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The latest I've heard on the JDZ...
Chevron is trying to get a rig on site right now and in very short order.
News/rumor of an ERHC buyout is just talk.
That is all.
I'm still awake and tracking it, gssr...
My wife had outpatient surgery today. I'm letting her take it easy tonight but I'm already locked and loaded for the road tomorrow if need be.
Mongo, are you trying to say PXD is unqualified?.**
Balance, PXD had recently sold some...
Canadian properties for around $900 million. I'm sure that's enough to spud at least one well, LOL. It's all good!
Thank you, Sir...
but I'm not hitting the store....I'm hitting the highway if it comes to NOLA. Three small kids to take care of.
wx_gssr, how's that trough and ridge...
holding up over the gulf? Are they staying put or moving on?
Wildcard - Does Anadarko re-enter the picture in block 2?**
It's adding up to be DVN wanting...
to buy into ERHC to increase their percentage of the block awards. An agreement could not be reached between DVN and ERHC so DVN bailed.
PXD must be one happy SOB now...
This could also be to facilitate the buy-in. I'm sure NBL would be happy to get in on block 2 and 3, also.
The JDA will do what needs to be done to progress forward. Noway they let STP delay the awards/drilling again.
I guess that made your day brighter, Balance?...
Mine, too!
maestro, come to me with $5/share...
and we'll talk. Otherwise, don't come at all! I'm in this for the long haul and very much willing to wait it out.
$6/share and I may sell you a few thousand.
Iceking, maestro224 may have been off on...
the offer price but post #7334 by him was spot on otherwise.
maestro, very well iterated...
but the one thing I disagree on with you and oilman is the offer price. Any offer will include a nice premium for the shares.
Using rough estimates from other posters, there seems to be about 3 barrels of oil for each share currently outstanding before Noble's 15% of block 4. My understanding was ERHC would gain in percentage ownership of blocks if anything (and definitely not lose) with the winning of operatorship(s) in the blocks on offer in this round. Your guess is as good as mine on what actually happens!
With unproven reserves valued at $1 to $3 per barrel, I could see the offer price to the buy-in by the undisclosed third party at $6 per share easily ($3 premium) with the unproven reserves valued at only $1 per barrel.
The current share price will have nothing to do with the value put on the shares for a buy-in. Another thing I can tell you is that there is more than one company thinking or trying to purchase some or all of ERHC.
One thing that everyone is overlooking also is that closely held companies are always undervalued on the stock markets. Reason being with the loss of that key person(s) the company will likely go downhill because the replacement will not be able to run the company as well as the individual(s) being replaced.
A buy-in reducing Offor's percentage of ownership would be just what the doctor ordered for ERHC's long-term share price, IMHO.
Mongo, you friggin' fool...
Authorized means that is what has been approved by the state the company has been incorporated in. LOL, it has nothing to do with the SEC.
Just a little FYI, if the company wanted to issue more than 950 million shares, all it has to do is file an amendment to it's Articles of Incorporation with the state of incorporation and hope the state approves it. Otherwise, it could just order a stock split and viola, more shares to sell.
Ain't gonna happen though!!!!!
Chat with you later, I'm going look for a new place of abode on the North Shore.
Joe Shea is an idiot, LOL...
Kinda redundant, huh?
He's trying to compare readers to posters. If he has 300 readers in the "trash bin" they must have about 3,000 on Ihub.
ftc, treasury shares can be sold at anytime...
without the company worrying about a stockholder's preferential rights since, as you alluded to, they are already included in the issued and outstanding share count.
ERHE cannot do this since they have no treasury shares to sell.
I wonder if someone confirmed...
my "60 day" birdie's chirp?
That is not entirely correct, ftc...
First, it would be a material event and a SEC filing would have to be done.
Second, current shareholders would have to be given first choice in order not to dilute their current ownership percentage.
Third, once the first and second steps are met, these shares could be offered on the open market to "sophisticated" investors.
Just wish I could've got more out of him, Balance.**
I took it as a joke, oilman, LOL.**
I could and I should...
but I wont. You left yourself wide open on that one, Oilman.
LOL, S2R...
"We would like to know who, what ,when, where etc."
So would I. That's all he could/would divulge. I asked all those questions to the individual, also....several times and giving reasons for the inquiry.
A birdie flew by and told me today...
The bit hits the ground/floor in 60 days.
Gig, there is nothing stopping them from buying or selling...
but they better think twice about bashing the company to knock the share price down. Companies are starting to file lawsuits against these internet posters and attorney's fees just for a successful defense against the lawsuits will certainly take a big chunk of the manipulative profits if not more. And that's not to mention the defense against criminal actions these companies are also filing.
In short, they better quit while they're ahead. See link from RB.
http://biz.yahoo.com/iw/050622/089345.html
That's actually a third of 1%, SH.**
CobraJet, don't waste your money on a lawyer...
reverse splits are perfectly legal in every way shape or form. Nothing a lawyer can do for you except take your money.
Did you read this part, Mongo?...
"Paid in settlement of lawsuit to third party, shares valued as of 11/10/2004 closing market price."
"Good things come to those who wait"...
You're not the only one disappointed in the short term performance since awards. I'm in it for the long haul so the short term performance really doesn't alter my thoughts on the value of this stock.
Fact is you should sell your shares or STFU about it...
If you're scared say you're scared. If you want to sell...sell. Why should everybody else sell what they have just because you're scared?
SH, I think they kicked the...
Washington Post's teeth in pretty far. Also, effectively slapped Bush and Cheney like little girls, LOL.
Speculators Switch to Longs...
(Copyright © 2005 Energy Intelligence Group, Inc.)
Monday, June 13, 2005
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Crude oil and heating oil speculators on the New York Mercantile Exchange switched to net long positions in the week ended Jun. 7 in a bet prices would rise, the Commodity Futures Trading Commission (CFTC) said Friday.
Noncommercial crude oil speculators switched to 1,375 net longs from 17,401 net shorts in the previous week, with a total of 92,147 longs and 90,772 shorts, according to the CFTC's weekly Commitments of Traders report. Open interest rose by 192 to 783,546.
Noncommercial speculators in the heating oil market switched to 5,910 net longs from 2,356 net shorts in the previous week. There were 31,097 longs and 25,187 shorts. Open interest rose 4,957 to 179,860.
In the gasoline market, noncommercial speculators increased net longs to 20,176 from 15,793 in the previous week, with a total of 29,347 longs and 9,171 shorts. Open interest rose by 10,783 to 141,590, the CFTC said.
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It can happen in some instances but this isn't one of them...
The most common time for PPs is during initial public offerings (before or after). If a company does not raise the amount of capital it wished for during the IPO and the IPO stated that the desire was to issue 1,000,000 shares and only 500,000 shares were issued, the remaining 500,000 shares are available for private placement. Private placements are most often required to be distributed to "sophisticated" investors. "Sophisticated" is used as a legal term in this instance, also.
The pre-emptive rights apply before any...
private placement, magic. That is a fact!
Below is the only time preemptive rights do not apply, period. If it's not a merger (stock swap) or acquisition they will definitely have to get prior approval from existing shareholders.
Preemptive rights generally do not arise from the sale of securities issued to employees, directors, and consultants pursuant to agreed limits (frequently under a stock option plan) or from the issuance of securities in connection with independent mergers or acquisitions with unrelated third parties.
The whole company, oilman.**
Rancho, I know for a fact they are expecting...
buyout offers in the future. ERHC received way more than anyone expected in the JDZ.
What they really want and are trying to achieve is a stock swap.
I guess blog boy never heard of preemptive rights...
He's still trying to pound it in everybody's head that ERHC has been selling shares of stock. I say noway without the company offering current shareholders first choice.
sllabxam, I doubt the powers that be would entertain...
a buyout offer currently. Proven reserves aren't too far off and at that time the company will be worth 3 to 9 times more money.
Nah, I just don't have to much trouble...
calling a spade a spade or a duck a duck.
Usually when someone is always defending themselves as not being a "duck" when noone is asking or accusing that person of being a "duck", they are a duck.
Why? You quacking, too?
? for you technical analysts...
Was today's candlestick formation a shooting star (i.e. not a major reversal sign of share price but a warning)?
Hubber, you sure are quacking like a duck.**