Addax Petroleum (fka AXC)

[Julius Erving]

Q. What steps have been taken to minimize expenses?

The company continues to minimize expenses sharply on all fronts, focusing its resources on the maintenance of its exploration licenses.

So... they MUST have taken a salary cut. Small or big. And yet they invested big.

And a reminder regarding the 'true value' of this company, despite the share price:

Q. With the current valuation, how could a stake in the company be sold for much value?

All parties in the oil and gas industry understand that the underlying valuation of the company is distinct from the market valuation. This is not something unique to ERHC. Many small oil and gas exploration companies have found it challenging to raise funds in the current environment, which impacts market value but does not impact the value of the underlying assets.

Whether you like it or not, it is an extremely correct statement.

The Doc.