ERHC Energy Inc (ERHE)

[BuffaloTrader]

The best example of how the macro environment is squeezing "most (small exploration) companies" is what is happening with Afren. Just a couple years ago it was golden, but it is now on the brink:

Afren’s fate in the hands of creditors
http://www.thesundaytimes.co.uk/sto/business/Industry/article1585457.ece

To ignore the macro environment is to ignore reality. If ERHE can survive until drilling in March, that will be pretty miraculous.

Disclosure: I am not currently invested in ERHE, but I remain a big believer in the huge economic growth potential in Africa and I like to check in here every week or so.