You can't always get what you want, but if you try sometimes, you get want you need. Rolling Stones
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Miami, I might be mistaken, but I thought you left the board for some reason and may have even sold your shares. It's hard to remember all that's going on here, it's like a soap opera that you have to watch everyday or you miss something important like why BB left IHUB. (Please don't ask me that, I do not remember!). Tune in tomorrow for the next exciting episode of AS THE OIL DRILL TURNS.
In any case it appears the share price bounced off the 32 cents 200 MDA and recovered a little but still in the red for the day. I would hope these days of losing about a cent a day will end sooooooooon. It is depressing me and really pissing off my wife. BTW, I was joking about having so many X's, only one X from over 20 years ago. This one is a keeper if she will just have more patience with ERHC.
... and to quote Mick, "You can't always get what you want... but if you try sometimes, you just might find ... you get what you need."
Agreed, Walldog, but oil companies plan years in advance so there will be a continued "perception" of a rig shortage if not an actual shortage of drilling rigs.
The US gov't is suppose to announce today that they will open up off shore drilling off the continental shores of the US. I do not know how soon this will come about, but it can only tighten up the rig supply as demand for deep water rigs will greatly increase to drill in these newly opened areas.
I would also summize that most oil companies would rather drill in US waters which would certainly be more friendly to the oil companies.
I would like to personally welcome Midtieroil and Hawk700 to IHUB. Your initial posts are well thoughtout and a welcome edition to IHUB. Keep up the good work and don't be strangers. I would also like to comment that there are sure a lot of other new posters I do not recognize and they are welcome as well.
ERHC is a company with a great potential. The share price now appears to be at rock bottom and this is an excellent opportunity to jump in or load up. I loaded up in the low/mid 40s over the last month and I am not sorry I did. Catching the absolute bottom is very hard and I know the share price will zoom as soon as any good news is announced. I also know the possibility of good news any day now can happen and I do not want to miss that jump in the share price.
I expect a formal announcement about the AA sail away next week and know this will help the share price. We ALL know this is coming, so one would be foolish the sell at this point in time.
Ps: I feel sorry for Stras who I believe recently sold and is no longer a shareholder. He and I agreed on many things, except the most important thing, PATIENCE.
Like a "pop" from 38.5 to 39 or "pop" from 38.5 to 48.5?
Does anyone think the shareprice will react to AA news when it hits the news wires? Or is this event to far out in time to when ADdax gets the AA next year.
OT Now that tryoty is a moderator his name may come up more often. If you want to abbreviate and not use the entire tryoty please call him by his first name "Troy" not "Try" or "Toy" or "Tty". I am sure he will appreciate it.
... and to quote Mick, "You can't always get what you want... but if you try sometimes, you just might find ... you get what you need."
I don't remember the name of the shipyard's newsletter I wrote to about the AA but someone here posted a link to one of their recent issues which had a "sail away" event story for a ship that was just finished. I would hope the the shipyard's newsletter would have a similar story if the AA sailed away recently.
I would hope the completion of the AA could/would soon be verified as this is a VERY big event for ERHE.
it appears some gov't officials will just not get involved in one's "personal" financial problems even if you are getting screwed by the gov't. The official may discover the gov't is doing something wrong and then has to close his eyes to what is going on. It's better to pass the buck than to uncover wrong doing.
I am still awaiitting a reply from the DOJ after Sen Reid "asked" them to repond to my letter to the Senator. He passed the buck as well, but he passed it to the agency responsible for the problem and now has to answer why.
Though I have had my run-ins with Tryoty, I think he would make an excellent moderator and I am very greatful he "volunteered" for the position. I was tempted to click on the NEED MODERATOR box to find out if they would take just anyone (like HunterGatherer, Kingstarlong or Krombacher {although he would make an excellent Moderator}). But I was afraid to hit the button and be "volunteered" like what happened to Tryoty. Since you post on the board everyday Troy, it should not be much more work for you. Now you can really put the hammer down on Krom! I know you will be fair and open minded and not delete any of my posts (lol).
... and to quote Mick, "You can't always get what you want... but if you try sometimes, you just might find ... you get what you need."
Texsun, I wrote my post before I saw yours. As you can see we think alike. Patience rules! Let's follow the rules.
OpusX thankyou for efforts! Your contributions to this board are greatly appreciated. It is so nice to see a positve response about a rig (AA) with a very positive timeframe. Even if there is no ROO, drilling WILL begin in12-18 months. Those that have been around for many years now have only this final wait to endure. What will the shareprice be when drilling occurs? Does anyone believe it will be less than a buck? I can wait it out as I have always believed one must have patience owning this stock.
Exceo, I think you should "Renogociate" the strike (sell) price with your wife to at least to your break even (average cost of your shares). At this point you are where you are no longer losing money and the company still has a great future. The break point will give you a much better chance to remain aboard and reap the future gains. With the Rig of Op less likely before the EOY, so is the one dollar. Your one dollar is not giving you a fair chance.
I emailed the shipyard publication over a month ago a they announced their last "sail away". I asked when the abran abraham was scheduled to sail away. No reply.
... and to quote Mick, "You can't always get what you want... but if you try sometimes, you just might find ... you get what you need."
Boy, join the club. It is very difficult time owning ERHE and having a spouse that has no patience or cannot understand the intracasies of this stock. There should be a support group like ANON for family members of alcoholics, like our wives.
The shit really hit the fan when yankemike emailed me congraduating me on reaching the million share mark and guess who opened up the email before I had a chance to delete it. It is one "owning" shares of ERHE but very hard to explain why you are buying MORE without consulting the "better half" when you are already in a hole so deep it appears unlikely you will ever get out of it in the foreseeable future.
Nightdaytrader, very insightful post. You now get a board mark from me.
ps: I don't understand why you have such few board marks when your posts are so well thoughtout.
timmer, here is my post to YankeMike which shows the letter from a previous post. You can copy verbatim or pick out whatever you like.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=30313147
I also believe that in an election year if you write to your US Rep for your district you will likely get a response, since he/she is up for re-election (they all are). However, I do believe Senators are more powerful and have greater influence, so one should write their Senator as well. Just takes five minutes.
List of US Representatives -
https://forms.house.gov/wyr/welcome.shtml
List of Senators -
http://www.senate.gov/general/contact_information/senators_cfm.cfm
... and to quote Mick, "You can't always get what you want... but if you try sometimes, you just might find ... you get what you need."
Art / Dadd, Although sometimes it is good to let sleeping dogs lie, it this case the sleeping dog continues to create havoc with the stock price even though the dog is asleep. The mere fact that this "dog" is in the house keeps many investors away and something needs to be done about the "dog". If the DOJ receives pressure from their bosses (the Senators) to do something about the "dog", IMO it is MUCH more likely the DOJ will end the investigation as opposed to try to dig up something new against ERHC. The DOJ has had more then two full years to uncover something (anything) to pin on ERHC and as of yet has not been able to do so. It is very likely the DOJ has combed through all the records they collected and still has nothing. It is very likely they are just sitting on their hands because there is NO PRESSURE on them (the DOJ) to do anything. The DOJ is just leaving the file on the back burner because THEY CAN. Now if pressure it applied on the DOJ by the powers to be (Senator Reid and all the other Senators that received letters) then just maybe the DOJ will be forced to do something. Is it more likely the DOJ will uncover something new and go forward with some charges against ERHC or is it more likely the DOJ will realize they have no case and drop the matter? Two years is more than enough time to come up with something, so it is very likely the DOJ has nothing and because of this pressure from the Senators will decide IT IS TIME TO DROP THE CASE.
Also, I am very insulted that Dadd feels I am trying to muck up the waters in a bad sense by writing to my Senator. I want these investigations over with and IMO one way to accomplish this is by writing to my Senator who just may be able to "get eh done".
Those who read and post here are a part of a very unique community. Many of those here have contributed what they can for the benefit of all here. Some above and beyond the call of duty. I will not list names, but will all know who they are. While others just sit back and do nothing as they believe there is nothing they can contribute. Some do not even post but just take advantage of all the other who contribute. Now is your chance, since everyone has a Senator or US Rep, you can write to. Or you can just continue to do nothing for the board, but now they have no excuse, since now there is something everyone can do to help the board.
... and to quote Mick, "You can't always get what you want... but if you try sometimes, you just might find ... you get what you need."
Most of those here, own more of this stock than they can afford. This stock is an addiction as most of us see the pot of gold at end of the rainbow (or know the oil is in the JDZ/EEZ)
mhslowly, maybe the builders of deep water rigs will built more and more rigs, so many in fact that even Petrobras will not be able to buy them all. Have you ever heard of supply and demand. If someone tries to corner the market, the market adjusts and creates more supply. One company can not control that. Plus what would Petrobras do with 50 rigs at $600,000 a day? Economic forces tend to balance things out over time.
... and to quote Mick, "You can't always get what you want... but if you try sometimes, you just might find ... you get what you need."
I don't know if it was Goldman or my broker keeping the price from falling any further, but I am now the proud owner of one million shares and have never sold one. Although i am in the red for over 100K I believe this investment will be very profitable over the few years.
Art, I can not wait for the reply from the DOJ after they have been "asked" to reply to the letter by the Senate Majority leader. I just hope the reply is not just some form letter saying they are longing in to the matter, which is what I expect. Maybe I should have cc Mike Madigan (lol).
... and to quote Mick, "You can't always get what you want... but if you try sometimes, you just might find ... you get what you need."
YankeMike, here is the letter, Posted by: DegenerateGambler
Date: Monday, April 28, 2008 12:36:39 PM Post # of 133298
A letter to my Senator.
Robert C. & Carolyn Parker
2400 Goldenmoon St.
Las Vegas, NV 89108
(702) 655-2512 Fax 655-2513
email: rcparker99@aol.com
Dear Senator Reid:
Last July I wrote you a letter (see attached letter) concerning the ongoing investigations involving a Houston based company named ERHC. Your reply indicated you would look into this matter for me, but as of now nothing has changed. Here is some background on what has occurred. Over two years ago the government (Justice Dept) raided the company’s four person office in Houston in a “swat team” like manner under the authority of a “sealed” affidavit. The government gathered up all papers and computer information located in the office. These documents were copied by the government and then returned. Now over two years later the government has not brought forward any charges and still not “unsealed” the affidavit. ERHE’s company attorney has fully cooperated with the government in any requests made by the government for any additional information or whatever the government needed. Recently the company’s attorney, Mike Madigan, indicated at the Shareholders Meeting that he believes that the matters the government is concerned with have already PAST the Statute of Limitations and there is no evidence of any ERHE wrong doing..
The reason I am writing to you again, is first, why is the Justice Department’s affidavit still “sealed”? Any reason for “sealing” the affidavit has long past usefulness after two year. Secondly, if the Statute of Limitations has expired on the items the government has been looking into, why are they still pursuing this matter? On the surface, it appears that the government is unfairly using its massive resources on a small four person company. You would think that after two years the government would be able to uncover what ever they needed (if there was anything to uncover) to “unseal” the affidavit or bring charges against the company.
The company has been held “hostage” by the ongoing government’s investigations over the past two years. They have has great difficulty in replacing upper management (CEO & CFO) because of this “black cloud” hanging over the company. And worst of all it what this investigations have done to the stock price and the shareholders who have invested in the company.
I would ask you again, to look into this matter and find out why Justice Dept. has not “unsealed” the affidavit and why the Justice Dept. has not either brought charges against the company or dropped the matter if they do not have the evidence to bring charges. Your help in this matter would be greatly appreciated.
Sincerely,
Robert C. Parker,
Attorney at Law (retired)
July 24, 2007
Dear Senator:
I am writing you regarding the recent announcement that the Homeland Security Committee is investigating a Houston Based Company named ERHC. After researching the company, ERHC, and its claim to oil rights in West Africa. I find it quite disturbing to see the Senate Committee on Homeland Security initiating this action.
Recent articles, in national publications, have unfairly implicated EHRC with a number of assertions that are frankly untrue and unfounded. ERHC won its oil rights in 1997 after a $5,000,000 investment that originally identified the potential for oil bearing hydrocarbons in the offshore regions of West Africa. They earned these rights. EHRC was involved in the creation of the Joint Development Zone in West Africa (a resolution of territorial water rights between Nigeria and San Tome Principal).
It is well known in the West African Oil Patch that a number of US multinational oil firms were quite upset when ERHC landed the oil rights in West Africa. The published articles that I mentioned earlier were an accumulation, over the past years, of many falsehoods that have been patched together to give a wrong impression of ERHC. I can only ask that as part of your investigation please find out why ERHC has been singled out for this investigation. With only 4 employees they hardly represent a threat to Homeland Security. It is important that you find out why Big Oil multinationals have been involved in discrediting ERHC.
This is a classic example of Big Oil using its influence in Congress to try and change what has occurred in a foreign country across the ocean. Please make sure your precious investigation time for Homeland Security is spent working on more significant security problems then trying to please Big Oil’s notion of what needs to be corrected. Big Oil has likely requested various Senators to have this Committee put pressure on a small, four person company who legally obtained a small amount of oil rights in the JDZ. Big Oil wants to unjustly take away the rights to the oil that were legally obtained by ERHR.
As a retired attorney, I believe the rights of both big and small companies need to be addressed equally and not allow big companies push over little companies because they have more influence in Congress. Truth and Justice must prevail. Please do the right thing in this matter.
Sincerely,
Robert C. Parker,
I received this email from Senator Reid today.
Dear Mr. Parker:
Thank you for your recent correspondence. I appreciate you contacting me again to share your concerns and I apologize for the inordinate delay in getting back to you.
I have contacted the Department of Justice on your behalf and have brought this action to the attention of the appropriate officials. They have been asked to review your letter and provide a written response. In the meantime, if you feel that I can be of assistance in any other way, please let me know.
My best wishes to you.
Sincerely,
HARRY REID
United States Senator
Nevada
Doug, I already went to that site looking for info on the shareholders meeting, but I could not find anything. Not a PR on the date or any webcast information. Did you see anything?
Here is the search I did on ADDAX site:
Search Results
Addax Petroleum | Privacy Policy
annual share holder meeting not found
http://www.addaxpetroleum.com/privacy_policy
Addax Petroleum | Press Room
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room
Addax Petroleum | Press Room | Addax Petroleum Announces Second Quarter 2007 Results
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/69
Addax Petroleum | Annual Report 2006
annual share holder meeting not found
http://www.addaxpetroleum.com/investors/annual_report_2006
Addax Petroleum | Latest Publications
annual share holder meeting not found
http://www.addaxpetroleum.com/investors/latest_publications
Addax Petroleum | Latest Events
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/latest_events
Addax Petroleum | Disclosure Policy
annual share holder meeting not found
http://www.addaxpetroleum.com/disclosure_policy
Addax Petroleum | Careers
annual share holder meeting not found
http://www.addaxpetroleum.com/careers/23
Addax Petroleum | FAQ
annual share holder meeting not found
http://www.addaxpetroleum.com/company_profile/faq
Addax Petroleum | Milestones
annual share holder meeting not found
http://www.addaxpetroleum.com/company_profile/milestones
Addax Petroleum | Press Room | Addax Petroleum Acquires Major Interest In Highly Prospective Deepwater Exploration Block Offshore Nigeria
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/25
Addax Petroleum | Gas
annual share holder meeting not found
http://www.addaxpetroleum.com/operations/gas
Addax Petroleum | Board of Directors Charter
annual share holder meeting not found
http://www.addaxpetroleum.com/investors/corporate_governance/board_charter
Addax Petroleum | Board of Directors Chair
annual share holder meeting not found
http://www.addaxpetroleum.com/investors/corporate_governance/board_chair
Addax Petroleum | Audit Committee Charter
annual share holder meeting not found
http://www.addaxpetroleum.com/investors/corporate_governance/audit_charter
Addax Petroleum | Audit Committee Chair
annual share holder meeting not found
http://www.addaxpetroleum.com/investors/corporate_governance/audit_chair
Addax Petroleum | Technical/Reserves Committee Charter
annual share holder meeting not found
http://www.addaxpetroleum.com/investors/corporate_governance/technical_charter
Addax Petroleum | Technical/Reserves Committee Chair
annual share holder meeting not found
http://www.addaxpetroleum.com/investors/corporate_governance/technical_chair
Addax Petroleum | Corporate Governance, Nominating and Compensation Committee Charter
annual share holder meeting not found
http://www.addaxpetroleum.com/investors/corporate_governance/nominating_charter
Addax Petroleum | Corporate Governance, Nominating and Compensation Committee Chair
annual share holder meeting not found
http://www.addaxpetroleum.com/investors/corporate_governance/nominating_chair
Addax Petroleum | Management Presentations
annual share holder meeting not found
http://www.addaxpetroleum.com/investors/management_presentations
Addax Petroleum | APC Calendar
annual share holder meeting not found
http://www.addaxpetroleum.com/investors/apc_calendar
Addax Petroleum | Shareholder Services
annual share holder meeting not found
http://www.addaxpetroleum.com/investors/shareholder_services
Addax Petroleum | Share Price
annual share holder meeting not found
http://www.addaxpetroleum.com/investors/share_price
Addax Petroleum | Press Kit
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/press_kit
Addax Petroleum | Press Room | Addax Petroleum Announces Start Of Trading On The London Stock ExchangeOne of the largest independent oil and gas companies listed in London
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/57
Addax Petroleum | Press Room | Addax Petroleum Announces Pricing Of Convertible Notes
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/60
Addax Petroleum | Press Room | Addax Petroleum Announces Private Placement Of Convertible NotesUp to US$300 million due 2012
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/61
Addax Petroleum | Press Room | Addax Petroleum Announces First Quarter 2007 ResultsFirst Quarter Funds Flow From Operations increases by 50 per cent
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/52
Addax Petroleum | Press Room | Addax Petroleum Announces Intention To List On The London Stock ExchangeSecondary listing on the main market
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/49
Addax Petroleum | Press Room | Addax Petroleum Announces Gabon Acquisition50 per cent interest and operator of Epaemeno license area, adjacent to existing operations
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/48
Addax Petroleum | Press Room | Addax Petroleum Files 2006 Year-End Annual Information Form
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/47
Addax Petroleum | Press Room | Addax Petroleum Announces 2006 ResultsFunds Flow From Operations increases by 77 per cent
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/46
Addax Petroleum | Press Room | Addax Petroleum Declares Dividend
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/38
Addax Petroleum | Press Room | Addax Petroleum Announces Third Quarter 2006 ResultsFirst Nine Months' Funds Flow From Operations increases 91 per cent
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/30
Addax Petroleum | Press Room | Addax Petroleum Completes FPSO Replacement Ahead Of Schedule
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/24
Addax Petroleum | Press Room | Addax Petroleum Completes The Acquisition Of The Business Of Pan-Ocean Energy
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/23
Addax Petroleum | Press Room | Addax Petroleum Closes Over-Allotment Option Offering
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/22
Addax Petroleum | Press Room | Addax Petroleum Announces Exercise Of Over-Allotment Option
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/21
Addax Petroleum | Press Room | Addax Petroleum Closes CDN$354,250,000 Public Offering
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/19
Addax Petroleum | Press Room | Addax Petroleum Announces CDN$354,250,000 Public Offering
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/18
Addax Petroleum | Press Room | Addax Petroleum Files Preliminary Short Form Prospectus
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/15
Addax Petroleum | Press Room | Addax Petroleum Announces Second Quarter 2006 ResultsCash flow from operations increases 120 per cent
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/17
Addax Petroleum | Press Room | Addax Petroleum To Acquire The Business Of Pan-Ocean Energy
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/14
Addax Petroleum | Press Archive
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/archives
Addax Petroleum | Management Presentations
annual share holder meeting not found
http://www.addaxpetroleum.com/investors/management_presentations/
Addax Petroleum | Press Archive | Addax Petroleum Announces First Quarter 2006 ResultsNet income increases 96 per cent
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/archives/10
Addax Petroleum | Press Archive | Results For The Year Ended 31 December 2005
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/archives/3
Addax Petroleum | Press Archive | Addax Petroleum Acquires Equity Position In Highly Prospective Exploration Block
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/archives/5
Addax Petroleum | Press Archive | Addax Petroleum Acquires Interests In Highly Prospective JDZ Exploration Blocks
annual share holder meeting not found
http://www.addaxpetroleum.com/press_room/archives/6
HOME I CONTACT US I DISCLAIMER I DISCLOSURE POLICY I PRIVACY POLICY I SITE MAP© Addax Petroleum
... and to quote Mick, "You can't always get what you want... but if you try sometimes, you just might find ... you get what you need."
Topshelf, Hopefully there will be some rig of opportunity news announced at the ADDAX mtg today. I was hoping to listen to the telecast but I cannot find any link to it. Anyone?
I can not find anything about the ADDAX shareholder meeting today. Not even a PR from ADDAX announcing the meeting. Is there a live broadcast? When did the meeting start? Isn't Sidewinder going to attend? Any help would be appreciated. TIA
Tapco, any word from your Aban contact?
Troy, There is no question in my mind that the main reason why the share price is where it is today and for the past two years, is the investigations. When this "black cloud" is removed the share price should return to where is was prior to this happening. That was nearly a dollar.
You indicate ERHC did nothing wrong and I agree. But the government will not do anything to remove the black cloud of the investigation unless they GET SOMETHING. So, IMO, ERHC pays the "extortion money" to the government because if they don't it will probably be another 3 years (when the SOL reaches 5 yrs from the date of the raid) that ERHC will be "officially" cleared.
I also disagree that if ERHC reaches a "settlement" it will taint the company. Once a settlement is reached, future investors will no longer have to worry or have fear about the government taking away ERHC's lucrative oil rights in the GOG. This fear of the possibility of ERHC losing some or all of its rights is causing the share price to be where it is. Once this fear is removed with a settlement, the share price should return to a more relistic value. This is not a question of short term or long term outlook for the company. It is a question of removing a black cloud now or waiting years for the cloud to disipate with time (the five year SOL)
... and to quote Mick, "You can't always get what you want... but if you try sometimes, you just might find ... you get what you need."
Ruby, first my use of the word "fine" in that ERHC may have to pay the government a $5 mil "fine" (actually being extortion or blackmail by the govt but you can't say that) was incorrect. I should have been using the word "settlement" as Krom pointed out. A "settlement" that would not admit any guilt but END the investigation.
I would guess if the shareholders were asked to vote on the question whether ERHC should pay a $5 mil settlement to end the investigations, the vote would be an overwhelming YES. I would also think the BOD would be of the same mindset. After any such settlement, the share price would likely double in a few weeks. Would the payment of the blackmail be worth it? You bet!
Spec, who in their right mind would get into a cage match with an 800 lb gorilla? But I would buy the pay per view fight just to see the carnage!
Ps: Maybe we could set up an undercard tag team match:
Art & Troy vs Krom & Print (best out of three falls)
... and to quote Mick, "You can't always get what you want... but if you try sometimes, you just might find ... you get what you need."
I have posted numerous times that I felt ERHC would "pay" about a $5 mil fine JUST to end the investigations so they can go forward without the black cloud hanging over their heads. IMO, it is just a form of government blackmail or extortion, call it what you may. When fighting an 800 lb gorilla sometimes it is better not to get in the ring and just buy him a bunch of bananas.
Krom, after the thorough discussion of the investigations this past weekend, have you changed your opinion of the possibility of a large fine against ERHC? Two important factor would indicate that a large fine will not occur. 1. The activities of EHRC inside the SOL are not likely to contain a "bribe". 2. The lack of recent activity by the investors would tend to indicate the case is winding down without any criminal indictments pending.
I not sure if I should philosophize on the share price, since if it goes back to the mid forties I will probably be buying more. It appears there is a strong bottom at 50 as the price does not remain under that point for very long. Just long enough for those that to notice the drop under 50 load up a few more shares and bring the price back up to over 50. I do not think we will ever see the mid forties again, so I will probably never get a chance to get those really cheap shares. With 50 as the solid base, any news at all will likely jetisen the price to over 60 since we will likely be trading in mid 50s until the news breaks. I do not forsee that long a wait before some news. There are so many irons in the fire right now and any one of them could be announced. My guess is the rig announcement will be the first to break and hopefully in July or August. Next the subsidiary will break late in the year, in November or December. I do not expect any news about the investigations, as I believe they will die a slow death until the 5 year is up and no case was filed.
Art, something else Dan K said in his reply to my email that I feel is VERY significant:
"What we’ve said in the past still applies today – the company continues to cooperate with investigating authorities, although there has been no activity of note on the investigations for some time.
This would indicate the government is no longer actively pursuing the investigation. The investigation has been put on the back burner. IMO, it will stay there for a long time with no charges being filed. The bad part about the whole ordeal, the investigation issue will continue to linger although all of here know nothing will ever come about from it. It is sad that the government can just sit on their collective asses and do this to a company, but there is really nothing anyone can do about it. I did send Sen. Reid a follow up letter inquiring why he has yet to respond to my other letter. No reply to either letter, not even an acknowledgement of receipt. How discourteous!
Considering that the Statute of Limitations is FIVE years, the government can only look at EHRC's activities from ~ June 23, 2003 to the time of the raid (2006). Although I was not following EHRC in 2003, from what I have read, all of the negotiations for drilling rights occurred prior to that date. I would guess any "bribes" would have to occur PRIOR to drilling rights being granted. Could someone who knows the "facts" more accurately, please comment on any important activities involving ERHC that occurred AFTER July 2003 that may get ERHC in trouble for the investigations. TIA
Below is Dan K's response to my email concerning the Statute of Limitations. I would hope Krom and Print read this post.
Robert:
I’ll take these step by step:
"During the January conference call Atty Madigan was discussing the investigations and he eluded that the Statute of Limitations may have tolled."
He actually explained that the statute of limitations is an important factor because it limits the events that the government would be examining. He did not say it expired because by definition it never expires. It just moves with the calendar. The statute applies to a five year window today just as it did yesterday, but the window has moved forward one day.
"This would indicate that the the government would be precluded from bringing any charges."
As described above, this is not an accurate way of interpreting Mr. Madigan’s statements. The government would be precluded from bringing charges related to events that fall outside the 5-year window, but it doesn’t mean the government can’t pursue an investigation of events inside the 5-year window.
"Since then, the company has acted as if the investigations were non existent during many of their presentations. But during these presentations and the Q & A PRs that followed, there is never a mention of the status of the investigations. Is it possible for the company to give the shareholders an update with information about the Statute of Limitations for the investigations?"
What we’ve said in the past still applies today – the company continues to cooperate with investigating authorities, although there has been no activity of note on the investigations for some time.
"One very important issue that has been discussed on IHUB is whether the government has filed for an additional 3 years to be added on the normal 5 year SOL because of possible foreign evidence. This additional 3 years is very meaningful for the time frame concerned."
If government investigators seek such an extension, which they have not, the Company would notify the investment community.
"Would it be possible for ERHC to have another Q & A type PR where both Peter and Mr. Madigan address questions concerning the investigations, especially the Statute of Limitations. It would be extremely helpful for existing shareholders as well as potential shareholders to better understand the status of the investigations. Your cooperation is this matter is greatly appreciated."
Because these are ongoing investigations, we are significantly constrained in what we can say about them. I recommend listening to a replay of Mr. Madigan’s comments from the annual shareholders meeting. Nothing has changed since then.
Dan Keeney, APR
DPK Public Relations
Sent: Sunday, June 22, 2008 11:20 PM
To: dan@keeneypr.com
Subject: ERHC Energy –
From: Robert Parker – 702 655 2512
Email: rcparker99@aol.com
Dear Dan,
During the January conference call Atty Madigan was discussing the investigations and he eluded that the Statute of Limitations may have tolled. This would indicate that the the government would be precluded from bringing any charges. Since then, the company has acted as if the investigations were non existent during many of their presentations. But during these presentations and the Q & A PRs that followed, there is never a mention of the status of the investigations.
Is it possible for the company to give the shareholders an update with information about the Statute of Limitations for the investigations? One very important issue that has been discussed on IHUB is whether the government has filed for an additional 3 years to be added on the normal 5 year SOL because of possible foreign evidence. This additional 3 years is very meaningful for the time frame concerned. Would it be possible for ERHC to have another Q & A type PR where both Peter and Mr. Madigan address questions concerning the investigations, especially the Statute of Limitations. It would be extremely helpful for existing shareholders as well as potential shareholders to better understand the status of the investigations.
Your cooperation is this matter is greatly appreciated.
Robert C. Parker
As far as extending the SOL an additional three years. Although I am not positive, but off the top of my head, I believe the gov't would have the submit a formal request to get an extension prior to the original 5 years SOL running out. I do not believe any such request has been made. Therefore, I still believe that the SOL has run out on any wrongdoings ERHC may have done. JMHO
Edit: After reading more posts, I see Art has covered the SOL very succinctly. Good job, Art.
... and to quote Mick, "You can't always get what you want... but if you try sometimes, you just might find ... you get what you need."