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Wake me when something actually happens. Pontification does not count.
I just check in once in a while to see the same regurgitated posts over and over since 2017. It is good for a laugh that folks here have devoted thousands of hours of time over 7 years to this absolute dead issue. At this point, I have to assume it is an odd hobby for some. The posts from 2018 look exactly the same as those from 2024. The bullish camp and the bearish camp.
I take that back. An 8K was filed Feb 2023. https://www.nasdaq.com/market-activity/stocks/erhe/sec-filings
This 8K says exactly nothing of value.
Parties are "in discussion" and "ERHC continues to work on the issues and fallouts of dispute resolution, including multijurisdictional litigation and arbitration on EEZ Block 4 as well as legacy tax claims on EEZ Block 11. The costs associated with protecting ERHC’s interests in dispute resolution have had a significant adverse impact on ERHC’s finances"
No kidding. HAHAHA
Since no reporting has been done since 2017, it would seem to ignore SEC requirements are standard practice for ERHC.
One: Nothing that happened in 2017 has any relevance here.
Two: Anyone owning more than 5% has to file a schedule 13D correct? Was that done? No.
I'm looking at volume and nowhere do I see a billion shares traded anywhere. Maybe in 2017?
https://www.barrons.com/market-data/stocks/erhe\
https://finance.yahoo.com/quote/erhe/
in 2017? what did I miss??!! why would a 2017 purchase, if it even happened be relevant today? It just means someone got grifted as we did.
yeppers. I just wonder why it hasn't been delisted. That was in April. Quite a long time to sit on such a report.
This is why the SEC won't move forward. This is a repost of an answer I gave before.
The SEC is pretty slow to move (if at all) in my experience. One of the worst federal agencies ever. And I know, having worked for 3 different three-letter agencies in my career. SEC is a civil, not criminal agency. Meaning rarely do they get truly punitive actions like jail and then only if DOJ gets involved and fraud/illegal activity can be proven. More often than not the SEC will strike agreements so companies and certainly not company officers don't have to admit guilt in favor of a fine. These fines are a fraction of the damages in almost every case, most of that going to the Department of the Treasury. Although they have the ability to recompense victims, they rarely do. The only federal agency more corrupt than the SEC is perhaps the FDA.
Lastly, These cases are not glamorous but they are time-consuming and tedious, as well as expensive. Interest is low and they tend not to take them on unless it's a really big fish, exorbitant amounts of money involved, lots of press, or a famous victim. If you get super lucky, you can find an investigator with a particular or personal interest with a company like ERHE and then maybe. He/she still needs to convince their Agent in Charge that it's worth the money they will spend on the investigation. Lastly, you need to convince a US Attorney to prosecute. It isn't as easy as "they are scumbags and should go to jail". I have seen more than one bad actor get away with a crime because a prosecutor doesn't think they will win, won't get a judgment, or they are busy with bigger things.
What I don't understand is why they haven't been delisted. But I wonder that with many companies. Several of the Cannabis industry stocks went belly up and have claimed bankruptcy and have no assets anymore, yet are still listed. WHY are any of these companies listed?!
posting this again. It was removed from the board before.
https://www.sec.gov/litigation/apdocuments/3-19419-2021-04-16-divisions-motion-for-summary-disposition.pdf
This means nothing even if they hit the motherload of all oil fields in zone 4. ERHE is operating as a private company and has either already sold off its rights and assets using a variety of shell companies or would do so immediately if a profit was to be made. We could do nothing about it given their current status. Caveat Emptor.
Yes. I understand that the PPP and government grant systems are loaded with fraud. That is the point. Once again, it would appear that ERHC officers have found another shady source of income.
The point I was making is this company's accounting system managed to "prove" they were getting and paying salaries until 2019, which obviously implies fraud because we know there was no money for salaries and therefore ERHC was ineligible for PPP monies... Or conversely, they WERE making salaries up until 2019, which begs the question "where is the money coming from?"
So at the end of the day, they managed to put even MORE money into their pockets illegally. Am I Surprised? NO. Has anyone called to report them for fraud?
PPP is for the payment of salaries and requires proof of salaries in either a legit payroll system (like ADP) or via federal tax returns for 2019. This would indicate Peter N. et al are/were taking salaries they were able to prove and get the taxpayer to fund them for 2020/2021. Nice. Diabolically clever.
July 2020 Article African Energy Chamber.
Peter Ntephe is still quite active in the industry. Hard to believe. Even if he did not deliberately fleece investors, and the cost of drilling was too much to maintain, it does not excuse the lack of communication or accountability. A best a horrible businessman. At worst, a criminal.
The exploration industry has been hit the hardest by the Covid-19 pandemic and the historic drop in oil prices that followed. Most of the seismic acquisition and exploratory drilling programs have been suspended or completely canceled due to deteriorating market conditions. As the industry has begun its slow recovery, the impact of the 2020 crisis on exploration activities in Africa will be felt even more in the long term. In order to advise public and private actors on the road to recovery for the exploration industry, the African Energy Chamber (https://EnergyChamber.org/) is delighted to appoint an advisory committee on the subject. , made up of :
Folarin Lajumoke , Vice President - Africa, ION
Mark Romanchock , Senior Geologist, Samara Geosciences, LLC
H. Daniel Hogan , Managing Director - Lukoil International Upstream West
Robert Erlich, Partner and Executive Director - Upstream , Cayo Energy LP
Peter Ntephe, CEO, ERHC Energy
The members of the exploration committee accumulate decades of work experience in the exploration industry and understand the importance of maintaining seismic programs and exploratory drilling to preserve the future of the industry.
In collaboration with its new exploration committee, the African Energy Chamber will work on a roadmap for the resumption of exploration. As energy markets become more competitive and new frontiers emerge every year, the need for African jurisdictions to remain competitive and attract capital and technology to their land is greater than ever.
“Africa remains one of the least explored regions on the planet, but betting on exploration has proven to be a huge success. Recent discoveries in Senegal or Mozambique have shown the rewards that explorers get by betting on Africa. We need to work on a stronger dialogue to make our sedimentary basins competitive and attractive to explorers, and to bring up the number of boreholes on our blocks, ”said Nj Ayuk, President of the African Energy Chamber.
Distributed by APO Group for African Energy Chamber.
https://www.alwihdainfo.com/La-Chambre-africaine-de-l-energie-nomme-un-nouveau-Comite-consultatif-pour-soutenir-la-relance-de-l-exploration-en_a91312.html
An old article, but PN said in 2017 the zones were worthless.
https://guardian.ng/business-services/nigeria-sao-tome-joint-oil-zone-unproductive-15-years-after/
Peter N was supposed to be a speaker here.
Unless they transferred ownership to another shady shell company. Easily enough done. Rinse and repeat. You would have to be a forensic accountant with a JD degree in corporate law and have a LOT of time and money to track that down through multiple international jurisdictions.
See my post on the SEC from an insider's point of view.
The SEC is watching what? The SEC is pretty slow to move (if at all) in my experience. One of the worst federal agencies ever. And I know, having worked for several three-letter agencies in my career. They are a civil, not criminal agency. Meaning rarely do they get truly punitive actions like jail and then only if DOJ gets involved and fraud/illegal activity can be proven. More often than not the SEC will strike agreements so companies and certainly not company officers don't have to admit guilt in favor of a fine. These fines are a fraction of the damages in almost every case, most of that going to the Department of the Treasury. Although they have the ability to recompense victims, they rarely do. The only federal agency more corrupt than the SEC is perhaps the FDA.
Lastly, These cases are not glamorous but they are time-consuming and tedious, as well as expensive. Interest is low and they tend not to take them on unless it's a really big fish, exorbitant amounts of money involved, lots of press, or a famous victim. If you get super lucky, you can find an investigator with a particular or personal interest with a company like ERHE and then maybe. He/she still needs to convince their Agent in Charge that it's worth the money they will spend on the investigation. Then you need to convince a US Attorney to prosecute. It isn't as easy as "they are scumbags and should go to jail". Ask me how I know.
I believe as a major shareholder, KROM could demand a shareholders meeting if he wanted to. Depending on shares outstanding and unissued stock, he could possibly stage a hostile takeover and run the company as he sees fit. In an alternate universe theory. :)
Does anyone have a copy of the bylaws of ERHE? There should be bylaws if they incorporated or are/were publicly traded.
Voting power at ERHC
https://www.sec.gov/Archives/edgar/data/0001802208/000180220820000006/sc13ga2.txt
Publicly available records.
https://www.sec.gov/edgar/browse/?CIK=1802208
I think you are correct. I don't think ERHE owns anything but the zones... if they still even own them. They are only valuable if they are a proven oil producer and the sale or lease or whatever is made public and a shady backroom deal is not struck.
could they have sold the interest without public notice? I mean no SEC filings, so why not an underhanded sale? Is it possible?
That is interesting.
Just because you keep repeating falsehoods, does not make them true. You can shout it from the rooftop and the price of this worthless, double-dealing, and unscrupulous company WILL NOT CHANGE.
My father lost his entire life savings on this corrupt company and it was the biggest regret of his life.
Should I email Offor and tell him since you said the stock is "lunar bound" that he should buy back all this worthless stock at what my dad paid for it? I would think he would jump on it if what you say is true.
It was my father's own fault for not doing any kind of due diligence. I would have advised him not to invest in this company with about 20 minutes of google searching. You, however, have all the evidence available to you that he didn't have... Their shady and dishonorable history. Yet you still continue. Please... I am curious as to the why. Enquiring minds want to know.
And you know this why? Drilling? Share Price? Shorts? Please share your source of this knowledge.
You are correct
Not the SAME Offor, but they are related. He is in business with other ERHC execs. OFFOR is a last name that pops up frequently in the oil dealings in Nigeria.
[url]https://www.thechromegroup.net/board-of-directors/
[/url][tag]chrome group[/tag]
He is associated with ERHC and its other board members so yes there is a relationship there. They rebrand, make shell companies, and practice subterfuge and nepotism as a way of life.
The chrome group is a for-profit shady corporation with ties to almost all Nigerian oil companies. It alleges to be a socially aware and philanthropic organization.
The Company has a Production Sharing Contract (PSC) on Block 11A with the Government of Kenya. As of September 30, 2016, the Block 11A consisted of 11,950.06 square kilometers or 2.95 million square acres. As of September 30, 2016, the Company had a PSC on the three oil blocks with the Government of Chad. As of September 30, 2016, the Company had 100% interest in the Block BDS 2008 in Chad. As of September 30, 2016, the Block BDS 2008 measured 41,800 square kilometers or 10,329,000 acres.
Here is what is on their website, but it is likely not accurate. I am unsure without a lot of research to get this information and verify it. I wish I knew. ERHC website
Color me ignorant, but how does this apply to ERHE? It is interesting, but is it applicable?
I can't prove the tooth fairy doesn't exist. Proving the non-existence of that for which no evidence of any kind exists. Proof, logic, reason, thinking, knowledge pertains to and deal only with that which exists. They cannot be applied to that which does not exist. Nothing can be relevant or applicable to the non-existent.
They have so many companies and open, close, and change directors like we change underwear. These guys are money launderers at best. Every red flag is there. [url][/url][tag]https://opencorporates.com/officers/385235458[/tag]
[url][/url][tag]https://opencorporates.com/officers/385235455[/tag]
There is even a non-profit in there. Seriously, follow the evidence. Kromabcker is a 10% shareholder.
I am so sorry my dad was so foolish.
Wait, don't shorts have to borrow stocks (unless they are naked) and who would they borrow from, and wouldn't there be some kind of trail? With so many shares (a billion or so) outstanding, why short? I admittedly am nowhere near as knowledgeable as you so this is a legit question to Krom.
Surely you know who Guerguerian Dickran is, right?! Was that a rhetorical question? I thought everyone knew.
But of course, no one will go to jail for fraud. The SEC is such a BS agency.
ERHE lacks resources to make SEC filings current
https://www.sec.gov/litigation/apdocuments/3-19419-2021-04-16-divisions-motion-for-summary-disposition.pdf
Full Motion by Enforecment division of SEC
This was served to Peter N on 16 April 2021. It clearly states that any "convoluted and debilitating legal issues"... are not a valid reason for 14 missed filings.
I want Krombacher to be right. I do. He is a smart, well-educated guy and I believe he believes. I just don't see it happening. I am obviously riding this out to the end as are most of us. So only time will tell. But with this legal action and clear evidence put forth by SEC, the future does not look bright. Investments have essentially already been lost so, no point in slogging it out here. Hopefully, Krombacher is vindicated and he gets to say I told you so. We shall see. Everyone has waited this long, what are a few more months?
Cool beans. I hope you're right. I would love to see any of the outcomes you have listed happen.
If short sellers are trading, wouldn't volume be up? Seriously asking.
How do we know that is what happened? What is the paper trail on the cease and desist order and that it was a Canadian short-seller?
My biggest question that I keep asking is:
If they sell interest in some blocks, or oil is found, or anything like that happens, what guarantees we will get paid? I mean couldn't they just shift assets to one of their many BS shell companies, and run? Couldn't they just dip to Nigeria and avoid any criminal or civil litigation? Nigeria has extradition treaties, but good luck with that one.
I suspect they could pull it off. Sell interest in blocks and dip out to wherever and sip Coladas on the beach.
Hope I am wrong. I really do. I wanna see the stock go to $20 a share.
Sorry, What did I miss? What is happening May 10th?
This is sadly so true. The environmental impact of the batteries is a huge negative. I imagine we will be dealing with the bigger issue of deforestation and cobalt and lithium contaminated water sooner than the average Joe realizes. Nuclear fusion would be a good thing nuclear fusion by 2025.. But I agree with you on most if not all points.