ERHC Energy Inc (ERHE)

[midtieroil]

They obviously mean the share of the concession and NOT shares of ERHC stock. I am not sure if the report in that article that CEPSA will only pay their proportionate share of the costs is accurate or not, but that report is about as far away from positive news as you can get.

I'm pretty sure CEPSA is at least carrying ERHC for the FTG costs and for the seismic costs. That is the carry which I believe ERHC is referring to. As I have said before, there is ZERO evidence of any additional carry for drilling costs. I have presented at least some evidence that ERHC's costs of drilling are NOT covered in the farmout agreement but that issue is still not fully resolved due to ERHC's lack of disclosure.

Unfortunately that is the crux of the problem. As usual, ERHC refuses to adequately inform shareholders and investors on the material terms of the agreement so investors WILL NOT invest with that uncertainty hanging over our heads. Until ERHC can prove that they have the funding for their share of the drilling costs, the share price will remain stuck in the mud.

Fortunately, I do believe ERHC will be forced by the SEC to disclose the terms of the farmout in their next 10Q. Unfortunately that will not happen until May. I think we can expect ERHC will be dead money until then. When will they learn?