This company first came to my attention this morning when I got a email newsletter from Bidding on Bay Street (BBS), a firm that usually watches canadian companies. I have a healthy respect for them, so I looked into ERHC some more, and I like what I've found out so far.
According to BBS, there are approx. 11 million shares outstanding, 13 million fully diluted, with 1.5 million free-trading.
The CEO is Sam Bass Jr., apparently a well-known and respected person in the oil industry. He has connections with many of the big firms. He seems to have earned some fame for putting out oil fires in Kuwait.
The company owns a proprietary device, the BAPCO Tool, which increases production in low-production wells.
On April 2, 1997, the company announced the acquisition of 100 wells in Wichita Falls, TX. On April 16, they announced another 94 wells in Henderson County, in east TX.
On June 19, they announced a joint venture with the Democratic Republic of Sao Tome and Principe (I know, I've never heard of them either) to develop that countries oil and gas reserves.
According to BBS, they are also in a jv with Centrum Marine Services to provide fuel and services (under a signed 10yr concession) to ships going thru the Panama Canal.
After looking over the press releases, and a brief glance at the filings on Edgar, this company looks promising to me, and the stock has been going berserk the last few days.
Anyone else following this company? |
