Mr. Keeney,
Thank you for the information you released to the IHUB membership today.
Mr. Keeney, we have been supportive stockholders for ERHC. Listing all the traumatic issues we have endured regarding our stock over the years is apparent to everyone and need not be listed at this time. We, as stockholders, have persevered because of our great respect, belief and confidence in the quality of our oil rights and the leadership of our great company
The important thing to a ERHC registered as a United States Corporation, in our case a oil company, is transparency as it relates to the RESULTS of our present and future drilling operations. Since ERHC is experiencing its first participation as a partner in actual drilling operations, the results of these operations are fundamentally relevant,material and integral to the stockholder population and the public as a whole.
We are standing by to see the results of the present and pending drilling in our blocks in the JDZ. All information that directly affects the price of our stock is mandated by law to be reported to the public. Transparency is necessary to reveal to the invested stockholders these results.
We fully expect that we, as stockholders and official part-owners of the corporation, be fully informed of the actual and factual results of the drilling activites. This would be required and expected to be delivered to us through a public announcement by the administration of our company in a timely manner not only to we as stockholders but to the pubic interested in a public corporation. I cannot speak for other stockholders, but my opinion is that we will not stand for "tight hole" drilling operations and less than transparency on the results of quantity and quality of oil or lack of oil that exists in these tests sites.
There should be no "feasible" or "legal" reason stockholders of ERHC not be informed concerning the success or lack of success in these MOST material events that affect directly the value of our holdings. I am somewhat puzzled by the stagnation and sideward slide of our stock price in the .70 ranges without any apparent increase as we approach drilling which would seem very abnormal in a pre-drilling period.
I, for one, will gladly trust the ERHC administration to release the said above information. Certainly your message is a first step in that direction. However, according to SEC regulations, we cannot accept the operator or the JDZ has any right to withold or not disclose these all important material events. Reporting material events is clearly mandated by the Security and Exchange Commission of the United States as information to be disclosed by all corporations to the public and their stockholders.
Once again, thank you for your update. It was greatly appreciated.
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