Mark, we all would like to hear some good news...just don't tell the company to PR it, LOL!
I have to put my two cents in here too.
I think the PR yesterday was very well done. It talked about the two wells being drilled simultaneously. It talked about ERHE's huge percentages. It gave time frames for drilling (30 and 45 days) and it talked about the bigger picture of developing all the blocks. All of this was good news and fairly well written in my opinion.
The reality of it is that nothing new on a substantial level was revealed that most shareholders and even people watching in this neck of the woods didn't already know about. Thus, no pop in shareprice (as I expected). When the pull back in share price began yesterday, very low volume was trading. Again, the reality of the situation is that ERHE is essentially in a "quiet period" just like an IPO. With no news expected for 30 to 60 days, the traders will use charts, and message boards, and MM's to create these types of "buying opportunities". Holders shouldn't get too worked up as the value of ERHE will be based on oil discoveries (or lack there of) shortly.
The last quick comment I would like to bring up is for those of you screaming from your keyboards that management should have been hiring a company to promote ERHE. Guess what? You just experienced yesterday what even positive news brings at this stage of the company. I don't care how loud they shouted the ERHE story or to whom, all it will create at this point is price volatility for traders. The underlying value of ERHE is still the same as it was 3 months ago when we first heard drilling rigs were on the way. All the drilling risk is still there. Until the first comment of "### feet of pay" was discovered, the risk remains. Valuation based on proven or even the NSAI reports will not be possible until ERHE has drilling results WITH oil discoveries.
Keep in mind, there should be some kind of gradual build up prior to announcements based on anticipation and/or a shorter time frame until EHRE is based on proven oil discoveries. I can't tell you when this ramp up will begin or how high it may go before news but it should be fun to watch.
GLTA
