You can't always get what you want, but if you try sometimes, you get want you need. Rolling Stones
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OT: I was hoping that EXceo would get the 100,000 post and it would be good news. Half right and the better half at that. Good luck to both you and Mrs.!
OT: Exceo, when she brings up all those things in the past that you did, (some you don't even remember, but she does), just apologize over and over again (even though you were not really wrong, in her eyes you were wrong, so you need to apologize still). Tell you can not change what you did in the past only apologize for it and say you will not do it again. You must promise not to look/glance at younger women, you know she sees that you are looking at them. Give her more hugs and affection, you can never do that enough. Do not ignore her every night by being on the internet! Learn from my experience! (lol)
DeGen
I am not positive, but I think Anadarko has indicated that they would be drilling the 2Q of 2008 which would make them the first to drill in one of ERHEs blocks. Can some of the board experts chirp about this scheduled drilling date for the 2Q of 2008. That is what my countdown is based on.
If the drilling as reported to occur in the 2Q of 2008, that is less than ten months away. If the drilling occurs in the middle of the 2Q, that's only eleven months away. Should we start a countdown to drilling? 330 days to drilling!
Is todays price rise the start of something big?
Over the last few months we shareholders sit hear and read about the news of drilling by our partners in Blocks 2,3 and 4. As the weeks/months go by the share price languishes in the low thirties while it appears more and more that the drill ships are coming and the fact that there is REALLY oil down there gets more and more likely with each and every news stories that gets posted here.
It appears the 'regulars" here have become complacent to all of this good news as it dribbles out slowly but surely. The company is closer and closer to actual drilling which should first come the 2nd Q of 2008 (on April Fools Day would be appropriate!). Should the share price be trading at or near a three year low nearly a third of the price it has been in the past. Why is company worth less now than is was a year and half ago? Are the "assets" more assured now than they were a year and a half ago. I would say a resounding YES! But the company does have some problems, but should these problems reduce the share price by 2/3? I would say a resounding NO. The fact that there are investigations going on and the results of the investigations should impact the company's overall ability to profit from its oil assets very little. It would appear to only be a drop in the bucket to the amount of money ERHE will make from the oil we all know is there and will be proven up over the next few years.
So why is the stock price in the 30's? IMO, for no valid reason and therefore should climb out of these doldrums eventually if not sooner. Certainly by next April when the first well in one of blocks is drilled. More certainly when the reports of the drilling results are make public.
But in any event we all must keep the faith and wait and wait.
Patience will be rewarded big time.
DeGen
If ERHE has 100% of two EEZ blocks coming, would it not be in ERHE's best interest to have a big bunch a cash on hand in order to develop those interests? It appears EEL needs about 50mil to do their developing, so I would guess ERHE would need about that same amount. Why would ERHE use its existing cash now to buy some existing oil operation when there would be a very real need for the cash they have in the near future? Does anyone see an additional 50mil coming in before ERHE has to develop those EEZ blocks? Does anyone think ERHE will be able to pull off one on those great deals where ERHE does not have to put up front money for the drilling?
IMO, the press release by the company about ERHE using its cash now would actually hurt the company in the future as it would no longer have a good sized bank roll which it might need for drilling in the EEZ. Any comments?
When will the news come?
I am an advocate of being patient, but I must ask when will some news break. Will new management be announced first, will the buy in/out be announced at the same time, will resolution of the DOJ/SEC ever be resolved, will a drill rig come before the 3rd Q of 08, will a small oil operation be acquired, will the company ever issue another press release?
Oh, I forgot, I must be patient. Yes, all this will come
soooooooooooooooooooooooooooooon.
Any predictions on the effect of this DOJ subpoena on the share price on Monday? IMO, there will be little or no effect since nothing really has been resolved, only a little clarification on the DOJ situation.
The good news is the Feds are investing Chidolue, Chrome's attorney primarily and only bringing in ERHE because Chrome owns so many shares. It appears the DOJ is bringing in ERHE looking for evidence against Chidolue and EHRE is not the main part of the investigation. I would say that is a welcome relief.
However, the investigation has only begun and Chidolue is NOT cooperating, unlike ERHE. I thought ERHE was cleared of any wrongdoings by Nigeria/STP in their JDZ involvement when the Feds were looking into ERHE using bribes to get "in" with the JDZ bids. Can any long timers help explain this please.
In any case it looks like the black DOJ cloud is only gray now and ERHE is only minimally involved in the investigation.
In the picture from the Time article, that fellow on the right is smoking right next to the gasoline pour. Not to smart! Also the smoker has no shoes, but can afford cigarettes! Third World!
Although, there are many, many good points for the future of ERHE, the fact remains the company is depending on Africa and that is a big unknown.
kuxe0, so we have to go through a nine month pregnancy before this "baby" is born. I hope is weighs in at a lot.
texsun2003, stick to your principles, principal. But who needs to add when you have calculators! Close enough for government work is the key to all of this new math.
DeGen
But what the skinny little man says in the song, rings so true. Let's hope it is true in the case of EHRE.
DeGen
Ps: I need a couple mil to keep my wife happy.
Cowboy, you call my post a fluffy bash, lol! Why would I bash a stock I own over a half million shares in? What I say are facts regarding the company's situation mixed in with my hopes of what the future share price will be. You call $5-10 conservative! WOW! My guess would be when the price hits 80 cents again (maybe I should say if it hits 80 cents) there will be many, many here who will be selling, and that will be a hard hurdle to jump past, just like the dollar hurdle. Many, many here will bail out at a buck. Needless to say the vast majority will sell lots of their shares at $2 bucks, so that will be another hard hurdle to jump over. And you say my $5 figure is conservative. IMO, the $5 is very wishful thinking. BTW, I hope you are right. I would not mind having over a couple of million dollars!
DeGen
balance, I would like to thank you for all your input to this board. Although there are many here who contribute, IMO, you do the most for the board as far as putting it all together.
This stock is still a bulletin board stock and not followed by any analysts. But what we have here far exceeds any professional analysis' opinions. I feel what we have here is special with all the contributors and hopefully all of us will be rewarded in the future.
At times we all may feel this whole thing is a scam and we have all been taken in by the hype. But IMO there are just too many posters here that believe in the "oil" for this not to be a good investment. Most here are far to over weighted in ERHE (like myself) and feel they MUST believe in the hype or they would be making a very big mistake by being so heavily invested. There are risks like any gamble in life, but this company has so much going for it the value must be there. However, one must be reminded of the risks, this is basically a Nigerian controlled company, with no CEO, CFP, under DOJ investigation and NO proven oil. Need I say more.
It does appear the low 30's are REALLY the bottom, as we have bounce off them several times recently as well as in the past years. So we have little down side to expect but one hell of an up side as most here expect 80-99 cents soon and $2 if the buy in/out occurs. Then $5-10 when oil starts coming out of the ground. That sure is heavily weighted on the up side, so why isn't everyone here buying more shares? I know I will not since I am already so over weighted in ERHE it would be wrong for me to buy any more. But I sure think this is the right time and price to do so.
DeGen
Back from a two week vacation cruise of the Mediterranean during which I stayed away from any computers, internet or such. When I left the sp was attacking 40 cents and I was hoping to see the 50s when I returned. All I see is we drifted back to the low 30s and I have over 1000 unread posts. The share price speaks for itself and without reading any posts I would venture to guess there has been no news on any of the major fronts, the buy in/out, the hiring of a CEO, or DOJ resolution. Same old EHRE.
DeGen
Ps: I did have a chance to gamble at the Monte Carlo Casino in Monaco, but was not impressed compared to Vegas. There the casino charged you 11 Euros just to get in. What nerve!
Tapco, AMEN!
Oh yes, he should invest in a spellcheck!
Today reminds me of the white candle rise on Dec 4, nearly a dime with about 4 mil volume. When nothing showed up on the news front, the price drifted back down. We can only hope that this time there will be news. REAL NEWS, GOOD NEWS! This is long overdue. Hopefully, it will be announced Monday AM or maybe Monday after the bell, but we need it to actually happen. Insiders get the jump on the public and buy early before any announcement so since we had fairly high volume that is a good sign. But there have been false starts before. It sure would be nice to have 5 cents bumps/jumps in the bid and ask on Monday.
DeGen
Ps; Off to Europe for two weeks on Monday to cruise the Mediterranean, hope when I come back, the share price will be in three digits
I thought we were supposed to be ---
RICH BY EASTER!!!
No mention of WHICH Easter.
Gravity continues to tug away at the share price. No oil, no CEO, no buy in/out, no DOJ resolution! When are we are get some news, especially good news. I hate to say this, but I see the 20's before the 40's unless we get some good news. Gravity sucks!
DeGen
Ps: How long does is take a "normal" company to replace the CEO? More than a year?
Ameritrade is showing
bid .335 x ask .339 vol 62,731
but who cares about 0.001 difference!
Alwright, not to rain on your parade, but there are a lot of lottery scams out there. So what ever you do, DO NOT SEND THEM ANY MONEY, in order to "collect" your prize. BTW, did you buy UK lottery tickets?
DeGen
As this soap opera continues (As the World Oil Turns) the main plot questions remain the same. When will a CEO be hired, when the DOJ issued be resolved and when or if will oil be found, will there be buy in/out and in the present episode, how will then elections effect ERHE? Unless something changes, the share price has little hope of any sharp increases and a good chance of a slow down drift as shareholders get fed up with no answers to these key questions. Will the series ratings pick up next season, will there be summer reruns?
good buy - a valued purchase
goodbuy - possible misspelling of good buy or goodbye
goodbye - salutation said when one is leaving
which one applies to Oily's post?
I do believe Oily can spell correctly and any "misspellings" were done on purpose.
However, with that said, I take VERY credence is Oily's riddles. Why not say what he means. What is the purpose of a riddle? The games people play!
Ruby, but who in their right mind is selling big blocks of this goldmine at 34-35 cents. With this continued volume of over half million shares a day, this becomes quite a few shares. It just cant be one seller, although it could be one buyer who is accumulating. Why would anyone sell now when the rigs are coming and the chance for oil is fairly good. BWDIK.
DeGen
I wonder why we closed at 34 cents when the bid is 34.5 and ask is 35. It appears the last trade was at 34 then the bid went up to 34.5 and NO ONE would sell! Very strange.
I wonder why the share price continues to remain around 35 cents with the volume picking up the way it has. Over a half million shares traded in under the first two hours. Relatively good election results and still no bump. What gives?
After reading the election results and seeing that SEO should benefit by these results, I take back the the prediction of the share price going down next week. In fact, now I think we might see a little spike up to maybe the 40s. Wouldn't that be nice!
I would not be surprised to see a sell off Monday after the election unrest. Who wants to own a company primarily owned and operated around Nigeria (waters). The country can not even hold an election will people being killed.
DeGen
Walldog, you indicate this is a relatively calm election for Nigeria. So in a more "normal" election the death toll would be much higher than twenty? What is the average toll for an Nigerian election about fifty? What is your source by the way. IMO, the death toll for every election should be zero, like in the States. I thought twenty was unbelievable and VERY high, even for Nigeria. But what do I know about Nigerian elections, not very much by the way.
Do you expect another twenty or so deaths in next weeks bigger election. Should we not be alarmed if the death toll is over a hundred?
This buy in/out has been kicked around this board for months now. Does make it real or really going to happen or is it just a figment of the hypesters imagination to keep interest in this stock. It appears the are many different people "reporting" about the buy in/out but are they all really different sources or is this just a rumor that was starting by one person and being spread by many others? Certainly the share price does NOT reflect that there is actually a buy in/out pending. Certainly the share price does not reflect any of the astronomical figures ($3-$5 pps) for the buy in/out. The slow drift down would indicate that NOTHING is in the works. The drift down reflects the fact that we must wait for the oil, wait for a CEO, and wait for the DOJ resolution.
What we all have learned here is that we must be patient. If the oil is there we will all benefit, but not until the oil is found which is likely about a year away.
So let's get past the immediate problem of the elections next week and hope the share price holds and continue to be patient. Isn't patience a virtue?
Having only been around here for a year or so, I do not know who Baytownoil is or how reliable his posts are. Can any of the regulars here help out this old gambler.
DeGen
To attempt to figure out the trading and the mm's is not possible. The bottom line is the share price, period. IMO, there are those who are selling off now as the election approaches and do not want to in this stock just in case the elections do not go well. This is a definite risk factor, there may be riots, the "wrong" candidate may win, the military may take over, remember this IS Nigeria not the US. There are many that would want to avoid these kinds of risks and IMO over the next week or so, there will be selling. However, since the share price is soooooo low, there are many that see this as a buying opportunity who are not afraid of the election or the election results. Too many knowledgeable folks here will continue buying because they have faith in the OIL and that's what it is all about.
If one predicted a CEO would come on board shortly and did it every few weeks, they would EVENTUALLY be right! The fact that is has been about 9 months without a CEO would make it VERY likely one would be coming "on board" very soon.
So, IMO, it is a very good time to take a shot and make a prediction. What is the down side went your past record in predicting has been so poor?
Even I predicted there would be a new CEO on board before the "end of the year", and I bet I am right. Would that give me any more credibility?
ee, you stated -
My beginning point was that we had great news of drilling schedules, and it didn't affect the share price...unlike most behavior of normal stocks.
Although the firm news of drilling was great news, I think most here were hopefully for drilling much sooner, so although great news that is was published, the very fact that the drilling was so far away did not give an immediate boost to the share price. Could is be said great news, but disappointing?
As we sit and wait and wait and wait for drilling, we all know now it is a year away, no longer a fortnight. This is a definite time line. Then we will have to wait for the drilling results. Let's hope the information is PRed better than OBO1. Since Chevron is not running the show I would hope so. So we must continue to be patient.
What can we hope for while we wait for the oil? We can hope for DOJ resolution or hiring a CEO. Certainly either of those events would help the share price. Maybe a buy in buy out deal, but I just do not think that is likely. More likely the company will get involved in some Nigerian oil operation that no one else wants and buys it real cheap. It could bring in some needed revenue and be the first step in the company becoming a real oil company, not just a shell.
Patience is a virtue.
DeGen
Ps: How long can we go without any meaningful news?
Drilling by Aban Abraham in 2nd Q 2008! Hasn't that moved the drilling time line up from 2nd half 2008? Can anyone verify?
If so, drilling only a year away. Can anyone wait a year? Remember patience is a virtue.
Where does Joe get this info:
"a stock that is facing two federal indictments for Foreign Corrupt Practices Act violations and for SEC violations"
Can anyone verify this statement?
Was that a complement or a disparaging remark?
I only call them the way I see them!
DeGen
Ps: I like Georgetown to win it all, if you want my degenerate gambling advice.
Last Nov/Dec (at the cusp) we were trading in the low 30's, than out of the blue the price jumped to nearly 50 cents. There never was any reason why this happened, it just did. I speculate that it happened based on rumors of some sort of buy in/out that may have been on the table and the insiders jumped in based on this scenario being completed. Well, we all know that nothing happened and it appears nothing will happen. So these insiders have been slowly dumping the shares they loaded up on to bring us to 50. Now that the share price has reached the level where the run up occurred (low 30s), IMO we have reached the bottom. I believe all those insiders have sold off all those shares and now the regular market forces will take over. Those market forces will probably force the share price back up as the news of rigs has been solidified and can only be categorized as good news (if not great news). Of course, if we get really good news about a new CEO, DOJ resolution, or a buy- in/out, then the share price should rocket upwards.