ERHC Energy Inc (ERHE)

[midtieroil]

And here is my post about the question and answer period which followed. Feel free to try and question whether I was there or not. Everyone knows I was.

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=119192832

I believe I was the first to ask a question. So, just to warm up the crowd, I asked why the outside directors weren't there, why none of them had bought any shares since the rights offering, why they hadn't been voted on in over 3 years, why they weren't being voted on in this meeting, when the next vote would be held and if it was in violation of the bylaws to hold meetings and votes so sporadically. I also asked if the directors were actually still involved with the company.

I got some rambling answer about this meeting being for a specific purpose and that they were trying to save money. No real reason. And that, maybe, they would have a vote some time next year. I pointed out the way to save money would have been to vote on the directors now instead of next year and kill two birds with one stone. No real response.

I think the next question was by the single shareholder who asked if this company was ever going to have any revenues or if he should just throw in the towel because microcaps like ERHC seldom recover from a hole this deep. The guy was far more negative than me. No real answer to that question either so the guy followed up with a question about where all the money went and how it was being spent. They referred that to Sylvan to answer. He wouldn't answer the question so I chimed in saying I think he wants to know the burn rate. Sylvan said they don't do burn rates. OK.

The next question was from the couple, I believe who asked about drilling dates. Ntephe stuck with his end of March date and even said it could be earlier because things were going "very well". I will believe it when I see it.

I then asked another question this time about the geologic probability of success for the Kenya well. This question was referred to Shafie who proceeded to explain to me that the numbers for exploration wells like this are always very low. And he explained why. And then, much to my surprise, he even gave me a number. I'm not sure if I should post that number because it has not been made public. Suffice it to say my 25% number was more than generous.

Shafie also talked a little bit about Chad. He seemed excited about it. Unfortunately no oil companies seem that excited for whatever reason. And they can't move forward without a partner because they don' have the money to do so.

There were a few other questions I can't remember but I did get in my usual gripes. Lack of disclosure on the convertible debentures. Lack of disclosure on the Chrome convertible debenture. Lack of disclosure on the amount received from the sale of the EEZ block and insider buying immediately preceding the EEZ sale.

This is when Sylvan got a little hot under the collar and told me that they couldn't find me on the shareholder list so they had no proof I was even a shareholder. I pulled out my proxy statement, I pulled out my broker statement, I pulled out my vote confirmation and he didn't seem to think that proved anything. Cooler heads prevailed when Ntephe and Sewell obviously knew Sylvan was heading down the wrong path and calmed him down.

After that they told me they thought they were at least meeting the minimum requirements under the law and I told them I wasn't so sure. On the Chrome debenture, they said all of the CDs were the same and any of them could be converted immediately. That is NOT what the filings said. On the failure to disclose the amount received from the EEZ they said they didn't want to release it until the deal was finalized. I don't think they would have announced anything if the deal wasn't finalized. They said it would be in the 10K. Ntephe actually said I criticized him on the message board for disclosing too much on the Exile deal and then I was also critisizing him for not disclosing enough on the EEZ deal. Apparently he does read this message board. I explained one was a pending deal and the other was a done deal. Big difference.

On the insider buying, they again said they thought they could buy because the prohibition had been lifted. But, that they couldn't sell. I don't believe that is what the insider trading laws say.

I think by that time they had enough of me and my questions so the meeting broke up. I had some more questions that I would have loved to ask, but that was not to be.

Glad I went. I doubt I accomplished much of anything but at least I got some things off my chest. I hope nobody thinks that means I will be any easier on them though. I doubt I will.