Jeff, I agree with you 100%.
Does Ed really knows the details what Schlumberger did with their normal 2D and reverse 2D, amounting to $20 mil, and is preparing to conduct a more extensive seismic that could easily amount to over an additional $40-50 mil?
If I truely want to hype this stock, I could be saying how many billion barrels of oil Schlumberger estimate from their initiaL 2D seismic. But, we all know that a proven reserve is only good at the bank with drilling results.
I will say this with strong emphasis: NOREEN WILSON, SAM BASS, JIM CALLENDER AND OTHERS will do their best to make share holders happy.
Everyone on this thread keep ridiculing management for the demise in the share price. Why would a junior company incur debt to produce a product that is selling below cost price? That is, MIII , Uinta, and Nuecese require huge capital that would make this company debt laden to produce a product that is NOT profitable at this time. The major oil companies can't explain current oil prices, therefore, why should we ask our junior company for the answer?
I am, and will, always encourage management to do what they are doing.
Noreen said in one of the recent press release that she will get those who manipulate the trading of this stock as well as the illegal shorts. I will simply say this, and I am serious:
"Don't mess with Noreen".
As investors, we know that in general the share price is determined by the earnings of the company. What is ERHC earnings?
So, we don't need a PhD to explain in this environment where P/E ratio is critical, and why our share price is suffering.
At this time, the reason I accumulate so much shares in ERHC is obvious: Management (Noreen, Sam, Jim Callender), Schlumberger, Mobil, Panama Canal (we will hear more details soon), the other 80% of STP property that management is considering from several offers from other majors, etc. etc.
I will continue to defend ERHC management on this thread and will only accept negative comments if justified.
None of Ed Silverstein's comment is justified. I am definitely upset about the share price today, but I am still confident about the future that management has in store for all of us. If we want to have a clean thread, please post constructive comments. If any of us think that our expertise in geology, geochemistry or whatever, is useful to this company, please call Jim Callender.
Complaining or ridiculing on this thread is useless.
I will continue to share what I belive to be useful. I strongly believe that with improving oil and gas prices, ERHC will be in a better position to perform.
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