Nodak,
I seriously doubt bankruptcy is in ERHE's near term future. Bankruptcy is used by companies heavily in debt in order to stop the run on assets by the lenders. In ERHE's case, there is no real debt and no real operation to save.
I do agree that they may be trying to squeeze as many paychecks as they can until they close the doors and walk away but I think that is the worse case and highly unlikely scenario.
Even the remaining rights (if a dry hole was hit in Kenya) have value that they could leverage to save the value of SEO, PN and SO's shares they own (along with all shareholders). They are simply trying to "buy" time until the demand for oil and new discoveries markets improve.
Think of it this way.... ERHE market cap currently is languishing between $1 - $3 million. ERHE sold 55% of the Kenya opportunity to CEPSA and retained 35% (10% going to others). That "opportunity" was valued at greater than $30 million at the time, for that 55% stake (with the carry and cash up front). There are multiple basins and many prospects to drill. No drilling company like CEPSA is expecting to have a strike on every hole. CEPSA very likely would be willing to take the remaining 35% from ERHE for much more than the current market cap so bankruptcy is not a likely alternative IMHO.
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