ERHC Energy Inc (ERHE)

[midtieroil]

Checking on ERHC's liquidity, we have the following. They had 2.7 million in cash as of 6/30. The burn rate is about 350K per month. By the end of December that would amount to 2.1 million. They issued at least 1.8 million in convertible debentures from which they would have netted 1.6 million. So 2.7 - 2.1 + 1.6 = 2.2 million cash on hand. Not enough for another year. But they do have the IRS receivable and the Oando investment. + 2.0 + .8 = 5.0. That 5 million should get them through another year and avoid a going concern opinion. Of course the unknown is the spending on Chad and if any additional money was raised from issuing more convertibles.