Addax Petroleum (fka AXC)

[Julius Erving]

Seriously, is this guy really thinking he makes sense?

If you were referring to me, thank you. But I'd shy away from the $12 or higher price target if ERHC is lucky enough to find oil with this well. Anything over $1 - $2 is ignoring the balance sheet, dilution and dirty way this game is played imo. In the finding oil scenario, ERHC will be long gone if an offer anywhere over a dollar appeared, particularly with the positions of PN and SO.

Let' help him. Let's say $2,- and 40 million shares. So the company is worth max (as in: MAX) 80 million dollars.

Now let's say they find the absolute minimum amount of commercial oil. You don't have to make any calculations to realize that 80 million dollars for 30% of a commercial find is a bit ... eh .... well ... eh.... !

And why according to that guy? Because of the current balance sheet... eh... and dilution!

Say what!?!

Ok, you just got your hands on a massive amount of money in the form of oil... which instantly changes your balance sheet and need for more dilution....

and yet he claims ERHC will be sold for just $2,- at best no matter what the real value is.

Why do I even bother addressing this?

I said it before, we need to all stop reacting, but I know, it is so tempting to prove somebody wrong so easily...