The 10Q looks good to me.
As expected, the $45 Million is now accounted for.
The share count stayed the same except for the granted options relating to business activity which I can accept. No dilution for cash needs is what I was hoping to avoid and now that ERHE has the $45 Million cash, we should see no dilution for quite some time.
There were a few more details disclosed such as the $3 Million paid plus stock options to a consultant for helping close Sinopec as a partner. Although this may seem like a high price to many here, I consider it a drop in the bucket in comparison to what it will most likely bring in and it is a one time fee.
Not a lot of detail on the Warrent issue but I liked the statement by the company that it expects no adverse affect. This is a very bold statement and is probably the best we could get at this point. It is basically stating that ERHE believes it is innocent in whatever matters the warrent was issued. This is also much better than saying nothing on the subject.
We did not get any more details regarding future drilling schedules (understandable but I still wished for this) or information regarding any "buy-in" which I still consider to be rumor and not priced into the stock.
This now leaves us with a new starting point (cash in the bank, rights perfected). I am looking forward to what WB or Offer has in store for ERHE next (road show, other deals, drilling plans etc). The "E" will be lifted within two days and we hopefully will begin a new upward trend in the pps.
And for the record....The Blog's three conspiracy theories completely struck out.
GLTA,
Strategyone
