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No, as far as I can tell it comes on the 18th. But, imo, investors assumed it was coming as there was no filing.
OTC BULLETIN BOARD (OTCBB) SYSTEM CHANGES
SYMBOL CHANGES
DL DATE DATE OLD SYMBOL NEW SYMBOL/NAME
05/16/2006 05/18/2006 ERHE ERHEE ERHC Energy Inc. Common Stock
http://otcbb.com/asp/dailylist_search.asp?DirectSymbol=ERHE&OTCBB=True
Can't answer your questions as they seem to address things that happened prior to this year and I've only been following erhe since February. Maybe they should've done all of these things "years ago" but the fact that they're doing them now is enough for me.
Ok, I'm a little slow here, are you pointing out how the company can transfer the rights in case of a buy-in or buy-out?
1. They did spend some money to work on this issue as they hired a 3rd employee who was a CPA. Again, he wasn't hired until late March and quarter ended March 31st.
2. Yes, that money was received in mid-March (I believe) and quarter ended March 31st. See above.
3. Who should've been prepared? Brandhuber and new finance guys have been at the company less than 4 months. Don't think compliance with sec regulations and sox requirements are a strong point of Offors.
4. It seems as though he was busy familiarizing himself with erhe and past filings as he quickly found an error in past filings and updated it. And, what "months", the financial guys have been there about 6 - 8 weeks?
5. Yes, I agree that the BODs have this responsibility. However, with 2 of them being with the company less than 4 months, and in light of the most recent 8K, I think a delay was to be expected.
OT: Mongo, here you go...
Sarbanes Too Costly Says SEC
May 5th, 2006: The U.S. Securities and Exchange Commission's (SEC) acting chief accountant, Scott Taub, states "Our estimates were way off" for SOX implementation.
Cost for implementing Section 404 of the poster-child for corporate governance and compliance, Sarbanes Oxley, are sky-rocketing. This should strike a warning note in our region as 2006 is the year that some non-North American-base companies will also have to 'do the 404'. Section 404 refers to internal corporate controls.
This comes at a time when many SME's in the U.S.A. are lobbying to have controls amended or even lifted. The SEC, however, is staunch in its belief - publicly at least, that the costs are worth the benefits
This week, in fact, Taub threw the argument back at business. "I think all public companies of any size would tell you they recognize the need for internal controls. But then when we get into evaluating the effectiveness of that internal controls system ... they believe the costs outweigh the benefits".
A recent Price Waterhouse Coopers survey suggests that indeed business is having difficulty seeing the gains. According to the report, staggeringly only 19 percent of respondents said they had implemented any formal system to communicate findings from internal Section 404 review board to management.
Comment on this story.
I actually agree with Doug re: the "e" being the reason for the fall today. Many, many, investors don't follow the boards and when they see the "e" coming, they bail.
In fact, I have a friend who chose to sell for a loss rather than wait this out.
Geesh, Mongo, everyone knows there's huge pressure on the legislature to change much about sox for small companies because they simply can't afford these costs and habitually file late due to timing. 24 months from now, I'd be very suprised if this rule is still in place.
And, most importantly, with new finance guys, Brandhuber only being on board a few months, PSC signings and payments, etc., this is a fairly unusual (edit) situation for the company. I don't see erhe having this problem in the future.
Nice try, though.
All it means is that the company is delinquent in their filings. Happens frequently on otcbb stocks and as someone (Doug maybe?) pointed out earlier, with sarbannes oxley in effect, companies are having more difficulty complying in a timely manner. Here's link to faq on otcbb.
http://otcbb.com/faqs/otcbb_faq.stm#Symbols
How long does it take to get an "E" removed from my trading symbol?
Generally, it takes one business day after compliance is verified. However, depending on timing of the company's filing and verification by NASDAQ, it may take two business days.
http://otcbb.com/faqs/otcbb_faq.stm#Symbols
Instruct: Too much relaxation on your vacation? :) Erhe is traded on otcbb not pink sheets and you're right about "e".
OTC BULLETIN BOARD (OTCBB) SYSTEM CHANGES
SYMBOL CHANGES
DL DATE DATE OLD SYMBOL NEW SYMBOL/NAME
05/16/2006 05/18/2006 ERHE ERHEE ERHC Energy Inc. Common Stock
http://otcbb.com/asp/dailylist_search.asp?DirectSymbol=ERHE&OTCBB=True
Well, I never sent an email and only ever spoke with Jane. Did you not get a reply to an email?
Not today, but I always have "random" problems with rb. Below is link to a message, maybe once you get in you'll be able to maneuver around. Let me know if there are specific posts you want me to paste here for you.
http://ragingbull.lycos.com/mboard/boards.cgi?board=IMMG&read=12660
Semi-OT: friendlyway Corporation Names David Lott as Chairman of the Board
SAN FRANCISCO, May 16, 2006 (PRIMEZONE) -- friendlyway Corporation (OTCBB:FDWY), a self-service provider of customer-facing public access self-service systems, today announced the appointment of David Lott as Chairman of the Board.
Lott, with 20 years experience in business development and management in both the private and public sector, has been a mainstay in the digital signage industry since founding Limelight Media Group, Inc. in 1999. He held the position of Chairman and Chief Executive Officer of the public company, until June 2005, when he orchestrated Limelight's acquisition of Impart, Inc., creating Impart Media Group. Lott remained as CEO of Impart during the integration of the combined companies until his recent departure in March 2006.
"Mr. Lott brings to friendlyway his broad entrepreneurial and practical experience in all facets of public company corporate development, corporate governance and management. We are excited to have him on board," commented Ken Upcraft, friendlyway's CEO. "Mr. Lott has been instrumental in providing contacts and potential financing sources for friendlyway and as Chairman of the Board, he will oversee our SEC compliance," added Upcraft.
The appointment of Mr. Lott is the part of the company's plan to refocus its business into designated vertical markets providing recurring revenue for long-term sustainability. The Company has also embarked on a restructuring plan, whereby it has taken immediate steps to reduce overhead and cost exposure.
About friendlyway Corporation:
friendlyway Corporation provides self-service systems and technologies for public access at points of sale, service, and information. Its interactive information stations are used in various applications, such as ticketing, Internet access, self check-in, way-finding, lead management, e-commerce, banking, lobby management, and access control, as well as information and education. The company serves trade shows, conferences, events and promotions, hospitality, tourism and travel, healthcare and hospitals, financial services and banking, government, and fashion and retail sectors. friendlyway markets its products and services internationally through sales and marketing campaigns, conferences, one-on-one consultations, telemarketing, direct sales, and client and vendor referrals. For more information, please visit: http://www.friendlywayinc.com.
Allie: "we are expecting/anticipating some serious financials from Spooz very soon, as they have been preparing"
When I asked Erroll Stone if we would see any financials anytime soon, he responded that they are a non-reporting company.
You're right (713) - thanks.
Rt, I was told (by lady in Southern District Court office) that all their warrants are carried out by the US Marshalls. Also, this is # for lady who processes all the search warrants out of this office. I've called several times and got answering machine and have not left a message. 703-250-5123.
I thought this was interesting.
"...as it currently is trading down over 15% on higher then average volume, although there have been no new corporate developments to justify this market correction."
Guess an 8k filed re: the company complying with a search warrant is not a significant company development.
Sidewinder: I, for one, am very disappointed that the 10Q wasn't filed yesterday after repeated calls to the office assured us that it would be. Hopefully before the bell today or at least a pr (wishful thinking I know).
Anyone think the bloodbath continues if there's nothing before bell? Or did we loose all with weak hands yesterday?
I spoke with Erroll Stone(?) and he said they are a non-reporting company.
How do you know she was "asked to leave the office"?
Yeah, especially if everyone's talking to the guy putting it together.
Tamtam, here's a site you can check for filings, too.
http://sec.freeedgar.com/resultsFilings.asp?ID=5015
I've finally "ignored" my first poster.
Frank? Franklin?
1. The number of members on the board of directors was increased from five to seven. The following new directors were appointed to fill the vacancies resulting from the increase:
i. Clement Nwizubo, CPA ii. Franklin Ihekwoaba, CPA
Time article on Nigeria, only pasted page 1, article is 4 pages.
http://www.time.com/time/europe/magazine/article/0,13005,901060522-1193987,00.html
Nigeria's Deadly Days
The country's poverty-stricken, oil-rich south is accustomed to vandalism and pipeline explosions, but a new threat is raising the stakes. Inside the Delta's insurgency
By SIMON ROBINSON / OPOROZA
Obasanjo: A Welcome Outstayed
The Naira: A New Kind of Money Laundering
Sunday, May. 14, 2006
Teeming with bird and marine life, giant ferns and towering mangrove plants whose roots straddle land and water like the legs of lumbering animals, the creeks and swamps of the Niger Delta lie over one of the biggest reserves of oil on the planet: 34 billion bbl. of black gold. The region, a watery maze flung across 50,000 sq km in southern Nigeria, is also home to some of Africa's poorest people, and some of its worst environmental destruction. There are villages without power, water, health clinics or schools; pipelines that scar the earth; oil slicks that shimmer on rivers; flares that blaze bright and loud, burning off the gas that gushes to the surface along with the sweet crude. So poor are most who live in the Delta that some are prepared to risk their lives for a bucketful of fuel. Last week, more than 150 people died when an oil pipeline on the outskirts of Nigeria's biggest city, Lagos, west of the Delta, exploded in a massive fireball. The inferno left dozens of bodies charred beyond recognition. Police say that the explosion was most likely caused by vandalism. The pipeline, which ran under a beach, had been uncovered. Small holes had been drilled in it through which thieves could tap off fuel. The leaking pipeline had attracted local villagers who were filling containers when it blew. Nigeria's Red Cross said that the explosion ignited hundreds of cans full of fuel.
Yet incidents like last week's tragedy are not the greatest danger to Nigeria's oil industry. Nigerians have long vandalized pipelines, and some of the operations are organized and professional. In the Delta, gangs of bandits have prowled the brackish swamps for years, stealing oil, harassing oil workers and making millions of dollars. But over the past few months an even deadlier threat has emerged. Frustrated that they remain poor after decades of oil production, locals have begun attacking foreign oil companies, their workers and the Nigerian soldiers who protect them — not, as in the past, for money, but as part of an armed campaign. Unless there is change, they say, there will be war. The government and oil companies "don't listen to words," Delta militia member Richard, 27, told Time three weeks ago, the dull roar of a gas flare in the background. "So perhaps they will understand the language of the gun."
The nascent insurgency has made Nigeria's oil fields among the most dangerous in the world — and helped push global oil prices past $72 bbl. Nigeria was meant to be part of the solution to the insatiable demands for more oil from the U.S. and fast-growing China and India. When the country returned to civilian rule under President Olusegun Obasanjo in 1999, it was pumping around 1.8 million bbl. a day. Daily capacity had expanded to 2.5 million bbl. before the recent attacks; Nigeria is now the sixth biggest oil exporter in the world. Western oil companies, eager for a supply from outside the Middle East, want to increase production from Africa.
On a visit to Nigeria three weeks ago, Chinese President Hu Jintao signed deals to increase Chinese exploration and production. But Nigeria's role as a stable producer has taken a hammering of late. Militant attacks have cut production by 20%, hitting companies such as Royal Dutch Shell, and costing the oil majors and Nigeria hundreds of millions of dollars. "There used to be clashes and other problems, but in the past five or six months things have gotten much more serious," says Manouchehr Takin, senior analyst at the Centre for Global Energy Studies, a London-based consultancy. While it's impossible to work out exactly how much that contributes to rising oil prices compared to the crisis over Iran and increasing demand, Takin says production losses in the Delta are "a major factor" in the high price of gas.
The militants' campaign kicked off on Jan. 11 when three speedboats packed with gun-toting men attacked a Nigerian navy boat and a vessel leased by Shell. No one was killed. But the attackers, who said they were part of a new group called the Movement for the Emancipation of the Niger Delta (mend), kidnapped four foreign contractors. Since then the group, which numbers just a few hundred people, according to a local human-rights campaigner and militant members, has kidnapped at least eight more foreign oil workers and attacked several oil installations, killing some 14 Nigerian soldiers posted to guard them. In the past month, militants have also exploded two car bombs as "warnings" of coming chaos. When I set off with three guides in a cigar-shaped fiberglass boat into the swamps last month, a Nigerian naval officer aboard a warship in the port city of Warri warned me not to go on. "Even we don't go there," he said, motioning along the Warri River. Then he slowly drew a finger across his throat.
Now .63/.635 9:29am
Thanks, Joe. eom
Here's beginning thread with about 4(?) more messages posted re: immg. If it's an article (instead of an opinion) I can't find link.
http://finance.messages.yahoo.com/bbs?.mm=FN&action=m&board=3750345248&tid=fmcn&sid=...
Can you share link or do you want us to "work" for it?
Could you possibly (accidentally) have him "ignored"? Here's post...
Mongo, Been there.
How many times do we have to go there. Even Sao Tome said there was no Foreign Corrupt Practices from what I have seen. This would be laughable at this point.
If someone got some Sao Tome official to restate that a bribe had taken place after Sao Tome discounted it...who would take him serious. That probe is done and over. Do you think that ERHE would store any bride notes in the Houston office? Or store bride emails on the Houston Computer? Ha!!! And they certainly can't go to Nigeria looking for any. Soa Tome said that this was all unwarranted. So what then? Are they going to ask EO if he was a bad boy? Ha!!!
You know, Nigeria could start producing officials that could say that Chevron, Shell, Exxon, etc. all bribed them also and thus create a stalemate in this area. Who wins? No one!!! These people/CEO's are not idiots.
The only ones still pursueing this line are the Mongo's, etc looking to steal cheap shares from those who don't know how this investing/trading game works IMHO. Haven't most of us figured out why Mongo is here? He has a reason you know. Think real hard. Would any of us stick around these boards if we had sold and moved on? Manipulation ring a bell? Flipping? Let the pumpers talk it up, and then come in at times like this and talk it down. This happens all the time with many stocks. I normally ignore it. Just don't like seeing others get hurt by these types.
We are currently in a waiting period for good news, so any hint of bad news (even if it is not bad for us) will send a stock price down. Stock price charts typically look like a roller coaster when there is little going on. This can be brought on by anything that COULD POSSIBILY look negative...and then any wild positive speculations. MM's love it, traders love it. Market Makers do not make money with a stock that sits stagnant. They get paid on trades. They love to keep a stock moving and they don't care which way it goes. When there are no more buyers they take it down. When there are no more sellers they take it up. Who knows if they minipulate it to suit thier pockets, but they certainly will facilitate any action that inexperienced, nervous traders will give them. And for all I know you, Mongo, and others could work for our MM to stir things up and keep the trades flowing. More trades...more money.
In the end these things should make no difference. Some will end up with more shares...some less. Some will make a killing...some will lose because of bad trading habits and weak knees. But we all need to revist the reasons for this investment now and then. We need to remember why we invested in ERHE. Do we feel that ERHE will go to $2?...$3....$5? If so, then selling at these prices would be for idiots. Letting message board tricksters guide our trading is for fools. If message board posters actually thought that ERHE was going in the toilet they would move on to better investments...not hang around here posting negatives. What a waste of ones time if not interested in owning any stock. This is called manipulation...playing on the natural fears of inexperienced investor wanabees IMHO. I guess I don't care because I know the game. It doesn't change my thinking or my position. I just hope that those that are new to the game don't lose thier money due to many of these junk posters.
Badog
LBM - I just typed in 51906 in message # and hit enter, and it came up?
Edit: And, I just checked on board and it's showing up...do you need me to copy and paste? Or was your post "tongue and cheek"?
No one knows who requested the warrant.
I spoke with someone in the office there and she indicated that after the warrant is executed it would be scanned into Pacer, if the case the warrant was being used for was not sealed. I spoke with the Pacer administrator there and she said the site is updated automatically as the forms are scanned in. (The "last update" on the page meant that something on that page was updated, not the information available on Pacer.) So, imo, that leaves 2 conclusions as there is still no info available on Pacer.
1. The US Marshalls (this is who she said executes their warrants) have not returned it for some reason.
2. The case is sealed.
Could they just be updating story from a couple of days ago?
http://www.msnbc.msn.com/id/12754908/
ROFL!! When I first pulled it up, I just saw the sign and for a second I REALLY thought Oilphant had a Chinese restaurant and you'd somehow found this on the internet - lol (at me)!!
Fwiw, I asked Dave (ihub admin) to check both Umbra and Meridian for multiple alias posting from same ip address. He said, it didn't appear to be the case.
Oil at $100?
13 May 2006
As more and more forecasts predict oil prices to rise above $100 per barrel, global policy makers are preoccupied with ways to prevent a runaway rally. But is it a real possibility or are these alarmist predictions made by investment banks to serve their own interests? By Rex Mathew
Exactly a year after Goldman Sachs alarmed the markets with its forecast of a super spike in oil prices to above $100 per barrel, more analysts and investment banks have come out with similar forecasts. If the Goldman report was almost dismissed by independent analysts, this time around there are more takers for such alarmist predictions.
Oil prices declined after the Goldman forecast before picking up steam later in 2005 following the massive hurricanes in the Gulf of Mexico. After setting record highs, prices retreated again.
Supply concerns and steady demand growth have pushed oil prices to a new all-time record of over $75 per barrel this year. Worsening political situation in many oil-producing countries have heightened the supply concerns and oil at $100 per barrel does not sound incredible any longer.
Geopolitical supply shock triggers
Though the current oil boom is essentially a result of increasing energy demand from emerging economies like China and India, supply disruptions have played a significant part in taking prices to record levels.
The ongoing war of words between Iran and western countries over its nuclear programme could escalate further, leading to economic sanctions and even a military conflict. If supplies from Iran — the second largest oil exporter — are disrupted, crude prices are very likely to climb to $100 per barrel.
But will the two sides let it go as far as that? The US is wary of another military conflict in the Middle East while it is already embroiled, some say inextricably, in Iraq. It may not even allow Israel to go in for an air strike on Iranian nuclear installations, as some commentators believe.
A military strike on Iran and a runaway rally in crude prices would create a difficult domestic situation for any US administration. Even though it has not directly affected US consumers much, their support for US policy on Iraq has declined steadily. It is less likely that American public would support such an action against Iran.
US politicians are already worried about retail petrol prices of over $3 per gallon and it would be all the more difficult for them if prices rise to $4 or even more.
For all its sabre-rattling, Iran would also be extremely cautious about further escalating the dispute. The Iranian president has reportedly sent a letter to the US president — the first formal communication in decades — suggesting possible solutions to various disputes between the two antagonists. It would be in the best interests of Iran to keep the region peaceful and build its economic might with the significantly higher cash flows from record oil revenues.
Iraqi oil production has declined substantially over the last decade and even the unlikely scenario of a total shutdown following an all out civil war would only have a modest impact on oil prices.
However, such a conflict has the potential of sucking in neighbouring countries into it, which could destabilise the entire region. On the other hand, if the new government can restore the rule of law, increased supplies from Iraq would have a calming impact on prices.
The domestic political situation in Saudi Arabia — the largest oil exporter — has been a source of concern, albeit a mild one, for the oil markets. Recent developments in the kingdom have helped calm those concerns though long-term worries still remain. The transition of power last year following the then king's death was smooth and the country has initiated some political reforms.
South American oil producing countries, all of them have leftist rulers, are using high oil prices to score brownie points against the US administration. Flamboyant Venezuelan leader Hugo Chavez has become the cheerleader of this group as his country is the fifth-largest oil exporter and a major supplier to the US.
Last month, Bolivia surprised the energy markets by nationalising the oil and gas sector and sent troops to oil installations. Last week, Venezuela announced plans to increase tax revenues from oil production. These actions may lead to only short-term rallies in oil prices at present, but their impact would be considerably higher if prices move closer to $100.
The situation in Nigeria, another large exporter, remains volatile. Successive Nigerian rulers have appropriated for themselves or squandered the country's oil wealth for the last many decades. A former Nigerian military dictator built a personal fortune of more than $5 billion through oil deals.
It is estimated that more than 20 per cent of Nigerian production capacity is currently disrupted because of militant strikes. The situation may remain the same unless the country takes steps to ensure that at least a part of the oil wealth reaches the people.
Though any of these geopolitical developments can influence oil prices, only a military conflict involving Iran can possibly take prices to $100 all by itself. A combination of adverse developments in multiple locations also has the potential to cause such a spike in the medium term.
How long will the reserves last?
Oil reserves have always been a hotly contested topic among producers, industry experts and analysts. Total proven reserves across the globe, as per OPEC data, are around 1.14 trillion barrels — OPEC countries account for more than 78 per cent with their 897 billion barrels of reserves.
Sceptics argue that data on oil reserves, especially for OPEC members, are highly inflated. Production quotas allotted to OPEC members are linked to their reserves. Some analysts say this policy has prompted many producing countries to overstate their reserves.
The most optimistic forecasts are from OPEC and Exxon Mobil, as can be expected. According to these forecasts, oil production would touch a peak of around 115 million barrels per day between 2015 and 2025, maintain that level and start declining from 2050 onwards.
The International Energy Agency (IEA) expects a higher peak of 120 million barrels per day by around 2030. But the IEA expects the decline to start earlier by 2040, declining to as low as 70 million barrels by 2050.
More sceptical analysts estimate that global oil production would peak by 2010 at around 90 million barrels per day and then decline gradually.
These estimates are on the assumption that no new major fields would be discovered or significant technologies, which would substantially increase recoverable reserves, would not emerge. Typically, only 40 per cent of in-place reserves in a field are recoverable.
Shortage of refining capacity
Because of low margins, which prevailed for most of the '80s and the '90s, additions to refining capacity were very low. After a significant jump in the '90s, global refining capacity declined in the '80s before climbing again in the late '90s. Tough environmental regulation in western countries also contributed to this slow growth in refining capacity.
Total global refining capacity is currently at around 88 million barrels per day. At average refinery utilisation of around 95 per cent, provided there are no natural disasters like last year's hurricanes in the US, actual throughput would be around 84 million barrels.
Global demand for the current year is projected at close to 85 million barrels, which would see a marginal shortfall in refining capacity. If there were any disruptions, the shortfall would go up.
To make matters worse, most of the refineries in western countries can process only lighter grades of crude oil. Availability of lighter crude has declined as most of the new oil fields produce heavier grades.
Modern refineries, like the Jamnagar unit of Reliance, are very complex and have the flexibility to process different grades of crude. That explains the interest shown by global oil major Chevron in the proposed Reliance Petroleum refinery, which would be more complex than the existing Jamnagar refinery.
Shortage of refining capacity has pushed up prices of refined products like petrol in recent years. As product prices rise, refiners would be willing to pay more for crude oil to ensure supplies.
This situation is expected to continue for the next few years as new refining capacities being planned would take at least three years to start production. Currently OPEC countries are planning capacity additions of close to 4-million barrels per day, which would come on stream by 2010.
Impact of speculation
Independent analysts and OPEC officials alike estimate that nearly 20 per cent of the current oil price surge can be attributed to heavy inflows from investment funds into oil futures. Trader activity in oil futures has more than doubled over the last couple of years as evident from the surge in volumes and increased volatility.
Interestingly, some of the investment banks making forecasts of high oil prices make a significant part of their earnings from trading activities. Among leading global investment banks, Goldman Sachs is one of the most active in commodity markets, leading to speculation whether its highly bullish reports are used to influence prices.
Speculative activity in commodity markets and the consequent price movements have a significantly higher impact on the economy than such activity in stock markets. Significant price volatility in commodity futures can throw the physical markets for those commodities into disarray.
While the participation of investment funds and traders do provide the markets with considerable liquidity, the extremely low participation of actual producers and consumers remains a concern. When crude oil futures were launched in India by MCX, it was declared that companies who are major consumers of petroleum products would benefit considerably.
However, the participation of even large professionally run companies with sufficient competence to hedge their future requirements remains low. This has made the commodity markets highly one-dimensional and volatile.
The push for more discoveries
New oilfield discoveries have declined steadily since the '60s when some of the largest fields in the Middle East were discovered. Most of the significant discoveries of recent years are extensions of the existing fields. More than 95 per cent of all discoveries in recent years have been of small reserves.
The more pessimistic among industry analysts believe that all large oil reserves have already been discovered on the simple premise that bigger fields are easier to spot. It is unlikely that large onshore reserves at accessible depths have been left undetected after decades of extensive exploration.
Hence the possibility of large discoveries exists only in deepwater offshore blocks. Exploration in these blocks is very costly and production is viable only if prices are sustained at these levels. As there is no certainty about prices, investments in deepwater exploration has been slow to pick up.
The five global oil majors — BP, Shell, Exxon Mobil, Total and Chevron — spent a total of $44 billion in exploration during 2004 as compared to $41.4 billion and $45.5 billion for the previous two years. As a percentage of total revenues, spending on exploration has declined steadily to 3.57 per cent in 2004 from 4.24 and 5.25 per cent for the previous two years.
These large oil companies made the mistake of overspending on exploration during the previous oil booms and paid for it when prices corrected. This time around, they cannot be blamed for being cautious even as their bottom lines hit record levels. Diminishing returns from exploration over the last couple of decades have made them all the more hesitant.
Till about mid-'80s, more oil reserves were being found than being consumed every year. This has changed drastically and currently new discoveries are at just one barrel for every four barrels of consumption.
Alternate energy sources
Development of alternate energy sources becomes a jmajor policy issue whenever oil prices surge. This time, the US government has already made considerable comments about other fuels like ethanol and is talking of a long-term strategy to reduce dependence on fossil fuels.
Consumption of natural gas has increased considerably in the last decade as improved technology and long cross-country pipelines made it possible to transport gas. The proportion of natural gas in the global energy basket is expected to steadily rise over the next decade as technology improves further and other sources of gas like coal-bed methane are developed. Natural gas production is expected to double to nearly 200-trillion cubic feet per annum by the year 2030.
Ethanol is attracting a lot of attention after the US president publicly supported it. Countries like Brazil, with large sugarcane production, have successfully pushed ethanol-blended petrol as a major auto fuel. In India, the government is planning to extend ethanol blending across the country from a few states as of now. The percentage of blending may also go up from the current 5 per cent to 10 per cent.
Higher usage of these alternate fuels would not lead to any decline in demand. However, it is possible that the rate of growth in demand for oil may decline which would ease the projected demand-supply gap. To what extent this happens is difficult to predict as a lot would depend on political commitment towards development of alternate sources.
To conclude, the demand-supply situation for oil is precarious and is most likely to worsen over the next few years. Any further worsening of the geopolitical situation in the Middle East, while the demand remains strong, could push oil prices to $100 per barrel. Nevertheless, the possibility of it actually happening still remains low.
http://www.domain-b.com/economy/general/2006/20060513_oil.htm
Interesting - I didn't realize this...
"Survivor Panama: Exile Island" started its season with four tribes, the first time the show has ever divided its contestants into such small groups. Going into Sunday's finale, there are four tribe members left, with one person representing each of those original tribes."
http://www.msnbc.msn.com/id/12747698/
As I understand it, shareholders rights are governed through the state of incorporation. Erhe, I believe, is incorporated in Colorado (check the SEC filings, should say). So you just need to find out what Colorado says in regards to shareholders rights (i.e. copies of meeting minutes, etc.)
"I would need better information though, as to exactly what our legal rights are, before writing a letter. Not that I would need to be offensive or confrontational in any way, but I still want to know every detail I could know about what I SHOULD be expecting as a shareholder. I would not want to be asking for something that is not a proper request. Maybe we can all figure out the details here."
I reply to him because I think his posting on these boards is harmful. I think when he posts his "one liners" that anyone unfamiliar with these boards may take his posts as factual.
A perfect example is today. If anyone came to the boards to see what could be happening with the sp, they very well could've taken his statement (re: 10Q) for fact, especially if there was no replies questioning his information.
And, btw, just because the survey says something on the erhe board, I don't think that is necessarily what will happen. I think the moderators will have to appeal to Matt, the Ihub administrator, to make that change.