In evaluating ERHc's assets, let's consider how much they paid for the oil rights and how much these assets are worth now. We also must deduct any liabilities these assets have and must also consider the IRS lien.
I believe Erhc "stole" the jdz rights and paid no cash. However, after the lack of drilling success, at present these assets have no monetary value.
Chad is gone and all the money Erhc put into this property is down the toilet.
I don't remember how much money Erhc paid for Kenya - but certainly not much. Now after a dry hole, Kenya is worth even less.
Not sure what Erhc paid for the Texas well, but not much.
So let's do the math, Erhc has a NEGATIVE value and IRS liens on its assets.
Who would be crazy enough to get involved with this garbage?
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