Let me tell you where you and I differ. You want to take questionable risked reserve numbers and base your whole arguement and your whole investment strategy on those numbers. Using that arguement, you should go find the company with the most unproven risked reserves and go invest. What are you doing here? That certainly isn't ERHE and they probably aren't even in the the top 100. But, if you say which company has the most upside potential based on current share price and market cap I would say ERHE is in the top 3 or 4. That's why I'm here and whether you want to admit it or not, that is why you are here too.
If you had used your risked reserve startegy for investing in the past you would have problably missed every major move in every small exploration company that happened in the last 50 years. As I said before I base my investments on geology and potential instead of mathematics. And I really don't care when the oil is going to be produced and revenues begin. The vast majority of the value of EHRE will be recogonized based on the proven reserves, not on actual production so when it is produced isn't a big issue to me. And even BEFORE reserves are proven, a couple of successful wells will make this stock skyrocket based on future potential. You seem to be missing how little success ERHE really needs to have to make this a Great investment. What do you think ERHE's stock will go to if they hit a single really good well at Kina? What if they hit on 3 out 4 of the first wells drilled?
By the way, your numbers aren't even close for stock valuations based on proven reserves. Take the market cap of any oil company in the world, divide it by the amount of proven reserves and see how much these companies are valued at on a per bbl basis. You'll find the average at about $8 per bbl. right now down from double that not long ago. $10 per bbl of proven reserves is definitely in the ballpark. Your numbers are ridiculous.
One thing we do agree on. After ERHE proves some reserves I do think SEO will sell out. I put the chances of anything like that happening right now at 0 even if some people are desperately trying to convince us otherwise.
