ERHC Energy Inc (ERHE)

[bayfisherii]

Zebra, I appreciate your analysis and agree with most of your math but for that value anaysis to work we would have to wait 5 to 6 years for these properties to become producing properties.

In looking and trying to predict what the stock price could jump to if significant reserves are discovered over the next 20 months, I would use an analysis that looks at proven reserves in regards to a price per barrel. I feel with the quality of the oil present in the GOG and the free carry afforded ERHC, that ERHC's proven reserves should be valued at $10 to $12 per barrel. Therefore, if as stated, proven reserves come in around 14 billion barrels and ERHC holds acumulative share of 15% then ERHC would be sitting on 2.1 billion barrels proven which would equate to a share price of around $35/Bbl in the near term. Another way to look at this analysis is that for every 5 billion barrels discoved in zones 2,3, & 4 ERHC's share price will rise about $12.50.

IMHO

Bayfisher II