hit some licks.
By EDGAR FILING
Division of Corporate Finance
U.S. Securities and Exchange Commission
100 F. Street, NE
Washington, D.C. 20549
Attn: H. Roger Schwall, Assistant Director
Re: ERHC Energy Inc.
Registration Statement on Form S-3
Initial File Date: July 7, 2010
File No. 333-168012
Dear Mr. Schwall:
ERHC Energy Inc. (the “Registrant”) herewith files with the Securities and Exchange Commission (the “Commission”) Amendment No. 2 to Form S-3 (the “Amendment No. 2”), revising the Registrant’s Registration Statement on Form S-3 initially filed on July 7, 2010 and amended by Amendment No. 1 on August 11, 2010 (as so amended, the “Registration Statement”), in reply to the Commission staff’s comments contained in its letter of August 20, 2010.
The Amendment No. 2 has been “R” tagged in the EDGAR submission to show the Registrant’s changes to Amendment No. 1 to the Registration Statement filed with the Commission on August 11, 2010.
For the Commission staff’s benefit, the Registrant provide the following replies:
Amendment No. 1 to Registration Statement on Form S-3
Calculation of Registration Fee Table
1. We note that you have not filed an updated consent from your auditors. Please file an updated consent with your next amendment.
The Registrant has included in Amendment No. 2 an updated consent from MaloneBailey, LLP, an independent registered public accounting firm.
--------------------------------------------------------------------------------
Securities and Exchange Commission
August 23, 2010
Page 2 of 2
2. On the signature page, you provide “August [ ], 2010” as the date that the Form S-3 was signed. Please ensure that each filing has been properly signed and dated.
The Registrant has ensured the Amendment No. 2, as filed, is properly signed and dated.
Exhibit 5.1
3. We note that the latest version of the opinion does not include a conformed signature. Obtain and file a revised and signed opinion, which also includes the correct date and references the amendments to the Form S-3.
The legal opinion contained in Exhibit 5.1 to the Registration Statement, as amended by Amendment No. 2, has been revised accordingly.
* * *
The Registrant hereby acknowledges that:
· should the Commission or the staff, acting pursuant to delegated authority, declare the filing effective, it does not foreclose the Commission from taking any action with respect to the filing;
· the action of the Commission or the staff, acting pursuant to delegated authority, in declaring the filing effective, does not relieve the Registrant from its full responsibility for the adequacy and accuracy of the disclosure in the filing; and
· the Registrant may not assert staff comments and the declaration of effectiveness as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
Should the staff have any further questions with respect to the Registration Statement and the securities to be registered thereunder, please do not hesitate to contact undersigned or the Registrant’s legal counsel, Matthew S. Cohen, Esq. at (212) 751-3794.
Sincerely,
/s/ Sylvan Odobulu
Sylvan Odobulu,
Principal Financial Officer
No Outstanding Warrants
As of June 15, 2010, there were no outstanding warrants to purchase any shares of our capital stock.
http://www.sec.gov/Archives/edgar/data/799235/000114036110034863/forms-3a.htm
Interesting....
August 27, 2010
Via EDGAR Electronic Transmission
Division of Corporate Finance
U.S. Securities and Exchange Commission
100 F. Street, NE
Washington, D.C. 20549
Re: ERHC Energy Inc.
Registration Statement on Form S-3, as amended;
File No. 333-168012
Ladies and Gentlemen:
Pursuant to Rule 461 of the rules and regulations promulgated under the Securities Act of 1933, as amended, ERHC Energy Inc. (the “Registrant”) hereby requests that the Securities and Exchange Commission (the “Commission”) take appropriate action to accelerate the effectiveness of the above-referenced Registration Statement on Form S-3 so that it becomes effective at 9:00a.m., Eastern Time, on August 31, 2010, or as soon thereafter as practicable.
The Registrant hereby acknowledges that:
· should the Commission or the staff, acting pursuant to delegated authority, declare the filing effective, it does not foreclose the Commission from taking any action with respect to the filing;
· the action of the Commission or the staff, acting pursuant to delegated authority, in declaring the filing effective, does not relieve the Registrant from its full responsibility for the adequacy and accuracy of the disclosure in the filing; and
· the Registrant may not assert staff comments and the declaration of effectiveness as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
Please address any questions or comments with respect to this request to our counsel, Thompson & Knight LLP, by contacting Matthew S. Cohen, Esq. by telephone at (212) 751-3794.
Sincerely,
ERHC Energy Inc.
By: /s/ Sylvan Odobulu
Name: Sylvan Odobulu
Title: Principal Financial Officer
--------------------------------------------------------------------------------
2 oguda close, maitama Abuja, nigeria
Tel: +234 098 704305
BB....I believe the AOG was the small dogs source. The problem with this is AOG's { MO} source was 1 person who worked for the JDA. This means that one person was the source for multiple stories by AOG { 6 or so }, and most of those comments and stores were based on the one person's information. This information may very well been placed with a blabber mouth to spread the stories. I know industry sources had the "nothing but gas in 2 and 4" story by early Oct.09. I do not believe that person had any information on OKI EAST as Addax had by then closed the information flow.
Helped along by posters on this board early this year, the story grew and became accepted as truth. This story is the reason we are at .25 cents a share.
There are now some reasons surfacing to understand the depressed price may have been to benefit stock purchases, but this effort failed. {MO]
I can not talk about sources, but i think based on conversations there is oil in block 4, and it was found in the south of the block. When ask after shareholder meeting Gralla answered the question about what will SNP do by saying " drill more wells". The next q was "in block 4?" His answer was NO. This only presents two possibilities, 4 was a complete failure or Oki East was the extra well to prove up what they needed to know and there was no immediate need to drill more in 4. I choose to believe the latter.
Art was tagging along with the other two. But it does not really matter who their source was, because it was not good information.
All my opinion and holding strong.
Mid......There is a very efficient and quick method to achieve this. It is ALL about value and is not about share price before the announcement[s]. Think about it, you are smart enough to figure it out.
umbra....Right on....
Of interest.....MO.......
http://www.wnd.com/news/article.asp?ARTICLE_ID=38645
Art......I do not care whether you own shares now or then. The important thing is your information on the wells is not accurate according to reliable sources. Your source beginning selling before Oki East was spudded. Oki East proved you guys wrong. My opinion.
traimal....No, not yet.