Addax Petroleum (fka AXC)

[midtieroil]

What I said is completely accurate about Elcrest and it all came directly from Eland's latest filing. Elcrest is heavily in debt, they are not making any cash distributions and it sounds like they don't plan to for some time.

Furthermore, the billing by Starcrest came as a surprise to Eland because those expenses were not supposed to be billed or paid until Elcrest is cash flow positive.

Sounds to me like Starcrest is just as desperate for cash as ERHC. The combination of two cash starved companies is a questionable strategy at best. Anyone not questioning it should be.

Doesn't it seem odd that none of the lame brained moves by ERHC has ever been questioned even after they turned into disasters.

And, by the way, Eland has a going concern warning in their financial statements too. They aren't in great financial shape either.