You can't always get what you want, but if you try sometimes, you get want you need. Rolling Stones
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I hope most here realize the power the US govt has. Its ability to mess with people, companies, etc. They have unlimited funds to use against you and the civil servants only believe its their job to carry out the "orders" from above. My personal experience with the going up against the US govt. was with an IRS dispute. The case lasted several years, during which I spent a great deal of time trying to convince IRS agents I was right based on THEIR code regulations. They did not listen and the case went to court. Prior to the hearing, I sat down with the prosecutor who asked me to explain my case. After I did, the prosecutor decided not to proceed and settled the case in my favor. But what I learned was, even though I won, it just was not worth it going against the govt. I wish I just paid what they asked up front and consider it being extorted by the govt. Like paying a traffic ticket even though you know you were in the right. Sometimes you have to know when to pick your battles and fighting with the US govt is one battle I never again want to do. NEVER.
I just hope ERHE does not feel the way I do and realize if they believe they are right, they need to fight.
Now, let's get it on (as Mills Lane, Referee, would say)
Opus, one lesson learned from WGMGY would be that the US govt can destroy a company and any value shareholders have. The US govt took WG out of business thru rootless politics, which appears to be happening to ERHE.
It appears those investors that are here from the WG board, like to invest on the wild side. Those investors in WG that got out before the crash were just plain lucky. Very few experts thought Congress would be acting the way they did. A real long shot came in and killed those that played the favorite. Sometimes the US govt acts in very strange ways, catering to certain political interests. I just hope it doesn't happen to me twice in one lifetime. And I will not count my investment in WorldCom, as that was not the government but just corrupt management.
DeGen
Maybe this is stating the obvious, but having ERHE trade down 8% today in above average / heavy trading of over 800,000 volume, does not bode well for what might happen at the upcoming cc. There are only 15 trading days until the cc and today's downward trading is not good. The share price reached another several year low, which is another bad sign.
The company needs to report something positive to stop this downward slide. Again, stating the obvious.
DeGen
Fishdog, thanks for the update, you the MAN, or even better, you the TOP DOG!
It sounds like the SEC is on a fishing expedition trying to throw out a big net and hopes to catch something. If the SEC already has access to the records the DOJ seized in the first raid, it appears the SEC are now grasping at straws. Does the expression WILD GOOSE CHASE sound appropriate.
DeGen
and they both will be speaking at the cc! (lol)
Farrell, good post, I wish you would contribute more often than every few months. Your thoughts are appreciated. IMO, any purchase under 30 cents will be richly rewarded. EHRE should break into the 30s real soon, especially as the cc approaches. If good news comes out of the cc, possibly the 40s will be reached in the week following the cc.
I do not envision any bad news on the horizon, even if any of the investigations results in a fine, that will HELP the stock price, since the investigation will be RESOLVED. The market hates uncertainty and right now with the 3 investigations going on there is MUCH uncertainty. However, the fact that ERHE showed a gain while the overall market took and BIG hit impresses me. Why did this happen? Most would want to dump a penny stock in a down market, the risks are normally very high in any penny stock, but in a down market, penny stocks are dropped like hot potatoes. Not so, today with ERHE. Again, why? IMO, the market likes the idea of the cc, the company is looking more respectable. But is it something else like what is expected to be said at the cc? A new CEO would certainty help the company's image. Not having a CEO for about a year can not be looked at favorably by the market.
So, again I will reiterate my prediction, yes I was the first to make it, that a new CEO/CFO will be on board for the cc.
DeGen
Ps: I realize I am not in the clique of the regular long time posters here (the in group) and get little if any respect (like Rodney Dangerfield). No one has member marked my as a favorite as of yet, so no one is looking forward to my posts. O do thank tamtam, littlebitmore, chrc and m_a_d for the pvt messages, but I cannot respond because of my limited membership.
However, at least some here can discuss my thoughts and give THEIR opinions.
For those that want to see Level II on a 15 min delay, which shows all trades and all MMs BID/ASK go to:
http://www.otcbb.com/asp/Info_Center.asp
fill in EHRE and put Level II in the appropriate box
DeGen
Ps: My Ameritrade Account shows the up to day bid/ask all the time, currently 27.5 - 28 with vol @63,600
I see no trades either
Exceo, thanks for your cc input, it is VERY appreciated. As you can see from my early posts after the cc was announced, I too feel something more than financials will be discussed. First on my list is the new CEO/CFO since that already could be in the works and a starting date could be just before the cc and within the 4 day SEC material event reporting deadline. Others here have echoed that likelihood.
Dadd brought up the cost factor and I was trying to get a more accurate figure than the ballpark figure of $5K-$10K that has been suggested. IMO, it should cost less than that. Do you have any "old" figures from your experience? TIA
DeGen
My last post on this as well -
Your old post fooled me as to who wrote it. There was nothing indicated that is was not yours. I thought your name was Lou! Next time maybe it would be wise to add a disclaimer that you "cut and pasted" and maybe give a source to help your credibility. Which right now, I would say your credibility needs help.
DeGen
Crappie, I take that back about you being a basher, I guess I should have said you just want the price to go to 22.5 cents. And that I do consider that position "negative". I want the price to go to a buck, so I consider that "positive".
Maybe you have your directions mixed up.
I any case one of your old posts (see below) indicates you called the company wanting a annual meeting so the company could communicate better with the shareholders. But now you state you do NOT want a cc! Have you changed your mind about having the company communicate to the shareholders or are you just being NEGATIVE?
Here is the old post in case you forgot-
Posted by: 30 Crappie
In reply to: None Date:6/23/2007 1:13:41 PM
Post #of 102722
Friday June 22nd
I called the ERHC office in Houston this afternoon and Carol
transferred me to someone name Silvan. If I'm not mistaken this
individual was of African decent, which leads me to believe he was
most likely Nigerian.
After exchanging pleasantries, which included my informing him I'd
been a shareholder for more than two years, I enquired as to when we
could expect a shareholder's meeting. As I told him, that request was
prompted by what I and others felt was a lack of communication on the
part of the company and in any event long overdue. By way of example
I rehashed the concerned I had stated in my emails (see previous
posts) to Dan Keeney. The answer to which was pretty much the same
vagueries that I got from Dan and which we have all received via the
sporadic shareholder updates from our would be CEO.
The upshod of the conversation was him telling me that the company
understands our concerns but he could not discuss them over the phone
with an individual. He said that a shareholder's meeting would be the
best forum to discuss these concerns and that the company was
considering having one sometime in the near future. When pressed as
to when, he chuckled and said, "I really couldn't say when that may
be".
Well, there you have it boys and girls. As I've stated, I wouldn't
know how to go about forcing a shareholder's meeting or if it's even
possible to begin with. If there's others of you that know better,
I'm all ears. But otherwise, as it stands, we're obviously not going
to get any answers whatsoever until the Big Chief says so. That said,
I know full well that there are some things that any company cannot
or should not devulge. Even so, that still leaves plenty that can and
should be.
Have a nice weekend, Lou
Crappie, those like yourself who are NEGATIVE on ERHE, would be negative on any good event that might cause the share price to increase. Your position on the cc makes sense since you are basically a basher of ERHE. But your vote still counts, since this is AMERICA, not Florida.
As a side note, I was upset with myself for missing out on the two bit shares yesterday, so I upped my bid today and bought 40k more at 0.263 ave/shr. Although I am way over weighted in ERHE I can not understand why the share price is SOOOOOOOOO LOOOOOOOOOW. It makes no sense with all the potential that exists. Over half million shares showing BIG paper loss, but very happy with my position. Needlessly to say long and strong, having never sold a share.
DeGen
Ps: The poll results so far only indicate one person against the cc. Anybody else against it speak up now and join DADD.
exceo, I would love to have YOUR imput on having cc. Your viewpoint would be helpful because of your background. Expand if you would. TIA
DeGen
Dadd, even if the cc is JUST to announce the 3rd Q results, IT IS STILL A GREAT IDEA. There still should be a Q & A session following the announcement. A cc every 3 months will be something to look forward to, so the company can be held accountable with shareholders having an opportunity to ask questions. I can not see how any shareholder could consider this a waste of money. The Ben Franklin saying comes to mind, penny wise and pound foolish.
DeGen
Ps: Dadd, any info on the actual costs of a cc yet?
Dadd, where do you get your information that a cc is EXPENSIVE? and what do you consider EXPENSIVE? One or two thousands dollars. Maybe five thousand at most. You only have to set up one 800 conference line for an hour, with one person to take the callers.
This money would be well spent. Already Pinnacle Digest decided to cover ERHE because of the announced cc. The more attention ERHE gets to more people will be investing in the company. This can only be good.
Also, this cc starts a trend that makes ERHE appear to be more of a transparent company reporting in a more normal way. How many NASDAQ do NOT have a cc for reporting their quarterly results versus how many that do have a cc?
If this cc causes the share price to go up one hundred of one cent, the overall worth of will go up much more than the cost!
What are the downside to having the cc? Only to dollars spent on this event.
I would suggest a POLL of board members on how they feel about the company having this cc: So here is poll question:
As far as EHRE having the cc on Aug 21, 2007 I think:
A. I am against the cc - This is a waste of the company's money and should be cancelled.
B. I am for the cc - The is a good idea and should occur every quarter from now on.
Vote with your posts!
The more I think about the cc, the more I feel that a new CEO/CFO will be announced. Right now, the hiring is probably just about complete with a starting date to be right before the cc. Loose ends being tied as we speak. The new hire will be unofficially visiting the office for briefings until the official start date.
Can someone watch the comings and goings at the companies office?
DeGen
Ps; Keep in mind all of this is just conjecture.
They have never had a cc before either!
While we all contemplate what will be revealed during the cc, let's do something positive to help ERHE. WRITE YOUR SENATOR AND THE SENATORS ON THE INVESTIGATION COMMITTEE!
I sent a letter to my two Senators and those on the Homeland Security Committee listed below:
Joseph I. Lieberman Chairman (ID) (CT)
Susan M. Collins Ranking Member (ME)
Carl Levin (MI) Ted Stevens (AK)
Daniel K. Akaka (HI) George V. Voinovich (OH)
Thomas R. Carper (DE) Norm Coleman (MN)
Mark L. Pryor (AR) Tom Coburn (OK)
Mary L. Landrieu (LA) Pete V. Domenici (NM)
Barack Obama (IL) John Warner (VA)
Claire McCaskill (MO) John E. Sununu (NH)
Jon Tester (MT)
Use the site below to email the Senators:
ithttp://www.senate.gov/general/contact_information/senators_cfm.cfm
Is everybody crying in their beer about the share price drop today not to realize that this announced cc may be real good new coming? Would ERHE call for their first cc to announce BAD news? No way!
DeGen
During the cc I am hoping that ERHE has SEVERAL of my suggested events to ANNOUNCE. If a lot of things are happening with the company, why not have a cc. Time for a celebration!
DeGen
oil-cowboy, the PR announcing the cc could not have possibly been thrown out there to stop the share price drop that occurred today. It would take a few days for the PR to be written and approved, so it had to be in the works for at least a few days.
DeGen
First cc! What could have caused ERHE to do such a thing?
Is a big announcement going to be released?
Maybe a new CEO/CFO will conduct the cc!!
Maybe a new acquisition of an oil field announced by Ledbetter who will fill us in on the details of the oil field.
Maybe ERHE will "explain" what is going on with the investigations. Maybe one of ERHE expensive attorneys will be present to answer questions about the investigations.
Maybe the long awaited buy in/out will be announced and explained to shareholders.
Any other ideas why all of sudden ERHE decides to break its past cc silence with this announcement?
DeGen
Having been invested for about 16 months, I do not recall any other conference call reporting by ERHE. Is this the first one in some time, or the first one ever? If this is a new trend, I certainly think it is a great thing.
walldog, what did you think of the "morning line odds" from post #102399
http://investorshub.advfn.com/boards/read_msg.asp?message_id=21494631
Who would you bet on?
Tried to scope up some of those two bit shares, but was a "bit" late. Hope my order is NEVER FILLED.
DeGen
If the drilling is reported to occur in the 2Q of 2008. If the drilling occurs in the middle of the 2Q, let's use April 30, 2008. Should we start a countdown to drilling?
That leaves 281 days to drilling!
When does this start to affect the share price?
Of the three government agencies investigating ERHR, which one will be the first to come to the conclusion that the whole investigation is just a bunch of crap and can not find anything that that ERHR has done wrong, thus ending the investigation.
Here is the morning line on the odds:
The DOJ - they have all the records to look through and many attorneys that do not mind spending lots of government money on the investigation. Kind of like job security for them.
Will continue investing for at least one more year. They are looking for illegal bribes that do not exist, but a job is a job.
The SEC - they are trying to get more info from the Chrome attorney who may or may not be cooperating. Their case is a lot more ambiguous and they are not exactly sure what EHRC did wrong, ERHR's filings look okay, but ERHE must have done something wrong or why would the SEC be conducting this investigation. They will probably churn through the paperwork for six more months before giving up. They have more important things to look into and will realize this fairly soon.
The Senate Committee on Homeland Security - they just got involved in this mess and will try to figure out exactly what in going on with this potential homeland security risk. Only four employees to look into, but Offor may be hard to investigate (he has an unlisted phone number). After three months of investigating, this committee will soon realize that ERHR is doing nothing improper or nothing "at risk" to America's security. ERHR is only trying to maintain its legally obtained oil rights in the JDZ that big oil wants. Just because big oil wants the committee to find something on ERHR does not mean it will occur. Look for this investigation to end first as there are many, many more pressing issues involving Homeland Security that need the Committee's attention.
So for the odds as to which investigation will end first:
even money the Senate Homeland Committee will end first
three to one the SEC investigation will end first
ten to one the DOJ investigation will end first
twenty to one another investigation will be started and end before any of the above.
Bets are being accepted at PinacleSports, but only if are NOT an American citizen.
DeGen
I think its a 3 year low,
Also, no more shares at 29.2, ask now back to 29 cents
wtao, your buy shows up on level II, thanks for letting us know who the buyer was.
I do not understand why many, many more here are not jumping in at ~29 cents. We all know the investigations are groundless attempts to harm ERHE reputation and share price. We all know there is a excellent chance of finding lots of oil, so why aren't more buying?
I for one am way overloaded on this stock, but its looks like I am coming into about $20K from the cash dividend from RIG. I am surprised more here do not have shares in RIG, knowing what we know about the worldwide drilling rig shortage from reading this board. RIG is one of the key suppliers of drilling rigs and right now and for the next few years, the DEMAND far exceeds the supply. I guess that is just another good thing I have learned from this board. Thanks to all the contributors here.
DeGen
Tapco, please email me a copy of your letter. As you know, I too send off a letter or two to Congress, but I feel I do not know enough about the situation to coherently explain why ERHE should not be under the thumb of all these investigations.
DeGen (rcparker99@aol.com)
It appears ERHE is under investigation by the SEC, the DOJ and now the Senate Comm on Homeland Security and NO ONE here believes the company did anything wrong. No one here has a real clue on what the company could have done that was really "illegal". No one can show that ERHE is in the wrong.
What is next? is the IRS is going the investigate the company ... the FBI, the CIA, Scotland Yard, the French Foreign legion, the Mafia, the Russian Mafia. How far will Big Oil go to try and take down ERHE? The prize must be awfully BIG if they are going to these extremes.
Can the US govt take down the International treaty between STP and Nigeria? Can the US govt take down the contractual relationships ERHE has created with the Chinese Oil co., ADDAX and Anadarko? IMO, ERHE rights are more that well established, the only thing the US govt can is harass ERHE with go no where investigations. The investigations will go away, but the oil will always be there. Patience, patience, patience.
If the drilling is reported to occur in the 2Q of 2008. If the drilling occurs in the middle of the 2Q, let's use April 30, 2008. Should we start a countdown to drilling?
That leaves 285 days to drilling!
When does this start to affect the share price?
Walldog, you posted from the 2001 filings:
Based upon the Issuer's stock transfer records as of October 6, 2000, there were 498,698,199 shares of the Common Stock issued and outstanding as of October 6, 2000, the 281,497,057 shares of the Common Stock that Chrome is deemed to beneficially own, as calculated pursuant to Rule 13d-3 of the Exchange Act, represent approximately 54.2% of the issued and outstanding shares of the Common Stock.
This indicates SEO/Chrome "control" (own) 54.2% of ERHE. I recall seeing recent figures that he only controlled some 40+% of ERHE. Can you explain, or report on what is the correct percentage SEO owns as of today. If he controls more than 50% that would be a big issue!
A general question for the board, if I mark a poster as one of my favorite persons, does that poster know about it or can find that information out?
Also, why hasn't ANYONE marked me as one of their favorite persons? Are my posts that bad?
DeGen
Ps: or is it you just don't like that Mick Jagger quote at the end?
Although I am already very over invested in ERHE, I have this incredible urge to buy more at these bargain basement prices. It appears only good news can come out in the future concerning the lack of a CEO, the resolution of the investigation, the buy in/out, but most of all the drill scheduling will more likely be pushed closer as opposed to farther away. As for the drilling, the sooner the better, since it is so much more likely to be a success than a failure. So with all this possible good news and little chance of bad news, I think the share price has finally bottomed. I have said for a while now that thirty cents holds pretty firmly and we have yet to close under thirty although we have traded under thirty intraday. Those who picked up shares under thirty should be proud and I am hoping to join that club. My weighted average is sixty something so I am quite in the red and sure would like to see the share price change direction.
DeGen
FishDOG, you are only saying that about BaDOG because you have the same last name as him (DOG) or come from the same kennel!
I am in complete agreement with both of you, especially BaDOG and enjoy his posts immensely.
DeGen
Ps: I also love Pekingeses, but I don't call myself DeGenerateDOG
At around $400,000 per day rental rate, I do not think the Aban Abraham will be sitting "idle" for very long. Let's hope it finds it way to the JDZ very quickly!
Although it may be true that ERHE is made up of bribing corrupt evil
scum, that may be the reason they got where the are by getting the
oil rights right out from under BIG OIL. Big Oil is very pissed off
at ERHE for what they "stole" from big oil and big oil is using their
influence in govt to put pressure on ERHE by aiding the govt in the
investigation of ERHE. Big oil is probably the only reason why the
investigation is going on. Big oil is trying to drive ERHE out of
business so they can pick up the pieces. And big pieces of oil they
are, so big oil is using its influence to get want they want.
So if ERHE is what some people say it it, it has benefited the
shareholders! Although I personally would not operate like that, and
probably would not have invested in the company knowing all what they
have done in the past, I am invested now (prior to the investigation)
and have to live with what ERHE has done in the past. It is probably
to my benefit, so I will have to look the other way and accept the
fact that the company will be paying for their mistakes in the past,
just like Starnet ponied up the 7mil to Canada. The fine should be
less than 5mil in this case which will be petty cash after the oil
starts to flow. Yes, the cost of doing business in the oil industry
in Africa. Kinda normal from what I hear. Grease makes the drills
go round!
As I have said before, I do NOT recommend this stock, there are too
many uncertainties and corruption is definitely one of them. But
like the online gambling business, it appears this company is bound
to make lots of money and the shareholders will very likely benefit.
As far as being a scam, there are too many other large oil companies
involved in the operation that make this very very unlikely.