ERHC Energy Inc (ERHE)

[steelwundrin]

SEO is preserving his own investment with the $250,000 cash loan. The probability is quite high that this is a stop-gap until something bigger comes along. Something could already be in the works - if not, he may have to step in again as required to avoid bankruptcy. I do think that it is telling that there have been no cost reductions announced.

This $250,000 loan is quite small in relation to his original investment and also in relation to his portion of the new stock issue a couple of years ago. Had SEO and Chrome participated in that 7 1/2¢ per share stock transaction, approximately $28 million would have been infused into the company. And we wouldn't be in this fix today. But quite frankly, even in light of the current oil slump, our assets are far more valuable today than they were two years ago.