ajaxxx_99
6 시간 전
I know this is not new. But for crying out loud, this company was shady as of 2006. There was no outcome other than PN and his cronies getting kickbacks, and payoffs. I have posted excerpts. You can read the whole mess here As of December 31, 2006 the Company had $38,030,673 in cash. So what happened to all that money?!! Three guesses. Read below. DOJ searched and seized documents relating to communications with foreign government officials. They sold everything of value, and stuck investors with the bill. Surprize!
You must read the following discussion of the results of the operations and financial condition of the Company in conjunction with its financial statements, including the notes included in its Form 10-K filing. The Company’s historical results are not necessarily an indication of trends in operating results for any future period.
Overview
ERHC reports as a development stage enterprise as there are currently no significant operations and no revenue has been generated from business activities. The Company was formed in 1986, as a Colorado corporation, and was engaged in a variety of businesses until 1996, when it began its current operations as an independent oil and gas company. The Company’s goal is to maximize its value through exploration and exploitation of oil and gas reserves in the Gulf of Guinea offshore of central West Africa. The Company’s current focus is to exploit its only assets, which are rights to working interests in exploration acreage in the JDZ and the EEZ. The Company has entered into production sharing agreements with upstream oil and gas companies in these JDZ Blocks. The technical and operational expertise in conducting exploration operations will be provided by the Company’s participating interest in oil and gas companies.
Sale of Participation Interests
On November 17, 2005, the Company agreed to sell its 33.3% participating interest in Block 4 of the Joint Development Zone between Sao Tome & Principe and Nigeria (“JDZ”) to Addax Petroleum (Nigeria Offshore 2) Limited for $18 million. The Company retains a 17.7% participating interest in Block 4. This transaction was completed in February 2006.
On February 16, 2006, the Company sold its 15% participating interest in Block 3 of the JDZ to Addax Petroleum Resources Nigeria Limited for $7,500,000, leaving a 10% participating interest in Block 3 to the Company.
On March 2, 2006, the Company sold a 28.67% participating interest in Block 2 of the JDZ to Sinopec International Petroleum Exploration and Production Corporation Nigeria, and a 14.33% participating interest in Block 2 of the JDZ to Addax Energy Nigeria Limited for $13.6 and $6.8 million, respectively, leaving a 22% participating interest in Block 4 to the Company.
All of the sales proceeds were received by the Company during the quarter ending March 31, 2006, and such sale proceeds were accounted for as a $30,102,250 net gain from the sale of participation interest in the concession.
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Table of Contents
Results of Operations
Three Months Ended December 31, 2006 Compared with Three Months Ended December 31, 2005
During the three months ended December 31, 2006, the Company had a net loss of $522,142, compared with a net loss of $1,228,984 for the three months ended December 31, 2005. Interest income increased from $4,269 in the three months ended December 31, 2005 to $543,632 in the three months ended December 31, 2006 due to the significant cash balance maintained by the Company as a result of proceeds from the sale of participation interests in the three JDZ Blocks under production sharing contracts with various consortium partners. General and administrative expenses increased from $1,230,517 in the three months ended December 31, 2005 to $1,331,898 in the three months ended December 31, 2006 due to two primary reasons: 1) legal expenses increased from $276,162 to $890,152, an increase of $613,990, primarily related to legal fees incurred in the Justice Department investigation, offset by 2) a decrease of $ 497,600 in financial consultant fees due to completion of the negotiations for the sale of participation interests in the three JDZ Blocks.
Liquidity and Capital Resources
As of December 31, 2006 the Company had $38,030,673 in cash and cash equivalents and short-term investments and positive working capital of $31,567,619. Management believes that this cash position should support working capital needs for more than 12 months.
Item 1. Legal Proceedings
On May 4, 2006, a search warrant issued by the U.S. District Court of the Southern District of Texas, Houston Division, was executed on the Company seeking various records including, among other matters, documents, if any, related to correspondence with foreign governmental officials or entities in Sao Tome and Nigeria. With the guidance of the law firm of Akin Gump Strauss Hauer & Feld LLP, ERHC Energy continues to work with the U.S. Department of Justice in connection with the Department’s investigation. The Department of Justice agreed to ERHC’s request to return to ERHC a complete copy set of all paper documents seized in the Government’s May 4, 2006 search of ERHC’s Houston office. ERHC has received a copy set of these business documents. ERHC filed suit in federal district court in Texas in June. The lawsuit sought to protect the company’s attorney-client privileged documents and to allow ERHC counsel to determine the factual basis for the Justice Department’s search warrant affidavit, which is currently under seal. Although the judge has ordered that the affidavit remain under seal, his ruling requires the Justice Department to provide a neutral “taint team” to review all seized documents and to identify those that may be privileged. The neutral taint team is charged with the responsibility to withhold from the investigating attorneys any documents that it believes to be privileged. The ruling also provides the company with the right to challenge the Justice Department’s privilege determinations in court. Since the ruling, ERHC has been in communication with the Justice Department regarding the Government’s compliance with the ordered taint team procedures, and regarding the Government’s ongoing investigation.
Krombacher
13 시간 전
RubyMartin (continued),
Just to add one more perspective—if you’re trying to avoid SpeedTrader’s per-share fees, the only real alternative is to try buying the shares in Canada.
But that path is a minefield:
1. Canadian Capital Gains Tax – You're now taxed under Canadian law, which often comes with higher rates and stricter rules.
2. Cross-Border Accounting – You’ll need Canadian tax prep and U.S. tax prep. That’s two sets of accountants or software, and a headache at tax time. You might even need a cross-border CPA.
3. Intermediary Costs – Unless you already have a Canadian brokerage account (rare for most Americans), you’ll likely need a middleman—someone willing to buy on your behalf. And they don’t work for free.
4. Logistical Barriers – Opening a Canadian brokerage account as a U.S. citizen is increasingly difficult, often requiring physical presence, residency ties, or documentation most investors don’t have ready.
So yeah, SpeedTrader may not feel like the “easy button,” but when you compare it to the alternative—it’s the only real option for U.S. buyers.
And the irony? That friction is part of what’s keeping this window open. By the time it’s “easy,” it may already be gone.
Of course, there’s a third alternative some people float:
“Why doesn’t ERHC just get off the Caveat Emptor list?”
Simple—because doing that gives away the very advantage it currently holds.
Getting off the CE list would mean filing detailed financials and updates, which may sound great on the surface—but that information wouldn’t just be read by longs. It would also be used by shorts to time and manage any potential squeeze. They want transparency because it helps them control the outcome.
By staying silent, ERHC keeps them in the dark. And in a dark room, the sharks don’t know which way to swim—or when the net drops.
That silence may be frustrating to some, but for others, it’s the best setup we’ve seen in years.
—Krombacher
Peter J
18 시간 전
Badog,
Let me tell you why you are the ultimate F O S
That's why I limited myself to $12 for 60,000 shares If this ever even hits $1 I'll cash in for $60,000 and all it cost me was $12. I expect to lose my $12 but what the Hell...I'm a big spender.
First of all: you lost north of $50.000,- in working hours. Whether you accept this fact or not. Once this is over (it will at some point, either way), you will realize this, the hard way.
Then: what you don't mention, and what is FAR more likely, is: it will not hit $8,- or $1,- but you always take that extremely unlikely figure because: if it only his 10 cents... you are virtually empty handed here after thousands of posts and all those working hours... you would walk away with $6K, I would walk away with 5 million.... so, FOS again.
But most of all: look at your posting regime of even the last days: it is highly disciplined. Let's imagine (lol) that you are really driven by altruistic reasons solely (while it is virtually impossible to buy stock and there is hardly a market for Skull & Bones stocks, and these types of investors don't need your 'advice' anyway, they are not novice investors): your disclipline (and that of your homie ssc) would be understandably less disciplined... it would not be your number one item on your daily agenda, like it is now for you.
This degree of relentelessness in posting style can only be driven by ONE MOTIVATOR: MONEY. (Money makes the world go round, wars are mostly over money, (some) people even kill for money).
You might say again that I'm 'babbling' but like I adviced you before: just ask in your 'innner circle' of friends and family... you will find out that I'm right.
So when I look up the phrase FOS ... AI would tell me: badog & scc....
Krombacher
1 일 전
Ssc,
You repeat the same list of talking points every time. But repetition isn’t proof, and sarcasm isn’t a substitute for insight.
No one here is asking anyone to believe in fairy tales. What I’ve done—and will continue to do—is follow logic, documented history, and the observable facts about share structure, legal history, and regional developments. The rest is speculation—on both sides.
What you dismiss as “silence” is what some of us recognize as leverage—especially in a situation where quiet maneuvering may offer more long-term advantage than premature publicity.
You say it’s “not working”—and yet you’re still here, arguing. That says more than anything else.
As for July, August, or beyond? You mock timelines while ignoring the real question: Why haven’t events concluded yet, if this was over years ago?
Because it’s not over. And that, I think, bothers you more than you’d ever admit.
—Krombacher
ssc
2 일 전
Don't you believe erhe's largest shareholder after he has repeated hundreds of times that the silence is all part of a billion dollar conspiracy between Shell, Total, STP, drill rig operators, deep sea divers, an African Queen, Offor, erhc management and sketched heads to punish the nonexistent short sellers? Forget about SEC compliance, fiduciary responsibilities to shareholders, annual meetings, financials, share structure, material event disclosures; forget about everything it means to be a publicly traded company; and forget about anything even closely related to facts and truth. Just trust in desperate delusions about billions of triple zero naked short shares, preferred share dividends, dollars/share done deals, $8/share short squeezes, and backstops created and promoted by someone stuck with 400 million erhe shares facing hundreds of thousands of dollars in losses. But don't hold your breath waiting for any of those asinine claims to actually materialize
Peter J
3 일 전
What needs to be considered is this:
dickran's 10%, 400 million share ownership is just a punchline. The joke is that erhc insiders own very few shares and have no interest in adding any value for a group of triple zero minions following a long time loser that owns most of the erhe shares, no matter what Shell might be doing. There are more than 7 years of actual, factual proof of this. When a public company goes rogue and refuses to make filings or share material events with shareholders for more than 7 years, the likelihood of them sharing any riches, past, present or future, is about as low as the erhe share price.
Charlie Munger would say: then you pick your stocks well, to do DD on.
When, at what point, does your own conclusion sink in?
Kingpin... think about it... what is going on here. These guys are more relentless followers than... a level of altruistic behaviour that nas never been seen or matched witin the investment world...
Think about it, Kingpin...
ssc didn't want the share price to go up... by his own admission!!!
badog refused to say something intelligent about the reason for someone to post more than 8000 posts... without any financial motive...
Let it sink in, Kingpin.
This has nothing to do with Krombacher... but everything with ERHC.
Just common sense.