is waiting for some serious oil exploration activity.
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Here's one - I didn't note the two "stock of the year" sites, but will back-track and get those also.
http://www.pennypayday.com/35/section.aspx/50/video-podcast/erhc-energy-inc-erheob-technical-stock-trading-video-chart
Two different websites predict that ERHC will be stock of the year in 2011. Guess our 42.9% gain the first three days of this year is not the end of the story. I think that we are being watched.
I was a buyer today. My trading system put out a Buy signal yesterday when the share price hit 19¢. Last year (2010), the system gave 13 signals - 8 winners and 5 losers. Total return on investment in ERHC alone was 89%, including the losers. So when it gave a new buy, I had the confidence in the system to jump back in - but tomorrow is a new day! I think we are going to be fine. It would have to drop below 17¢ tomorrow to relapse into a "sell".
OK, I'm selling all of my ERHC and buying HDY. NOT!!!!!!!!!!!!!
Hold off until Peter N's next update to the beloved shareholders.
New acronym: BS - Beloved Shareholders.
Hey Peter, please do us all a favor. If there is zero progress on anything, kindly refrain from issuing an update. All you are accomplishing is running the share price down. My average share cost is 67¢. Slowly but surely you are pressuring the price down to your average cost - that is 0¢. I am NOT going to sell, so just give up the games please.
Thanks,
"Steelwundrin" what the heck I was doing when I bought this stock.
You have expressed my sentiments!!!!!!!
It is 5:06pm in Sao Tome. Maybe there will be PR Tuesday.
Did you sell all of your holdings in ERHC?
There was only one duster Shortie
Thanks for enlightening. Think I will stick to bookkeeping and taxes. (-:
Thanks John. I think I finally understand - well, as much as I am capable of (-:
Thank you very much. Now I can understand why they set casing, and why there was no oil.
Please help this old CPA understand. Again, referring to the Kina log or seismic image (whichever it is) in the I-Box: If they come back and drill a production well, will they drill to the right (facing the image) where the zones are thicker, or to the left where I presume the anticline is located. Additional question: I assume they set casing per the remarks on the image. Why would they set casing if they do not intend to produce from it? Or would they re-enter the same hole and kick off on a slant or horizontal line somewhere down-hole? Geeze, I wish I had paid more attention to my geologist father when he tried to explain all of this to me years ago. One of my first games as a child was a board game called "Gusher". Hope we get one. Thanks Pete, or Larry, or whoever takes the time to answer.
The bid is .237
and
The ask is .2375
Does anyone know why the spread gets so small from time to time? I notice it usually on down days like today.
Thanks
Signed,
Moping over the share price
Thanks for your effort Mid - I was afraid of this. Sounds like the COO and the CFO have a chip on their shoulder. That explains a lot of their behavior.
Oh yeah, they are soooooooooo transparent. We must be stupid sitting around here wondering WTF they are doing. Jeeze.
I'm going to Jay Pennison's Pub on Hwy 6
It started out as a shale gas play not unlike the Haynesville shale. However it has turned into a major oil play. The last 32 horizontal wells EOG has drilled are AVERAGING 1,000/bpd per well. Pretty incredible. In Chesapeake's announcement they said they are averaging 400,000 - 500,000/bpd over 600,000 acres. EOG is doing even better in their 505,000 acres. How do I know this? Because I have a rip-roaring 1/10 of a 7 acre tract down there. For that tiny tract, they paid me $1,000 lease bonus! This tells me that ERHC's property would sell for a cool $billion at a minimum if we could demonstrate the reserves. Patience friends, patience.
Krom,
What is the source of that table? Thanks. Steel
Not true Curious - I will try to dig out the exact wording.
Mid, count me in. I only have 120,000 shares, so I won't be much help. But will support in any way I can.
Steel
Maybe I'm naive but I think he will answer in time.
Mr. Gorbachev, tear down that wall.
Open letter to the Board:
September 14, 2010
Mr. Howard Jeter
Director
ERHC Energy, Inc.
5444 Westheimer Rd. Suite 1440
Houston, TX 77056
Dear Mr. Jeter,
To my knowledge, no successor has ever been named to the position of Chairman of the Board following Sir Emeka Offor’s resignation of that position in 2007. Since that time, I have taken some comfort with the knowledge that the company would be well guided by the remaining members of the board. You in particular are held in high esteem by many of the minority shareholders, me included. In the absence of a Board Chairman, I am writing this letter to you today.
It was an honor to meet you personally at ERHC’s annual meeting held in Houston this past April. You impress me as being a person with a strong sense of fairness. Your public resume’ would lead me to believe that you have significant experience with corporate governance. And with that experience, I am sure there is an appreciation for the roles and responsibilities of Board of Director members.
The value of our investment in ERHC is approximately half the value it was one year ago. Given that a significant change in the company’s future prospects would have already been communicated to the shareholders, the price slide must be due to other factors. There certainly have been no public announcements that would seem to warrant slicing the company value in half.
There is a general feeling that material information is being withheld from the minority shareholders by corporate management. Perhaps that perception has led to the severe price erosion.
As you must know, one of the responsibilities of the Board is to ensure that communications to and from all shareholders are effective. This must be quite challenging given the company’s contractual obligations to the operators of our working interest acreage. But I must tell you that the minority shareholders have the perception ERHC’s management has been discriminatory in its shareholder communications.
Over these last few months, the communications concerning the following issues have either been conflicting, confusing, or non-existent:
• The AIM listing specifics – what is expected? When will it happen? What will trigger the move? What entity or entities will be listed? What are the options available to the US stockholders?
• Acquisition of marginal fields – what happened to the MOU’s? What is our current direction regarding this strategy?
• Results of the five deepwater wells already drilled – we were informed that biogenic gas was encountered and that one of the wells was a dry hole. But we were not specifically informed of other important hydrocarbon encounters. Was thermogenic gas also encountered? Oil? Condensate? Feet of pay? Number of zones? Commercial as a stand-alone well? Commercial as part of a field development? Consequently, shareholders have been forced to rely on other information sources, including Sinopec’s own public website and the JDZ. The minority shareholders are even having documents translated from Mandarin and Portuguese into English in order to understand the company’s prospects. Is our majority shareholder experiencing that same information void? We don’t believe that to be the case. Good news or bad news, information, if material in nature, is required by law to be disclosed to all shareholders.
• There has not even been a press release regarding ERHC’s participation in Rodman & Renshaw’s Annual Global Investment Conference tomorrow. That is an event that would normally be communicated in advance to the shareholders as a matter of common courtesy. Is the purpose of the presentation to promote the company’s current stock already in circulation? Is it to promote selling the newly authorized but un-issued shares of stock? Is it to prepare for an AIM listing? What information will be disclosed to conference attendees that has not already been disclosed to the minority shareholders? This is another example of the ongoing communication void with ERHC’s minority shareholders.
The lack of transparency is harming the minority shareholders. Mr. Jeter, please use your considerable influence to reverse our growing uneasiness with the dearth of information flowing from ERHC.
Sincerely,
Many of us wish we had the AGM to do over. Next year will be different, if there is one!
I expect to correspond with Howard Jeter in the near future. It will be an open letter for all to see.
They aren't dumb - just uncaring. Gosh, why should they care? I can't think of a single reason why they would/should care about us. They rolled the dice just like we did when we bought in. I'm sick of all of this, but like everyone else, I am holding in hopes of a payout.
When there is a single controlling shareholder, the minority shareholders are in the same situation as an outsider working for a family owned business. You get scraps. My last salary job was with a company 51% owned by the Hallmark card family fortune. We didn't even have annual meetings, and when they needed out during the financial crisis, our stock was sold cheaply, below the initial cost basis for most of the long term employess. All legal. But very smelly.
Hopefully ERHC will reward the majority shareholder and the minority shareholders equally well. Time will tell.
They are trying to figure out how to screw the minority shareholders. That takes time you know.
Doc, thank you for your continuing efforts with Dan/Management. It is appreciated by all of us. Damn, you are tenacious!
Good to have you back Exceo. I wonder if HDY is going up today on ERHC's news?
Yes, I viewed it as confirmation of good news. The translator is a housewife and has nothing to do with investments or the oil business, so I was pretty excited to see her words. It certainly wasn't bad news!
An objective third party from Singapore provided this translation:
"…In 2009, main expansion includes the project in Nigeria JDZ block 2 BOMU-1 where work began on evaluation on drill geology design, engineering design, analysis and reserve estimation. This well achieved commercial drilling “flow”, and is the first breakthrough for Sinopec’s deep sea drilling exploration."
Thanks Mid - I was beginning to think the whole world had me on ignore! Seriously, I sent the data out late yesterday and hope to have a translation today. Don't know if it will be different from Google or not. Will publish it as soon as I get it.
I have forwarded all of this to my massage therapist. I am sure that she can straighten things out for us.
Agreed - if information is material, good or bad, by law it must be disclosed. Plain and simple. I'm not sure Kenney and Ntephe are on board with that!
Let's see what the painter has in mind today - he can hit either 35¢ or 37¢
Guess I don't know who you were replying to - sorry. In general, we are all speculating, which is kinda' the purpose of this board. Just looking to each other for insight, support, sounding board, etc. I have $80 grand riding on a little bulletin board stock, so needless to say I ain't very smart in the first place.
AMJ, I don't understand your reply - can you please elaborate?
Point well taken. Thanks
Thanks MROMRO. I have been assuming that the 3rd well in Block 4 confirmed good Phase I results and made Phase II a foregone conclusion. You are saying, "..not necessarily". We on this board appreciate your knowledgeable input. As you can tell, most of us have far more time on our hands than oil patch knowledge! (-:
MROMRO: As a person with good E&P knowledge, I want to pick your brain. If this topic has been covered before my apologies.
The operator was required to drill 2 wells in Block 4. They drilled Kina and deemed it non-commercial. They drilled Malanza and deemed it a dry hole. Those results are per my notes from the AGM back in April.
So if my facts are accurate, Block 4 doesn't look like a very prospective area. Why on earth would they have drilled a non-obligatory well at Oki East in Block 4 to the tune of $25+ million?
Help me out because I am missing something. Are the Chinese that desperate for energy? Thanks in advance!
Final report due in JDZ authorities' hands August 31st - that is new news I think. How probable is it that they would say no commercial quantities found, yet continue to Phase II?
According to my notes from the AGM, Malanza was the only dry hole. All other locations were at least gas in multiple zones/sands. I think they wanted to avoid using the condensate word. Playing it down, and boy, that ploy sure worked, didn't it?