ERHC Energy Inc (ERHE)

[petemantx]

My biggest source of disbelief in the JDZ is that we went from estimates of multi, multi billions to seemingly one big barren bowl of zilch. I can understand the estimates being off somewhat, but not 100%.

Now if our main targets in our best blocks (I don't consider 5,6, and whatever else we own in the JDZ worth squat) are said to be not even worthy of revisiting as they are worthless (per the FAQ just put out by mgt)where is the possible 4BB barrels you think could still be there hiding? We shot the best targets, the others are smaller and don't even show what our so-called can't miss targets showed.

Some have said that the oil may be hidden in the sands requiring horizontal frac'ing such as in the gas plays in Texas. If so, great but wouldn't strong traces have been encountered when we went thru the sands in the first 5 wells? Others have said there is no barrier between the sands in AKPO and our sands so the oil/gas shouldn't have just stopped at the AKPO boundary (seems reasonable but I'm no expert) yet we are told something like that must have occurred since we show next to nothing.

I take heart that you still think there could be very commerical amounts of oil in the JDZ as you certainly can't be said to have a history of viewing ERHC with "rose colored glasses". Maybe there is still some hope for the JDZ, it just seemed to me that the FAQ sounded pretty final in it's negativeness. If JDZ proves up anything, it sure would be counter to how I read the FAQ answers.

I do fear that our spending habits have backed us up into a corner and our "white knight" is going to end up owning most of our assets with little left for longs. Mgt hasn't inspired me to believe they will be able to find partners that won't take us to the cleaners. Will step back now as I have been pretty negative the last two days.