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I think everybody needs to chill out a little bit with all the demanding that ERHC do something for the loyal shareholder.
I don't know how most of you came about investing in ERHC....but I'm damn sure it wasn't because ERHC mamnagement was calling you on the phone or taking you to dinner, promising you the moon by such and such a date.
I'm pretty sure most of you did your research and then made a decision..." Hey..I could make a killing with this stock".
You all chose to invest with this company, the company did not choose you.
So, the share price isnt where you want it. Well,tough. You decideded to take the risk with this stock(which will pay off eventually), if you can't handle watching the stock price....check in every several weeks or so.....
But please, this " company owes us" attitude needs to brought down a level....
It reminds me of my past, back when I gambled with a bookie on a daily basis. I would go to the sports bar with a few friends(also big gamblers), and let's say we put in several bets on the Celtics giving 8.....and at the end of the first half...the Celtic were down 8....I would just be sipping my beer, thinking how may paycheck was going to be a couple hundred lighter if the Celts didnt turn things around.
Meanwhile, my friends would screaming at the t.v....cursing out the coach, that he should be fired because he doesnt know what he's doing...or cursing out the players, saying that they were overrated or they were dogging it....or slamming the refs because the team playing the Celts went to the foulline 8 more times than the Celts did.
I would just look at them at yell..." Suck it up people. Nobody forced you to bet the Celtics. Stop your yelling and complaining, and just root and hope that the Celtics turn this game around."
Investing in stocks = gambling.
You're all adults...You've all placed your bets....now let's stop complaining and let's just root and hope that ERHC turns things around. ;)
BEST OF LUCK TO YOU YANKEEMIKE.......
Even tho I''ve been a huge Mets fan since 75'...and i can't stand the Skankees....I won't hold that against you. ;)
There is no way the Fed is going to raise rates this year....maybe sometime late 1Q of 2009....at the earliest.
The price of oil shouldn't be a concern for anyone who has invested in ERHC. What was the price of oil when the blocks were awarded? If I remember correctly, it was around $54 dollars.
When the blocks were awarded, I don't think investors were worried about being oil being only $54.....and we will never see prices that low ever again..imo.
For ERHC investors, those blocks are like a beautiful turkey dinner. Oil being over a $100 is the gravy.
Better give those copy and paste buttons a rest. ;)
Sorry for the confusion Joe ;)
Nope.
I actually tried posting here once last year....someone said that i was Joe Shea....lol
Real name is Frank...from NJ.
If you think of a way to prove to you that I'm not who you say i am...let me know...I'll do my best to prove it to ya....
But since we're going to play this silly game......
I think you're really oilphant.......:)
"""I figure I don't need to be the smartest guy in the room, I just need to be able to figure out who he is, then listen to what he says.""""
Great line!!! How true...how true!
Hey DG,
I have always been interested in stocks....but over the years have rarely pulled the trigger...due to the fact that i'm an idiot for not saving my money and living my life from paycheck to paycheck. That lifestyle has cost me....plenty.
A friend of mine got into ERHC early this year. He listened to what i had to say, did a little research, and then came out of the box with around 80,000 shares. I was a little shocked...because he's usually very tight with his money....and never has owned shares in a stock before.
He told me " I remember you talking about Canwest petroleum a few years back and how you were so excited about it. You seem even more excited about ERHC."
I've already came across that " once in a lifetime stock"....and missed out because i had no money to invest.
There's no worse feeling in the world then doing your research, feeling very positive about a stock, and not have the funds to pull the trigger.....and then watch in horror as it goes from .034 to $8.00 dollars in a short peroid of time!!!!!
So, I've found that "once in a lifetime" stock.....hopefully it will turn out to be twice in a lifetime. ;)
I totally agree Manti. The risk/reward for this stock is unbelievable.
As long as people are not investing their food or rent money......i don't understand how people can look at this stock and not take the chance. This could be a life alterting stock.
Hey Chemlite,
Just ask yourself..."Why did I get into this stock to start with?"
If you got in because of they way this stock trades, and you were looking to flip this stock every so often, then wait for the next run-up and sell.
If you got into ERHC because of the rights, then its a no-brainer, you wait patiently for drilling.
The rights are what matter to me....nothing else. I figured it would take time. I even have a date set in my mind for when i will even start contemplating selling.....and that's Jan 1st 2010.
I've always thought this stock would be worth dollar bills.
When you first invested in ERHC, did you have a number in mind for what you thought this stock would be worth...in 5-6 years? Or did you not think that far ahead? Just curious.....
Trying to find a company with potential like this would be a very long search.
Hey Straas,
I replied to your post, but addressed it to myself by mistake...its post 134726.
Hey Strass,
Whoa...I did not mean to imply by my question that you thought ERHC was a bust. I've read plenty of your posts, and you have never said that or even insinuated that was the case.
Maybe I didn't phrase the question properly....that's my fault. Let me re-phrase.....
If ERHC were to become a "bust", what do you think would be the main causes?
I know that there are some posters who think that could never happen to ERHC. IMO, as an investor that's a very dangerous way to think....about any stock. I am a huge believer in this company...but i try my best to make sure my enthusiasm doesn't blind me to something I should see coming down the road.
For me, if ERHC ever became a bust....I believe "no oil found" would be the reason....and the only reason. This is what i think.
Do you believe the same or do you think there could be other reasons beside lack of oil?
Just want to know your opinon...like i said...just trying to understand people's mindsets...nothing more.
Have a good night Strass......
Hi Strass,
I have a question for you Strass...
In your opinion, what be the main factor in causing ERHC to be a bust for those who have invested in it?
Is it the investigations?
Do you worry that the rights could be taken away?
A bad deal that would be made by ERHC management to "screw" over the investor?
I'm just looking to understand your mindset is all....not trying to cause friction. I consider all the posters on here valuable....those who post positively...along with those post negatively.........
Hmmm...what happened to balance_builder? Haven't seen a post from him in a while.
LOL...I understand.
Hey Kelly,
My friends and family know better than to complain. I gave them all "the speech". I told them about ERHC and what i thought the future held for all who invested in that company.
But I also made sure to tell them all that there is no such a thing as a "sure thing" ". I told them that this is the stock world and that anything could happen. I gave them a way to come up with how much to invest...
I told them to think about a number. Then i told them to pretend they had invested that number in ERHE. I then told them to pretend that the day after their "investment", ERHC went out of business.
I said, "if losing that pretend number makes you nervous, keep thinking until you a find number that won't make you nervous if you lose it all."
Over time, my friends and family all found their number. :)
No need to have white knockles Tryoty!
My biggest concern before buying this stock was the investigations. Once I felt the investigations were not going to harm this company, I got in.
To be honest with ya, the time that i will be most nervous will be when we're drilling. The only way this stock becomes a bust is if drilling comes up empty. That's the only way this stock strikes out, imo.
Until drilling, it's all about patience.....and adding more shares.
Hey Walldog...
You posted...
""""but remember the early folk, didn't anticipate the delays in the awards by STP"""""
Very true.... good point.
Allow Me To Intoduce Myself.....
Hey everyone. My name is Frank, I live in NJ, and I've been invested in ERHC since August of 2007. Started off small, just three thousand shares at around .23 When the stock dropped to .16 I couldn't pass up the opportunity.....and bought around 30,000 shares. My goal is for 60,000
I took my time when I did my DD on this stock. And then once I bought it, I waited a few months to track the stock and I stumbled across this board.
This board is by far the best stock message board out there. It has a wonderful mix of posters and some great critical thinkers...and that's what makes a great board.
I know that many of you have been invested in this stock for many years...so I don't want any of you to take offense....but when I did my DD....I knew this stock wasnt going to do much until 2009. I understand that some of you have been waiting for years for the payoff, but if you really did your research....you could have figured that around 2009 would be the start. I think that some of the posters here got too excited, way too early and didnt really understand the oil business and how long it could take to get the oil flowing....if there's any oil there.
Is there risk in ivesting in this stock? Of course. But like the old saying goes...nothing ventured, nothing gained. There's always risk in investing, but the risk/reward to this stock is outrageous. This stock, with the right amount of shares, could be come a life-changing stock. The last stock I felt this good about was Canwest Petroleum(now known as BQI) when it was at .34
Sadly, I had no money to invest at the time, so i missed out. In a very short time it went from .34 to $8.00 a share. I may not have made a penny off that stock, but my research was right on the money.
I was confident in Canwest then, I am extremely confident in ERHC now. I usually dont recommed stocks to people, but I have now brought into the ERHC fold my sister, brother, aunt and close friend. and whenever they complain about the price going down...I say the same thing to them over and over..."if you can, buy more".
Sorry for the long post everyone, but I just wanted you to know my story. I promise that future posts will be much shorter.
I'm excited to be posting here with you all....hopefully, you will accept me into this "family".
Be good all.
Hi everyone.....
This is my first time posting here. I do enjoy reading everyone's post. I have been following certain penny stocks over the last 4 years, but I have never had the money to invest...I've been living been paycheck to paycheck for the last couple of years due to a car accident which set me back.
Anyways, i usually don't recommend stocks to my friends and family. The last time I mentioned a stock to anyone was a couple of years ago....the stock was trading at 34 cents a share...I told my friend to get in on it...that it had tremendous potential...that stock was CanWest Petroleum...and it went up to 8 dollars a share. Hopefully, I can go two for two...because I get the same good vibes looking at ERHC Energy that I got while looking into Canwest.
Well, I just wanted to say hi...and contribute in some small way.....below is Joe Shea's blog entry about Offor leaving the company....
OFFOR RESIGNS
Sir Emeka Offor, the tough, savvy, vastly ambitious Nigerian who has headed ERHC Energy since 2001, today resigned as non-executive director and Chairman of the Board of his company, leaving investors at sea as to the company's future and the ongoing dual SEC and FBI investigations of the company with a moving target, the company said.
It is not known what will happen now to Offor's 42 percent stake in the company, to his hand-picked CEO and longtime friend and associate, Nicolae Luca, who now heads the company, or to the highly prospective concessions in the Nigeria-Sao Tome and and Principe Joint Development Zone known as the JDZ.
Offor said in a statement released by the company at 5:52 p.m. EST that he would stand by his investment.
"I remain committed to ERHC and my investment therein, and want to assure you all that I will continue to support the Company in any way I can," Offor said in a letter to the board.
He was hailed for his many achievements at the helm of ERHC by Luca, a trusted associate of many years.
"ERHC is very grateful to Sir Emeka Offor for his years of visionary leadership," said Acting Chief Executive Officer Nicolae Luca. "Today, ERHC holds valuable assets in what was once an undeveloped oil region of the world, in large part due to the hard work of Sir Emeka Offor, and we pledge to continue to build upon that legacy," Luca was quoted as saying in a PR Newsire release obtained on E*Trade.
The resignation could also mean that an indictment on charges under the Foreign Corrupt Practices Act, which purports to govern cases of bribery by American officials of foreign firms, is imminent. That could further depress the price of the stock, which has been trading in the $0.21 - $0.225 range in recent days, but investors rallied to buy it up to $0.225 before today's close after it traded in a $0.215 - $0.225 range earlier. The last price was $0.225 in extended hours, with the Bid set at $0.22 and the Ask at $0.225. A little more than 421,000 shares traded today, with only two blocks of 25,000 ay the only substantial purchases among some 49 total trades. The company's market value is currently $162 million, yet it has almost a quarter of that amount in cold, hard cash from the sale of some of its rights to Sinopec and Addax in exchange for a "full carry" of costs to production.
It's my belief that Offor resigned to save the company any further grief and to thereby maximize the future value of his holdings. Although it deprives the company of an extraordinary leader who was responsible for all of its sucess, his resignmation also paves the way for long-suffering investors to amass a fortune in any future buyout, merger or other positive development.
At best guess, it will mean a quick sale of the company, with the rights then being its sole asset and its leadership up in the air. Any bidder for the rights will likely include more than one bidder, such as ExxonMobil, ChevronTexaco, Anadarko, Pioneer Natural Resources, Noble Energy and others who have one time or another partnered or opposed ERHC's battle to secure the lucrative rights to Blocks 2, 3 and 4 and to as-yet undistributed blocks in the independent Sao Tome and Principe development zone.
Of the more significant issues, the first is whether the resignation came to protect the company, as both U.S. agencies frequently accept a principal's resignation in lieu of trial on the merits of a complex case in which the outcome is far from certain. In the circumstances that apply to the ERHC matter, both the person who resigns and the agencies save millions in likely legal bills, and the reputations of both are not further sullied. There was no mention of the case in the company's statement today, however.
It was extremely doubtful that either agency could secure a conviction against Offor even if they could persuade a federal grand jury to indict him. The governments of Nigeria and Sao Tome both rejected the attorney general's report and declared their unwillingness to cooperate in a probe, based on its tainted origins. Even the report itself found no evidence of wrongdoing, although it was strongly suspected due to a $100,000 campaign contribution which went to the private account of Sao Tome's current president in 2001.
Moreover, as the ERHC Energy case has become intertwined with the Rep. William Jefferson bribery case by virtue of several bit players who have both in common, the departure of Offor may mean either that he might become an unfriendly witness for the prosecution - presuming he would honor a subpoena from his native Nigeria, if he were to leave his Houston-area home - or a witness of impeachable character for the defense.
Thus, the legal end of the resignation amounts to a lose-lose deal for both sides in the Jefferson case. Jefferson and Offor were not known to be close friends.
However, the resignation will not change the fact that Chrome Energy holds what is tantamount to a controlling stake in ERHC Energy (presuming the support of Nigeria's first Atlantic Bank, whose 8 percent block of shares would likely vote with Offor on any merger or buyout propositions, but it would make the consessions held by ERHC Energy that much more palatable to a suitor looking to move through a deal with clean hands.
That appears to be a paramount condition for any new buyer's interest, given the complex circumstances in which the company's legal future has become mired. The other side of those legal issues, however, is the fact that its rights asre worth billions, and they could never have been pried loose from Offor's grip within the constraints of Nigerian political system, which are determinative. That system, of which Offor is a grand master, has unequivocally supported his role in EDRHC Energy from his earliest days as a major businessman seeking the JDZ rights.
It was Offor's role as a mediator, businessman and trusted associate of President Olusegun Obasanjo and Vice President Atiku Abubakar that led directly to the development of the JDZ, then to the bitter battles over his victory in bidding for the consessions, and to the subsequent investigations ginned up by oil company lawyers using the Sao Tome Attorney General as their pawn, and bankrolled by major Pioneer Natural Resources shareholder George Soros.
With the help of corrupt officials in Washington, probably including disgraced Energy Committee chairman Sen. Ted Stevens of Alaska, the Justice Dept. moved against Offor on the flimsiest of grounds - a request from the Sao Tome Attornery General for an investigation.
His 1996 report on the matter was written by a close friend and teacher of Sen. Steven's Republican chief counsel on the Senate Energy Committee, who is married to Anadarko's chief government lobbyist, and the effort was bankrolled by Soros through the Senior Lawyer's Project, at one time a reputable organization with altruistic aims.
The oil companies that developed the conspiracy to gain ERHC Energy's rights probably included ExxonMobil, ChervonTexaco and Anadarko, which wanted the rights to Block 4 and Block 2, respectively but lost out to ERHC in the bidding. Pioneer and Noble were both partnered with Offor at one time but felt pressure to withdraw from their agreements with ERHC Energy about four months before the Sao Tome report.
The company is now partnered with Addax Petroleum, a mid-sized Swiss player with a clean reputation, and Sinopec, the Chinese energy giant that is the sixth largest oil company on earth and China's second-largest. They are on the inside track as buyer candidates, and the loss of ERHC's American leadership is likely to lead to significant new deficits in the U.S. drive for energy independence if either or both are the ultimate buyers.
Sinopec, in particular, is said to be loaded with cash and willing to buy any major oil prospects if the price is right; the ERHC rights could encompass some 6 to 10 billion barrels of oil, while the overall JDZ is said to contain 14 billion barrels, and the entire JDZ is significantly insulated from troubles in either nation, being 150 miles oujt at sea in waters some 10,000 to 14,000 feet in depth. ERHC and Addax and Sinopec have secured a drilling rig to begin prospecting in the third quarter of 2008.
So far, Chevron, partnered with Exxon, is the only company that has said it has struck out in the JDZ after what the Wall Street Journal, in a story that was fundamentally dishonest, broadly hinted was a discovery of a billion barrels of oil in a test well in Block 1, its sole holding.
Major media fell hook, line and sinker for the carefully engineered operation, which I believe waslikely run in part by a law firm headquartered in Houston in which presidential candidate Rudolph Giuliani is a named partner. The company's servers have frequently visited this blog in recent years.
Here is the company's announcement. We will update this site frequently with any additional news.
ERHC Energy Inc. Board Accepts Resignation of Chairman
HOUSTON, TX, Aug 15, 2007 (MARKET WIRE via COMTEX) -- ERHC Energy Inc. (ERHE), an independent oil and gas company, today announced the resignation of Sir Emeka Offor from his positions as non-executive director and chairman of the Company's board of directors to concentrate on his diverse business interests. The ERHC board accepted his resignation and has begun the process of identifying a successor.
"I remain committed to ERHC and my investment therein, and want to assure you all that I will continue to support the Company in any way I can," Offor said in a letter to the board.
Sir Emeka Offor has been on the board of ERHC since 2001, when a company he controls acquired a controlling interest in ERHC. He has served as a non-executive director and chairman during a period of important accomplishments.
"ERHC is very grateful to Sir Emeka Offor for his years of visionary leadership," said Acting Chief Executive Officer Nicolae Luca. "Today, ERHC holds valuable assets in what was once an undeveloped oil region of the world, in large part due to the hard work of Sir Emeka Offor, and we pledge to continue to build upon that legacy."
2007 marks the 10th anniversary of ERHC Energy's exclusive joint venture with the Democratic Republic of Sao Tome & Principe. ERHC sought that agreement because it identified the possibility of significant offshore oil reserves years before others and was willing to undertake the hard work necessary to realize the value of these assets.
ERHC holds assets in the Joint Development Zone (JDZ) between Sao Tome & Principe and Nigeria, and in Sao Tome's Exclusive Economic Zone (EEZ). The Company has signed participation agreements with subsidiaries of Addax Petroleum Inc. and Sinopec Corp., which have announced plans to begin exploration in JDZ Blocks 2 and 4 as early as the third quarter of 2008. Additionally, ERHC continues to pursue other potential oil and gas acquisitions, where feasible.