Another interesting tell, no insider buying. SO and PN won't even buy at .0001 even though all the shares they own at much, much higher levels are virtually worthless now.
At some point bankruptcy proceeding will have to begin. The oil assets owned will be valued and sold. Since ERHC is a US company the proceedings should be open and the bankruptcy records may be accessible, may be even online. Creditors will make their claims and if anything is left it will be divided among the shareholders.The process is straight forward but it will take years.
The same process is underway with many oil companies under water due to the low oil prices. If you want a preview look over the Breitburn and Linn energy bankrupcies.
Unfortunately I do not see a bounce in ERHC share price in this process with oil prices at this level. The only possible potential for a bounce is if oil prices greatly increase.
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