ERHC Energy Inc (ERHE)

[tryoty]

Spike, no there aren't. Proven deepwater reserves are worth $5 per barrel. Of course that fluctuates with the price of oil, but only in a very muted sense. For instance, AKPO was bought for $5 per barrel when oil was $60, but we didn't see deals going through at 3 times that when oil was $150. The value of in-ground reserves is more like an average of market oil prices.

How much oil, listings, stock splits... none of that affects anything. The market cap of ERHE will be $5 times the number of barrels found plus an unquantifiable premium for the undrilled prospects. Even a buyout price can be estimated based on proven, that fact being the one thing that drives the share price to that level.