ERHC Energy Inc (ERHE)

[bayfisherii]

Balance,

Good summary, but I have one observation to make. When Bovell made his valuation statement he was talking only about the JDZ as our blocks in the EEZ were not determined at that time.

If you are includeing ERHC's two 100% carries (blocks 4 & 11) and our two 15% carries (blocks still unknown) in the EEZ, then I would conclude that your pricing guidance is too low.

Am I correct in thinking that your $7.75 per share value only includes the JDZ and does not include the EEZ? And if I am correct do you have a number in mind that SEO may be willing to walk away completely?

Bayfisher