ERHC Energy Inc (ERHE)

[Strategyone]

This volume is unbelievable and disgraceful.

When the reverse split happened less than a year ago, this went from 3 Billion shares to 30 million. Today's volume was almost 150 million shares. PN - That is a disgrace. CD funding may have been a last resort two years ago but management saw what happened to the share price and number of shares to pay back the lenders. This round is just plain stupid and they no longer deserve a third chance (IMHO).

I truly feel if Kenya would have struck commercial oil quantities on the first hole, the shareholders could have been saved (or not diluted into oblivion). They would have been in a position to get a better funding deal and much less dilution would have been needed to pay off the CD's sold 6 months ago.

I also truly hope the long time, positive shareholders here are not supporting this wave of dilution as I don't see how the company is going to recover from here and this management team doesn't deserve to be bailed out again.

Unfortunately, I am still a long time shareholder but it is not looking good at this point in time.