ERHC Energy Inc (ERHE)

[tryoty]

Am I reading this correctly?

This is from march, 2001

http://english.people.com.cn/english/200103/13/print20010313_64904.html

"Sinopec Purchase to Bolster Reserves
China Petrochemical Corp (Sinopec), the country's second-largest oil company, looks likely to issue domestic A shares to finance the planned acquisition of China New Star Petroleum, which has been valued by a brokerage at US$2.8 billion, as China Daily reports.

An analyst at European brokerage ING Barings said a preliminary valuation of China New Star was based on a crude oil price of US$20 per barrel, and crude oil and natural gas reserves of about one billion barrels.

China New Star - China's smallest oil and gas producer - has five oil fields in the west, north and northeast of the country, as well as the East China Sea."

I'm reading that they paid $20B for 1 billion barrels plus 5 fields. Can that be right? With $80 oil and the possibility of what ERHE is sitting on I nearly soiled myself.