ERHC Energy Inc (ERHE)

[midtieroil]

I am not sure that will be the case. As I have said before I think ERHC will have one opportunity to find oil and if it doesn't happen now, I believe they are done. What happens after the reverse split will largely be dependent upon how much cash ERHC received for the sale of the EEZ block or from another source such as the IRS refund. I don't believe it was enough or they would have already announced it. Issuing even more toxic debt will definitely start another downward spiral. If they have the cash to get through to drilling the stock could get some sort of predrill bounce and, then, the future share price will be entirely dependent of drilling success or failure.

I am not one that is going to bet the farm on a single well in a virgin basis because the odds are against success in that scenario. But it is worth taking a look at based on the current share price. I just wish ERHC had a management that had a clue. I think getting rid of them would have made a HUGE difference and I have thought that for years. They have proven to me and the market that they have no business running an oil company. I don't think there is another company on earth where they would still be employed given the performance of the stock. I think everyone knows this but a few won't say it.