ERHC Energy Inc (ERHE)

[sortman]

Art, please pay attention;

They paid $4.4 million for 25% equity holding in Hercules Petroleum Limited, making Hercules a wholly owned subsidiary because they already owned 75%.

So they paid $4.4 million for 25% of Hercules making 100% of Hercules worth $17.6 million. Hercules main asset was 2% of block 4, so if 2% of block 4 is worth $17.6 million then 100% is worth $880 million.