ERHC Energy Inc (ERHE)

[midtieroil]

Not that anyone really needs it but there is likely to be another buying opportunity soon. The debentures eligible for conversion in April have a face value of $291,000. The current conversion price based on 60% of the lowest 3 closing prices over 10-25 days is now .00104. That equates to over 279,000,000 shares which could be converted and sold in April alone.

We only have $50,000 in face value in May. And $53,500 in June. Then we have the $250,000 Chrome debenture which becomes eligible for conversion in August.

We have no clue if any other debentures have been issued since the last 10Q came out in late December because Ntephe thinks it is a great idea to hide that material information from us and the market. Pretending like this information only needs to be released in the quarterly filings will likely continue to be an awful decision. Investors aren't that stupid.

Bottom line is we need some news soon on one of four fronts. 1) A farmout or financing deal 2)News that the death spiral financing has stopped and that includes those going to Chrome 3) resource estimates from somewhere 4) The income tax receivable has been collected/the Oando investment has been sold.

Absent any or all of those, I see this death spiral continuing. Anyone believing that it is good news that 100's of millions or even billions of shares going to Chrome is good news because they won't be sold on the open market is sorely mistaken. It is still massive dilution. With NO EVIDENCE of cost cutting measures, the $250,000 from Chrome will be exhausted very soon. Time for Ntephe to put up or shut up.