Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
PN has 1127467 shares of ERHE. Look at the form 4 filed in April 2013. I don't know what his average price is but I am sure it is above .10. He bought $26722 worth of stock in April 2013.
Why do you think another round of convertibles is unlikely? I have received the same answers from DK. He seems to say that convertibles are the financing that is available now and the company needs money to forge ahead.
I hope you are correct about no more convertibles.
What has changed accept the share price (due to convertibles?) since you said this.
If we find oil, .08 or .10 will be history. In fact .08 and .10 monthly dividend per share is more likely at that point!
If Offer was buying/selling shares wouldn't there have to be a Form 4 filed as he is an insider and holds more than 5% of the stock.
Have you doubled your position yet?
middy said they still have a 2M tax refund pending. If they get the refund that would help.
Can you please explain what you are saying in plain terms so we can all understand and how it affects the stock price.
You said you sold 115,000 @.0227. Are you back in?
If they did add 20M shares to the outstanding like you say by my calculations the is about 2.5% dilution.
20000000/785000000 = .02547
So for 2.5% dilution that share price has fallen > 500%
If we bounce at some point it could be a significant bounce.
If a shareholder of more that 5% of the company or an insider buys or sells I believe a form 4 would have to be issued within a couple of days so you would not have to wait for the 10Q.
I still can't understand why anyone who holds a large position (like you) and is still buying (like you) would be posting negative comments on a message board day after day. If you have complaints about the company and management make those comments directly to the company. Email them every day if you want it will have to do more good that posting them on the message board when we are all powerless to do anything about your issues.
Please ask your questions to DK or PN.
Seek-I agree they need "A real partnership" I posted this yesterday on the other board. What do you think?
I don't think is possible to raise $10M using convertible notes if the share price was .01 or below. My calculations show that if the note issuers bought $10M in notes with the right to convert at 50% of the current price (lets say .01) the company would have to issue 2 Billion shares if they converted.
PN should care about the share price as he owns over 1M shares.
I don't think is possible to raise $10M using convertible notes if the share price was .01 or below. My calculations show that if the note issuers bought $10M in notes with the right to convert at 50% of the current price (lets say .01) the company would have to issue 2 Billion shares if they converted.
Below are some convertible notes issued by another company (REDG). Notice that the lenders (thieves) are mostly the same lenders (look at 10Q) that ERHC used: So as anyone can see SEO does not control these lenders.
Subsequent to May 31, 2014, we have issued shares of common stock as follows:
·
On June 4, 2014, we issued 54,685,981 shares of common stock to LG Capital Funding, LLC to convert $32,811.59 in principal and interest due under the 9% Convertible Redeemable Note dated October 2, 2013 (the "2013 LG Note") filed as Exhibit 4.8 to our Annual Report on Form 10-K filed with the SEC on December 5, 2013. The issuance was made pursuant to a May 27, 2014 notice of conversion and fully paid off the 2013 LG Note.
·
On June 6, 2014, we issued 38,197,717 shares of common stock to Iconic Holdings, LLC to convert $22,918.63 of principal and interest due under the 9.9% Secured Convertible Promissory Note dated April 15, 2013 filed as Exhibit 10.3 to our Current Report on Form 8-K filed with the SEC on September 20, 2013. The issuance was made pursuant to a June 3, 2014 notice of conversion.
·
On June 13, 2014, we issued 30,000,000 to JMJ Financial to convert $15,000 of partial principal and interest due under the Promissory Note filed as Exhibit 4.13 to our Amended Annual Report on Form 10-K/A filed with the SEC on February 20, 2014.The issuance was made pursuant to a June 10, 2014 notice of conversion.
·
On July 10, 2014, we issued 50,000,000 to JMJ Financial to convert $22,500 of partial principal and interest due under the Promissory Note filed as Exhibit 4.13 to our Amended Annual Report on Form 10-K/A filed with the SEC on February 20, 2014. The issuance was made pursuant to a July 8, 2014 notice of conversion.
·
On July 10, 2014, we issued 86,644,000 shares of common stock to WHC Capital LLC to convert $42,888.78 in principal and interest due under the 12% Secured Convertible Debenture filed as Exhibit 4.6 to our Annual Report on Form 10-K filed with the SEC on December 5, 2013. The issuance was made pursuant to a June 18, 2014 notice of conversion.
·
On July 11, 2014, we issued 11,111,698 shares of common stock to GEL Properties, LLC to convert $12,445.12 in principal and interest due under 6% Convertible Redeemable Secured Notes in the form filed as Exhibit 4.12 to our Annual Report on Form 10-K filed with the SEC on February 20, 2014. The issuance was made pursuant to a July 7, 2014 notice of conversion.
Subsequent to May 31, 2014, we have entered into the following convertible debt arrangements:
On June 10, 2014, we issued a $50,000 12% Convertible Note (the "JSJ Note") to JSJ. The JSJ Note is due and payable on December 30, 2014 at a premium of 150% of the principal amount upon approval and acceptance by JSJ Investments; provided, however, that the principal balance of the note is payable on demand. If we fail to repay the JSJ Note on demand, a default interest rate of 12% shall also apply from such date. We may not prepay this Note. The JSJ Note is convertible into shares of our common stock at a conversion price equal to the lower of 55% of the average of the three lowest trading prices in (i) the 20 trading days prior to the date of conversion; or (ii) the ten trading days prior to the execution of the JSJ Note. If we do not issue shares to JSJ within three business days after receipt of a conversion notice, we will be required to issue an additional 25% shares of the shares in the conversion notice per day beginning on the fourth day following our receipt of a conversion notice. This conversion price is subject to adjustment if we issue any securities convertible into or exercisable for common stock where the aggregate price of purchase and exercise per share is lower than the then-existing conversion price.
On July 11, 2014, we issued another $50,000 12% Convertible Note to JSJ (together with the June 10, 2014 12% Convertible Note, the “JSJ Notes”) with a maturity date of January 11, 2015. The JSJ Notes are identical in all respects other than the stated maturity date.
I believe if it was a insider or a holder of over 5% of the outstanding shares the company would have to file a 8K.
Please explain. The stock price is about where he bought it years ago. If you examine the filings Offer has not sold any shares so how did he make money.
Thanks But still no real answer. Maybe they are waiting for a better price. That asset is worth as much as the convertible notes brought in when they issued them in the spring. Seems like if they need the money they would consider selling it.
Dan keeps saying PSC requirements but as far as I can tell the requirements of the Kenya PSC have been met for Phase I. Phase 2 has recently begun and they have almost 2 years to either do 3D seismic or drill 1 well. In Chad the 2D seismic does not have to be completed until August 2016.
Unless I am missing something I don't see anything that is urgent and requires immediate funds that forces them to use this toxic financing.
I have asked Dan several times why they don't sell their interest on Oando (about 600k-700K) but he never answers that question. Can you please ask him that question and see if you can get a answer.
Swala Energy to seek alternative funding for drilling in East Africa
— November 26, 2014 by Samuel Kamau Mbote
Board members of Australian explorer Swala Energy have said the company will be seeking alternative funding to finance its drilling obligations ahead of its planned campaign in 2015 after a Share Purchase Plan which closed 17th November 2014.
The Share Purchase Plan was withdrawn after Swala’s board observed that it was not in the best interest of shareholders given the current equity market conditions and potential adverse effect on the Company’s recent share price.
The SPP Offer was intended to raise funds not exceeding $5.0 million to be applied to fund additional near-term work on the Company’s Tanzanian and Kenyan licences, as well as for business development and general administrative purposes.
This sum being sought will be used for additional work (particularly in Block 12B),basin modelling work and long-lead items for drilling in Tanzania, business development and general administrative expenditure.
Among drilling set for 2015 includes a well in block 12B where the company has identified a series of ten leads and prospects from which one (‘Ahero –“A”’) has been selected as a drilling target to be drilled in the second calendar half.
In Tanzania the company is in the process of interpreting data from a 200 km 2D seismic acquired over the Moshi Basin in the Pangani licence with preliminary interpretation of these new data allowing it to identify a number of potential structural leads which, after final processing of the field data, are expected to define potential targets for a 2015 drilling programme.
Swala has a 29.2% net participating interest in the Pangani license, 29.2% net participating interest in the Kilosa-Kilombero license both in Tanzania and a 25% net participating interest in Kenya’s Block 12B.
Swala expects another 25% interest once Spain’s Compañía Española de Petróleos CEPSA re-assigns it back its share after its decision to withdraw from the licence on 31st August 2014.
Read the 10Q. What do you take it to mean?
DK confirmed that they have until August 2016. Of course they want to complete seismic long before then.
If you look at the 10Q it tells you exactly who holds the convertibles. These are the same firms that issue these toxic convertibles to many small cap companies.
It's in the 10Q. Check it out yourself:
Exploration Term
During the quarter ended, June 30, 2012 the Government of the Republic of Chad issued an Exclusive Exploration Authorization (EEA) to ERHC in respect to the three blocks covered by ERHC’s PSC in Chad. The EEA authorizes ERHC to undertake oil and gas exploration operations in the Chari-Ouest III, BDS 2008 and Manga Blocks in Chad, which are covered by the PSC. The initial period of exploration of these blocks commenced on July 12, 2012 with the publication, in the Chadian Government’s Gazette Principal, of the Exclusive Exploration Authorization, granted to ERHC by the Government of Chad. The initial term of the Exclusive Exploration Authorization is five years and can be renewed for three more years.
Deadline for Chad 2D seismic is August 2016. Don't know cost.
I assume you are wave_trader on Bman Chatzy room?
You can read the 10Q to find out who the companies that issue the convertible notes really are. For example one is Redwood Fund. They issue these notes to a lot of companies. IMO they are thieves but they have no connection to SEO like I think you are implying.
How would that work where SEO would come out fine and other shareholders would get screwed. I don't believe SEO(Chrome) even though they are the largest shareholders hold controlling interest.
How could someone buy out ERHC without the stockholders approval. Long term shareholders (probably including SEO) who hold a substantial amount of shares would not sell unless they got a fair price much higher than the current price. Please explain what you are saying.
They have 2 years to comply with the Chad PSC. We all (maybe not all) would like to see them do seismic as soon as possible but not at the price of destroying the stock. The farm-in if it happens could also pay for the 2D seismic and the first well or maybe more. Similar to Kenya.
They dumped on the bids. I guess there not out of shares yet.
I hope that's what they are doing. You should ask DK if that's allowed.
500K bid @ .02. Lets see if toxic convertible holders dump on this bid. If they don't they may be out of shares. We will see.
I would think they would have to 8K this also, But I am not sure
Poll on who has e-mailed DK & PN with their concerns
Gremlin9999
Juius Erving
emdyal
oldoil
jyms
DegerateGambler
Sidewinder
umbra
Poll
Gremlin9999
Juius Erving
emdyal
oldoil
jyms
DegerateGambler
Sidewinder
Gremlin9999
Juius Erving
emdyal
oldoil
jyms
- Gremlin9999
Juius Erving
emdyal
oldoil
Lets take a poll. How many have been e-mailing the company with their concerns: If you don't take the time to make your concerns know to management you shouldn't complain on the board. I would suggest e-mailing both DK and Peter.
Here are the ones I know of. Add your name to the list
Me - Gremlin9999
Juius Erving
Julius - please send this to DK and Peter. I have sent so many e-mails over the last couple of days I am sure they are sick of hearing from me?