You can't always get what you want, but if you try sometimes, you get want you need. Rolling Stones
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balance, everyone here wants the govt investigations resolved yesterday. However the reality of the matter is the government has been in no hurry and the only thing that will get them off their collective azzes is the Statute of Limitations or some slam dunk evidence they hope to uncover. They haven't found enough evidence yet or the indictment would be unsealed and charges brought. They certainly have had enough time to look for this killer evidence, but as of now, the govt is not revealing their cards. This is probably because they have nothing but are still looking and hoping for something, anything to hang their hat on. But the SOL approaches and soon they must show their hand or fold. IMO, the government has nothing and will in the next few months fold their cards and call it a day.
This is not going to happen before the conference, the time frame is just too short.
All of the above is of course, IMO.
hungryhippie, ERHE would do best by keeping ALL its cash in its pocket and not spend ANY of it on an acquisition until the government investigations are resolved. Cash may be needed to pay fines or at minimum continue to be able to pay the attorneys to fight Uncle Sam. Any acquisition at this point in time would not be prudent and would put a severe dent in ERHE's cash on hand.
was that English?
Speaking of selling out. I wonder if Ledbetter was hired to find out what other smaller oil companies were selling for under the guise of ERHE thinking about buying them. Remember at the cc Ledbetter mentioned the many "opportunities" ERHE was looking into, only to find out they were too expensive and ERHE could not realistically buy them with their limited funds. He has been traveling all around the world looking into oil company opportunities. So Ledbetter has been looking into these smaller oil companies and finding out what the "market" is asking for these companies. In fact I think that is the majority of what Ledbetter has been doing, that is, looking at purchasing oil companies. Well I do not know much about the oil business, but I do know a lot about the residential real estate market. Many times potential sellers (those thinking about selling their property) will pretend to be buyers and check out the market, looking at all the properties for sale as though they were interested in buying them. They find out lots of information about these properties only to use this information when they market their own property.
So just maybe SEO hired to Ledbetter for this purpose to get a better idea of the "worth" of ERHE. Maybe not the amount the company is worth now, pre-drilling, but its worth when the amount of oil found is better defined.
Of course, it's also nice having Ledbetter around to represent ERHE at the meetings and now the oil convention. I am not saying having him around is a waste of money. By no means! Having Ledbetter gives SEO a look into other oil companies that SEO may have not been able to do.
This minor share price rise may be attributed to those that sold 30 days ago (late Dec) getting back in. Although the volume does not compare to the Dec trading, there may be more buyers that sellers.
On a side note, the share price in very close to a FIVE year low. Is ERHE better off now than five years ago? Except for the investigations, ERHE is BY FAR so much better off now. Hopefully, these investigations will be ending the next few months.
I am a little confused about Addax news and if it actually affected when drilling would occur. Has there really been a change in when the Abram is coming? Has there been any change in the possibility of a rig of opportunity? Can someone summarize exactly if anything has changed as far as drilling goes. TIA
Posted by: DegenerateGambler
In reply to: DegenerateGambler who wrote msg# 103254 Date:8/1/2007 5:16:00 PM
Post #of 116645
It appears Sen. Reid (or one of his staff) actually read my letter and fully addressed my concerns. I hope he follows through.
I also hope, others here have followed through writing their own Senators. Anyone can use all or part of my letter to help you compose something to write to your Senators.
If you feel ERHE is being railroaded by Big Oil, let your Senator know. Otherwise, let others do the work for you.
DeGen
Ps: No further correspondence has been received from Sen Reed.
Big I wrote the letter to Senator Reed, and posted the reply as well as some comments on the Senator's reply see next post for my comments. Here is the post:
Posted by: DegenerateGambler
In reply to: DegenerateGambler who wrote msg# 103252 Date:8/1/2007 5:11:49 PM
Post #of 116644
I received this reply from Senator Reid, Senate Majority Leader:
August 1, 2007
Mr. Robert Parker
2400 Goldenmoon St
Las Vegas, Nevada 89108
Dear Mr. Parker:
Thank you very much for contacting me with your concerns regarding the Senate Committee on Homeland Security and Governmental Affairs' investigation of the ERHC energy company. I appreciate hearing from you.
Thank you for bringing this issue to my attention. I share your belief that we must not let the nation's big oil companies compromise the interests of the U.S. Senate and our valuable relationship with smaller energy businesses. In the free market of the United States of America, all companies should be able to compete on a level playing field regardless of size or political clout. Although I have a tremendous amount of faith in my Senate colleagues on the Homeland Security Committee, I will be sure to monitor this investigation for any potential improprieties.
Again, thank you for taking the time to share your thoughts with me. For more information about my work for Nevada, my role in the United States Senate Leadership, or to subscribe to regular e-mail updates on the issues that interest you, please visit my Web site at http://reid.senate.gov. I look forward to hearing from you in the near future.
My best wishes to you.
Sincerely,
HARRY REID
United States Senator
NY, how would one pay the bet if the share price ended up at a half cent? Like 18.5 cents. The US no longer has half cents in circulation. Also, to pay up on the bet by mail, one would have to use a stamp that was more than twice the value on the bet. Why don't you increase the bet to 100 shares or even 1000 shares to make it interesting. Most people today don't even spend the effort to pick up a penny!
DeGen
Ps: Also consider that this "wager" is a form of illegal gambling and could result in jail time for both parties. All over 18.5 cents. Is ERHE worth going to jail over?
NY 60 sec, you ask, "Maybe we should take a poll as to who thinks ERHC Energy will or will not make a substantial announcement at the conference."
Although, I hope and pray, ERHE will make some sort of positive announcement, I do not believe they will.
I am hoping for some sort of "big" announcement at the AGM, but have no faith in that happening either.
Shareholders can only wait until one of our partners releases a juicy PR that ERHE can ride on the coattails of. As the world wide economy worsens, the possibility of a rig of opportunity increases. Some companies may want to sublease a rig at a much higher day rate to make some good money on the side if their own drilling prospects are not that great or can wait.
BaDog, when someone replies to your post, it shows up on your personal message "mail" as a new message. The number of messages you have would (or actually did) increase by two. Then when you read the replies (or those replies were deleted) the message count went down by two. So your personal mail count goes up and down as post replies are read. Maybe this helps to answer you puzzle.
eoim, good article, but you fail to indicate source or date. Can you do that please.
ERHC 1/15/2008 Conf Call Repeat .....
Dial (800)642-1687
Passcode: 26560348
[2] to fast forward 30 seconds
[4] to rewind 30 seconds
Listen to the cc, I asked Madigan about Jefferson and he indicated that his case had NOTHING to with any of the investigations. VERY good news IMO.
"K" man, you forgot the RA RA SIS BOOM BA! GO E R H E!
EZ, Krom's post about another oil company being fined for bribery is VERY relevant to the BIG picture, maybe not ERHE directly as I detailed in my post. But this information is certainly as information to those here as are all the newspaper posts about the ongoings in Nigeria and STP. These are no directly related to ERHE but to the big picture of the GOG and what's going on. I would be very disappointed in the moderators if that post is deleted.
"k"man I'm covered, the stock symbol ERHE is in there somewhere!
Let's review how Baker Hughes was "bribing" and the $40mil fine -
"Baker Hughes Services International Inc. (BHSI) and one of its employees paid more than $ 4 mm in bribes over 2 years to an intermediary that the company believed would relay the payments to a Kazakhstan national oil company official. Separate SEC charges alleged additional FCPA violations by Baker Hughes in Nigeria, Angola, Indonesia, Russia, Uzbekistan, and Kazakhstan.
bribes in SEVEN countries and $4 million in one country alone, resulting in $40mil fine.
Maybe ERHE could possibly be construed of "bribing" 100K (given for college fund, I think).
So what kind of fine would that be IF IS WAS TRUE? Maybe a million dollars at best. That's why most here believe any fines would be insignificant. Hey, Krom, if I was ERHE I would 'give' the govt. a cool million just to get them of our back. You know, just pay the extortion and be done with the investigation. Don't you remember the Starnet case with the RCMP?
Yes Krom, your post about oil companies being fined for bribery would be significant IF it was POSSIBLE and NECESSARY for ERHE to bribe officials. ERHE had NO money to bribe anyone, and NO need to bribe anyone because they already had all the influence they needed and prior contracts that were unbelievably in their favor. ERHE was an "insider" and had a big advantage over the "outside" big oil companies. The officials making the decisions were on the same channel and the same "color". No need for bribes. I am not be any means the expert on this subject, but those here for many years have indicated this was the case. ERHE had no cash and was living on borrowed money. Other oil companies were awash in cash and could easily "hide" bribe money. Not the case with ERHE. Most here ignored your post because most here know ERHE did not bribe anyone.
Ps: I hope you had a chance to listen to the cc, our Atty Madigan indicated that the government had no real evidence against the company.
It is certainly possible that the shareprice will drift down with no news and drilling nearly a year away. But it is more likely SOME good news will be generated over the next few months causing the share price to climb.
dest golf, see my post #115870
Troy, you got that right! When the investigations are closed, the share price will shoot back up to where it was before all this happened. Very close to a buck!
Pete, you ask about how others feel about ERHE. Well after listening to the cc I feel much more confident about the company. My main worry has been the investigations since the govt came down hard on the company and continues not to relent. After the cc, it appears much clearer the govt's motivation was that hyped up report that the sour grapes oil companies concocted to try to destroy ERHE and their rights. Hearing from our lawyer, Madigan, that he believes it is a bunch of BS is quite a relief. I believe he indicated there were no actual FACTS in the report.
By the way, I am the Robert Parker that asked him the question which stimulated that response. I asked about Rep. Jefferson case and Madigan expanded on the reasons for the investigation being the report. It's funny how a simple question, like the one I asked, cleared up so much ambiguity about what the investigations were based on.
Then there was a another great question by someone else who asked about the Statute of Limitations on these investigations (with excellent time and dates). Here was the great news, it sure looks like the govt must ACT before May 2008 or the will the case will be excluded because the Statute has tolled. So according to Madigan, unless the govt files charges by May they will not be able to file. I did get the feeling Madigan did NOT want to discuss this matter too much, since he may be hoping the govt screws up and missed the deadline or is not even aware of it being so close. Maybe this should not even be discussed here as it is possible the govt is monitoring this board, but I really doubt it.
So it is only a few months away before SOMETHING will occur with the investigations. Either a case will be filed or it will disappear. Since Madigan feels there is no credible evidence, this short time frame makes me feel very good. Prior to this cc I thought it could be years before the black cloud of the investigations would be lifted.
May of this year is sure looking like the date the Govt has to shit or get off the pot as far as the investigations go as Mike Madigan alluded to.
I think Oily should use my trailer in that post!
tokelley, been in your shoes, just hang in there. Wifey will get over it, but NEVER forget it. You just need to have the company find the oil. Its that simple. Oil or divorce.
No companies were found matching "EQRFX".
Badog, I have know we think a like and your last post confirms it even more. First, we both agree PATIENCE is the key is owning this stock, as we both know, when the drilling comes, the oil WILL be there. Many of my past posts have made reference to needing PATIENCE to own this stock.
On another front, I agree completely about your analogy to the Beatles' Let It Be. One of my favorite songs. In fact, the Beatles are my favorite group. I own the complete Beatles collection on CDs and this was the first music/songs I put on my IPOD when I got one. Although my ending tag references a Rolling Stone's song, Let it Be is a far better song and maybe I should change that tag!
Why does the buy in / out come closer every day?
The longer ERHE is without CEO/CFO the more likely these posts are purposely being NOT filled until the deal is completed and those on the other side of the table can put their people in those positions.
The closer the ending of the Jefferson trial comes the more likely there is a possibility of one or more of the investigations coming to a close.
The closer the drilling in the JDZ comes the more pressure on the suitors to complete the deal at a lower price, the price they want. They know if they wait and rigs are scheduled or oil is found, their negotiating position gets worse and worse. Keep in mind ERHE has full carry and is not going to be pressured by the high costs of drilling with the possibility of running out of money over time.
This whole situation reminds me of a song from Casablanca, "As time goes by" or the Rolling Stones song, "Time is on my side".
The important thing is I have patience. 2008 should be a great year as time goes by.
PS: Badog, you are on my listed of respected/trusted posters, so I do appreciate what you are saying and do understand your position, but do not fully agree with it.
Although this is a short week which only 3 remaining days left, IMO the share price should see a nice little rise hopefully getting to a quarter by week's end. This is based on the the EXTREMELY high volume over the past few days and the fact that end of year loss selling has been completed. There should be many more buyers now than sellers, including those that used the end of year selling and now want to get back in. As long as the high volume (over one million /day) continues the share price should reach two bits.
Badog, I guess you can not connect dots very well. So be it. The analysis / dot connecting by BalanceBuilder makes a lot of sense to me. The practicality of one consortium deleveloping the JDZ makes so much sense economically that I believe it WILL come about. ERHE will ride the coattails of this consortium and the shareholders will benefit greatly.
Now as far as there being oil in the JDZ, this has been kicked around quite a bit. Block 1 drilling was successful, just how successful has the jury still out. But at least it was not a dry hole like your ENG had over twenty dry ones. When drilling gets closer in the JDZ it can not be compared to ENG as the likelihood of finding oil can not considered equal. Maybe in mathematical terms (guessimates), your ENG, 1 of 25, ERHE 19 of 25. Which do you think is a better investment?
DeGen
Ps: Tryoty, my prayers go out to your Dad and his/your family. We are all routing for a sucessful operation and a speedy recovery.
Dbernet, I too made a "bad" prediction in Apr 2007. I predicted ERHE would have a new CEO by the end of the year.
NOT!
But my share price prediction for 2008 reaching $2 will NOT be wrong!
The year in reveiw, the share price went down 50%, ending at 20 cents. This following a drop from ~90 cents early in 2006. The drop probably resulting from the various investigations.
The future, rigs are around the corner, dealings (buy in/out, merger, etc.) look more likely everyday. The oil lays there waiting for those who are patient. I predict the shareprice surpasses $2 in 2008!
Art, how much time transpired between APC (not AXC) not getting what they wanted and the first investigation (the raid)? Same question for EXXON, how much time transpired between XOM sending the five attorneys and not getting what they wanted and the first investigation (raid)? Wasn't this over six months? You would think the if this was the nexus cause of the investigation, the "raid" would have been conducted very soon thereafter, not giving ERHE any time to shred evidence.
IMO, the raid was more in the time frame of the Jefferson ordeal. But aren't we both guessing? Hence the straw poll vote.
Spec help me out here. I have been reading IHUB for less then 2 years, so I am sure of the events prior to that. Was APC upset with ERHE when the block rights were given? Did APC expect something that ERHE received? Didn't they get a nice piece and operator-ship of a Block?
Wasn't APC a third string major oil company behind EXXON and Chevron? Why would the US govt cow towel to a request by a relatively small oil company (1/6 the size of CVR or 1/12 the size of XOM). Do you think they have that much juice in Congress.
Straw Poll - LMLT, I think if your poll was worded more fairly, Tryoty would get a lot more votes: Let's reword the poll this way.
Did the antics of Rep. Jefferson cause the investigation(s) into ERHE or did Big Oil use its influence in government (Congress) to get the DOJ to look into ERHE and cause this investigation(s)? You must choose which you believe is more likely.
I vote FOR Jefferson and against BIG OIL.
If these investigation were caused by BIG OIL, and they told the gov't to look in ERHE and give them a hard time, IMO, the investigations will go on for years and years and years. The govt is not under a time frame to bring charges, they can go on investigating for quite awhile. I only hope all those that believe BIG OIL caused this are dead wrong, because if they are right, this black cloud will be around for quite some time.
Ps: Any of those that have already posted an answer on the previous poll question can and should revote to indicate they still believe the BIG OIL is the bad boy or if they have changed their minds.
Yes, Julius, the key word is sealed. But if the investigations, which have be on going for way over one year now, were more than just looking into ERHE past dealings with Jefferson, wouldn't you think that the investigation would involve questioning of ERHE's employees and or BODs? To the best of my knowledge, the only one questioned so far has been Chromes (SEO's) lawyer. If all that paperwork that the government scooped up had anything worthwhile in it, the govt would be looking into in further by questioning ERHE's people. Why hasn't the govt done that? Maybe because they reached a dead end?
Troy, thank you for that well thought out analysis of the investigations. It is kind of ironic that I was having trouble sleeping last night and was thinking about the investigations. Going over them in my mind almost exactly like you did with the same conclusions. In fact, I felt that I should write a letter to ERHE going over these same facts and requesting them to respond at the upcoming conference call. I would especially like to here from that attorney Mike Madigan and his views on the conjecture you posted on the investigations. I hope to work on that letter today.
I should have mentioned in my post the with the Jefferson trial right around the corner, something should break in the investigations. This of course is based on the premise Jefferson was the lynch pin in this entire ordeal. Hopefully, these investigations WILL be resolved early next year as Jefferson's trial is wrapped up.
If it was not Jefferson (and I am saying saying it was not) we are back to step one and completed in the dark about the investigations and the black cloud will continue to hover. I only hope that you (and I do agree) that this whole ordeal only happened because of what Jefferson did. He gave new meaning to the phrase a "cool" 100 thousand (or was it 90?).
Troy, I am sorry you feel that way. But as to my post to Red, it was directed at him because he so casually dismisses the FOUR govt investigations. How anyone can do that is beyond me. Presently these investigations are the ONLY reason why the share price is where it is. How ANYONE on this board with all the knowledge we share can not (or refuse to) acknowledge that fact is beyond me. How ANYONE on this board can not be a little scared about these investigations is beyond me. The US govt is huge and a big bully at that, even when they are wrong they still win by grinding down the little guy. They have an unlimited budget and care little what they do to the little guy. ERHE is the little guy. It is likely these investigations are preventing all the deals Balance speaks of from occurring.
Can you really tell me you are not even a little scared about these investigations? I am not being a fearmonger as you suggest, these are all facts we have to live with until these investigations are resolved. No one hear should try and sweep these investigations under the rug. Everything said about them is conjecture since the investigations are SEALED.
Everyday I hope and pray there is a new release from ERHE that indicates one or more of these investigations has been resolved.
IMO, the high volume is due to end of year selling, the shares are being scooped up by the MMs who will be selling them early in Jan at 21 cents and above. I hope the MMs do get too full of shares (maxed out) and stop buying. If that happens the share price will fall, possible back the 16 by the end of the week. Let's hope news is about to break, which is causing the surge in volume.