ERHC Energy Inc (ERHE)

[midtieroil]

First of all, the PSC has NOTHING to do with the agreement between CEPSA and ERHC. ERHC and CEPSA have a JOA that spells out the contract details between those two companies. The PSC is between Kenya and the oil companies. Second, the real issue is not whether ERHC has or does not have a full carry. The real issue is that time and time again ERHC refuses to clearly state what is going on. This poor disclosure and lack of communication destroys investor confidence, it destroys ERHC's ability to raise capital and it destroys the share price. Nobody hopes ERHC got a full carry more than me. But NOTHING has been disclosed that indicates that and, as usual, shareholders and the market are left to guess what might be happening. Although it is easy to always make excuses for this and blame everything and everbody besides management, the fact of the matter it is it is hurting the company's credibility and almost everyone can clearly see the harm it has done and is still doing.

I think every person on this board including me expected a better response to the finalization of the farmout. Unfortunately ERHC blew it again and they NEVER seem to learn from their mistakes.