Addax Petroleum (fka AXC)

[midtieroil]

Yeah some people know how to take advantage of low oil prices instead of using it as a lame excuse for failure. ERHC had 45 million that they pissed away on Nothing but overhead. They should have used a chunk of that to buy producing properties to fund operating expenses while they increased the value of their other higher cost, longer term properties. For six years they sat on their butts spending our money mainly on their bloated salaries and on international conferences at 5 star hotels.

While they weren't doing that that they were asleep at the wheel and lost 5 million to the Stanford scam and another 5 million because they forgot to file an IRS form. They should have been fired for each of those let alone both.

How anyone can continue to defend this type of gross incompetence is beyond me. I suspect there is much more to this blind support of failing management than meets the eye. Nobody could be that irrational.