Is anyone buying today?? I bought some at .17

DegenerateGambler-I totaly agree with you.

No one should expect any earth shaking announcements from ERHC at this conference in Dubai. As Dan Keeney said this conference and the Red Chip conference will introduce ERHC to a audience of new potential investors. After the presentation in Nigeria last February the share price rose significantly over the new few months. If we can get announcement of a rig soon it should also help the share price.

Dan Keeney's comments

"Similar to the earlier presentations, this will be an introduction to ERHC Energy to an audience that has no knowledge of the company. Therefore, many of the elements are the same, but not all. In the current environment, a big differentiator between ERHC vs. other emerging companies in the oil and gas space is that ERHC has substantial cash assets and just $35K in debt, plus a full carry for E&P in at least the first three Blocks in which it has assets. These cash assets not only are important in terms of survival regardless of how badly the credit market melts down, but it could enable the company to take advantage of the fact others are distressed. That’s a story line that is very relevant in the current environment."

king-This article says offshore waters of the Niger Delta. Could be very close to coast. JDZ is far offshore. Also probably by drilling US Navy will be in the area.

Tapco1-I believe it was said that the AA will sail for West Africa around the beginning of November so these upgrades must be for a future time frame.

Tapco1-It says the thrusters are a future upgrade. Probably at completion of current contracts.

"As a future DP upgrade with two (2) azimuthing thrusters has been envisaged, space reservations have been made in the sponsons for installation of the thrusters and provisions have been made in the electrical switchboards."

MichiganNative-Since we have stuck it out all these years we can have patience a little longer. It seems like we are getting closer. I have been here since 2000. Not as long as you but almost I think.

Strass-Please give us your take on why you continue to hold ERHE. Is it just to get back to even??

Dubai, October 19, 2008 - Addax Petroleum Corporation announced the opening of a new office in Dubai, United Arab Emirates. The new office will support the Corporation's strategy to build a strong foothold in the Middle East, as Addax Petroleum expands on its existing interests in the Kurdistan Region of Iraq, and will be managed by Mr. Leslie Blair, Managing Director, Middle East. The office was inaugurated on October 16, 2008 in the presence of a number of local dignitaries from the oil and gas industry and the Ambassadors of Canada and of Switzerland. It is located within the Jebel Ali Free Zone, the largest free economic zone in the Gulf and one of the largest in the world, home to many of the largest companies in the oil and gas industry in the Middle East.

ThatHawaiiGuy-Price oil oil in 2004 $40 - $50. Price of ERHE 2004 $.50 - $.99.

midtieroil-We still have the possibility of a rig.

midtieroil-I post this again-Maybe the conference can make a difference.

On February 11, 2008 the price of ERHE was .194. On February 14 ERHC presented at the Nigeria Oil & Gas conference. Six weeks later March 31 the price of ERHE was over .54. There probably were other factors like the possibility of getting a rig that contributed to the price increase by the conference may have been a big factor.

Maybe the conference in Dubai on October 26 will mare another bottom. If we ever get news on a rig that would help also.

Opus X -I also e-mail Dan through the ERHC web site about the Dubai conference, He replied within a few hours. Try again, maybe you e-mail was not received by Dan.

Has anyone but me tried to contact Addax investor relations. I have sent several e-mail messages but never get a response or any indication that they have received the e-mail. Should make us all appreciate Dan Keeney.

On February 11, 2008 the price of ERHE was .194. On February 14 ERHC presented at the Nigeria Oil & Gas conference. Six weeks later March 31 the price of ERHE was over .54. There probably were other factors like the possibility of getting a rig that contributed to the price increase by the conference may have been a big factor.

Maybe the conference in Dubai on October 26 will mare another bottom. If we ever get news on a rig that would help also.

Opus X-Remember that the potential investors at this conference in Dubai probably are not familar with ERHC and its assets. Hopefully they will emphise their JDZ and EEZ assets to this new audience and not talk about potential acquisitions or an AIM listing.

Does anyone know approximately how long it should take the AA to drill a well for Kosmos in the water depth they are drilling at. I would think since it is costing Kosmos over 400k per day for the AA they would want to drill each well as quickly as possible.

Strass-Have you listened to the ADDAX presentation?? Said he bets rigs will be available at much lower cost with 1 - 3 months. Maybe they can get multiple rigs to drill for the same as one would previously have cost.

Tryoty-If they sold 100 - 268 million shares at $1.00 would not that value our shares at about $1.00 also??

boston127-Do you consider less than 200K shares traded out of 700 million large volume??

When the AA arrives does anyone know where the crew comes from. Does it come from Singapore with the ship??

Price oil oil in 2004 $40 - $50. Price of ERHE 2004 $.50 - $.99.

Occidental to buy Midwest oil fields for $1.25B

Buying 46 million of proved reserves (a Occidental already owns 1/2 of the 92 million) for $1.25 Billion. 1.25 billion for 46 million = 27.17 per barrel.

Thursday September 25, 9:46 am ET
By Ernest Scheyder, AP Business Writer
Occidental Petroleum to buy rest of Plains Exploration's stake in Midwest oilfields for $1.25B

NEW YORK (AP) -- Occidental Petroleum Corp. said Thursday it will buy out Plains Exploration & Production Co.'s stakes in two jointly operated Midwest oil and gas fields for $1.25 billion.
Los Angeles-based Occidental currently owns 50 percent of the properties, which include the Permian Basin in west Texas and New Mexico, and the Piceance Basin in Colorado.

The deal is expected to close in the fourth quarter, pending government approval.

The facilities currently produce about 13,000 barrels of oil equivalent per day, and have about 92 million barrels of oil equivalent proved reserves.

At the Piceance Basin alone, Occidental said that during the first half of 2008 it produced 50 million cubic feet of natural gas per day, and expects to hit 200 million cubic feet per day by 2010.

Plains Exploration said the sale will help reduce its corporate debt by $1 billion and allow it to lower its 2009 capital expenditures to $1.35 billion. The Houston-based company also said the sale will let it focus more on the "unparalleled high-growth" Haynesville Shale area, which it hopes will drive production and reserve growth for most of the next decade.

This latest deal comes after Occidental bought a 10 percent stake in Plains All American Pipeline's general partner for an undisclosed amount this past July, and a 15 percent interest in Alberta's Joslyn Oil Sands Project for $492.1 million this past June.

In morning trading, Occidental shares rose 14 cents to $76.79, and Plains Exploration gained $1.27, or 3.5 percent, to $37.81.

30 Crappie-I posted this 3 weeks ago. Looks like from your post you have already started.

"It seems that there is no end of things to worry about on this board. I have never seen anything like it.

There was the government investigation. When that settled down some we started worrying about when the Aban Abraham would be available. Now that we are getting close to pinning that time down we are worrying about how the Aban Abraham will be used to drill (what blocks will Addax drill in). Once that is decided upon I suppose the next topic will be if there is really any oil in the JDZ."

TopShelf-We went up on 1 million shares in volume and they can take it down on less that 100K. Unreal.

Interesting someone keeps selling 100 shares @ .35 a $35 trade.

YankeMike-Wouldn't the $1.50 value estimate be just for Kina not the entire JDZ?

Homeport-Don't you think that the fact the STP is finally going to auction the EEZ blocks should be a positive for ERHC? Also the fact that there may be more oil than originally estimated in the EEZ blocks. Not sure I understand why you used the words "sober reflection" in your comments.

"Thanks to Doug C for the repost of EEL SPP's sober reflection on recent developments with Petrobrás in Brazil and their possible implications for us in STP's EEZ."

Opus X-Why do you say the probabilty is not good for a significant find in Kina? ERHC's site has the following comment about the Kina prospect.

The following image is a view from the side of the different layers of sediment and rock beneath the Gulf of Guinea at the Kina Prospect, which the JDA has approved as the first drilling location in JDZ Block 4 (operated by Addax). Current plans call for the Kina Prospect to be the first of ERHC's interests in the Gulf of Guinea to be explored, with drilling expected as early as the fourth quarter of 2008. A hump-like formation is generally recognized as a sign of oil and gas prospectivity. As indicated by the arrows, the Kina prospect has numerous target horizons. Click on image for high resolution version.

Tryoty-You are correct about 10Q. I confirmed this with Dan Keeney

It seems that there is no end of things to worry about on this board. I have never seen anything like it.

There was the government investigation. When that settled down some we started worrying about when the Aban Abraham would be available. Now that we are getting close to pinning that time down we are worrying about how the Aban Abraham will be used to drill (what blocks will Addax drill in). Once that is decided upon I suppose the next topic will be if there is really any oil in the JDZ.

Tryoty-Sorry-I see you did mention block 1 in your post.

Tryoty-Whichblock are you refering to? Wouldn't that also benefit ERHC?

Troty-If Addax is trying to maximize its value quickly in preparation for a buyout why would they give a drill slot to Chevron in hopes of getting it back sometime down the road.

midtieroil-You still haven't given us your estimate of what you think ERHC's share price will be worth.

Midtieoil-What is your value calculation for ERHE??

Just to clear up any confusion that may remain as Troty reported yesterday Dan Keeney said 10Q is filed and completed. It was a few hours late so that is why 8K filing was required.

This is a excerpt from an article BB posted on RB.
Notice the $24 a barrel for proved reserves.

TWST: Pavel, are we going to see more M&A here?

Mr. Molchanov: Definitely, and I probably disagree slightly with what was just said, which is that some of the reason for the lackluster M&A recently has to do with the fact that the buyer is not willing to pay what the seller is demanding. I actually think that asset values in the marketplace today are remarkably reasonable relative to the commodity futures curve. To put it in context, the average valuation of a US E&P company right now is roughly $4 per Mcf or $24 a barrel equivalent of proved reserves. Most are gassy not oily, but certainly paying $4 for gas in the ground at a time when futures are at $12, and even more so paying $24 a barrel in the ground when oil futures are at $145 seems like a very attractive proposition. Now assuming somebody believes, not even necessarily $145 crude, even at $110 or $120 long term, current multiples really make sense.

Been in since 2000 - Gremlin

Ponzi - All companies have cautionary statements of some type in there filings. Below is a statement from the latest 10Q from Google. Do you really think that there is no commercial OIL in the JDZ??

Latest Google 10Q
Legal Matters

Companies have filed trademark infringement and related claims against us over the display of ads in response to user queries that include trademark terms. The outcomes of these lawsuits have differed from jurisdiction to jurisdiction. Courts in France have held us liable for allowing advertisers to select certain trademarked terms as keywords. We are appealing those decisions. We were also subject to two lawsuits in Germany on similar matters where the courts held that we are not liable for the actions of our advertisers prior to notification of trademark rights. We are litigating, or have recently litigated similar issues in other cases, in the U.S., Australia, Austria, Brazil, China, France, Germany, Israel and Italy.

We have also had copyright claims filed against us by companies alleging that features of certain of our products and services, including Google Web Search, Google News, Google Video, Google Image Search, Google Book Search and YouTube, infringe their rights. Adverse results in these lawsuits may include awards of substantial monetary damages, costly royalty or licensing agreements or orders preventing us from offering certain functionalities, and may also result in a change in our business practices, which could result in a loss of revenue for us or otherwise harm our business. In addition, any time one of our products or services links to or hosts material in which others allegedly own copyrights, we face the risk of being sued for copyright infringement or related claims. Because these products and services comprise the majority of our products and services, our business could be harmed in the event of an adverse result in any of these claims.