Addax Petroleum (fka AXC)

[midtieroil]

I forgot 3 more screw ups. ERHC spent I believe 4 million on Chad, never found a partner, never drilled a well and forfeited it without doing any exploration at all. ERHC also has never found a partner or drilled any of their EEZ blocks

And in Kenya they gave away 55% of the block and didn't even get a full carry on a single well. As a result they now owe $10 million on that 1 well, have no money to pay it and may have have lost the block because CEPSA bailed.

And then there was the IRS fiasco. They underwent an audit and somehow ended up owing 2.7 million. Quite an accomplishment for a company that never made any money. Then they forgot to file a loss carryback form that would have wiped out the liability. They took it to Tax Court and lost there too. Then, they didn't tell shareholders about the 2.7 million owed for years and instead left a 2 million tax receivable on their books for years. Now ERHC still owes the 2.7 million and the IRS has filed a lien on ERHCs assets.

But let's not hold ERHC management responsible for any of this and pretend they've done a great job.