ERHC Energy Inc (ERHE)

[midtieroil]

This management was handed over 40 million dollars in cash, the JDZ and the EEZ and look at where it is today. I wouldn't say they saved ERHC from going under. I would say they have almost caused it to go under despite the assets they were handed. They have raised very little capital over the years. They have been unable to get ERHC on a better exchange. They haven't drilled a well in 5 years. They didn't acquire any producing properties despite trying. They lost $5 million in the Stanford fiasco. They, along with a lot of help, allowed the JDZ to be taken over by a Chinese company who didn't have the technical know-how to operate it. As a result, they found no oil. There has been almost no progress in the EEZ in years. It has taken 3 years just to get a PSC and zero exploration work has been done there. And who knows where Chad stands. Three years with almost no activity there and they had to give back most of that acreage because they couldn't afford it.

Other companies with far less to start with have done far better. They basically got one block in Chad and one block in Kenya with all the time, effort and money they spent. That just isn't good enough. I guess some will defend management and paint a rosy story no matter what. I won't. I was invested in this company all those years and I saw first-hand what they did and did not accomplish.