ERHC Energy Inc (ERHE)

[RUBY1100]

Re: S. Freed or anyone re: current share price (.24)


Art, did you expect the share price to treble and stay there? Getting
rid of Offor is the start of the process to allow the board to clean
things up. Offor's presence was a hinderance. As stated previously,
the longer the investigations went on the more the focus moved from the
company to Offor himself. The company had no choice but to distance
itself from Offor's independent activities, lest it be thought to
approve of them.

Addax has now made the JDZ the main focus of its exploration
activities. It has an enourmous stake in its success, so they
absolutely must find oil in significant amounts. They also have a
significant cost in carrying us. Expect them to do the rational thing
once oil is found - eliminate a cost that has no associated benefit.

Addax needs the investigations to go away before this can be done -
what would you think, as a shareholder of Addax, if your company bought
out another that had investigations such as ours? They are in no real
hurry, however.

That may not answer your question, but it should help.

--- In [e-mail], "art4k42002" <art4k4@...>
wrote:
>
> It had been reported unofficially that E.Offor had received offers of
> over $2.00 a share for a buy in or buy out that he turned down.
>
> Could a large buyer be dumping shares now to keep an eventual buy in-
> buy out price low to or to make the earlier offers to Offor look like
> gold? For example a Chevron or even an Addax or even a Texas group?
>
> In any event, the predicted pop up of the SP after Offor resigned as
> COB has definitely not occured.