I'll get excited when it breaks above $3. You know, the same market cap is had before Peter Ntephe showed he wasn't fit for the CEO title. $3 puts this back where it was before the convertible debt fiasco and when it was still 2 years from drilling.
We are weeks from drilling. If this stock can't run to $3-$5 it will be because a completely incompetent CEO eliminated any and all trust that investors had.
IMO, Ntephe and Odobulu know that they killed any significant move prior to finding actual oil when they chose toxic financing. I'd guess that more than 20 million of the now 30 million shares out are just looking for an exit. That alone will kill any pre-discovery run.
The only way we're going to see fair value is **if** there is a discovery and **when** they sell the company.
I saw an internet company run from 37 cents to $29 in seven months from December 1998-July 1999... ERHE had that potential until the blunder twins, Ntephe and Odobulu, chose toxic and then SPIT in shareholders faces by calling it "quick and attractive".
Now it will take oil, and if they miss next month, either Offor steps in with a big infusion or we'll be further squashed by more toxic debt. Trust me, even if Offor steps in we will be crushed by the dilution.
Ntephe and Odobulu screwed us all by writing "Penny stock scam" all over this stock when they chose the convertible debt death spiral. FWIW, I'm holding on because I consider a 20% chance of success with this well pretty damn good odds at reversing all of the losses from the last decade.
Just in case you couldn't tell, I do NOT appreciate them robbing me of the ability to take my chips and go home when *I* want to. Because of the distrust in these two I have to wait for a discovery *IF* there is one and I have to wait for *them* to sell the company because the distrust that they have created by not being able to do anything right will prevent a run to fair value.
The market's expectation will always be that they will screw up again.
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