Tuesday, February 14, 2006

ERHE Soars 14 Percent On News of Possible Chevron Block 1 Strike

A rumor that ChevronTexaco has struck oil in Block 1 of the Nigeria Sao Tome and Principe Joint Development Zone has sent ERHC Energy shares soaring this morning, with the price up as much as $0.07 on 3,727,545 million shares of volume.

Update, 2/14/06, 4:02pm EST: ERHE closed at $0.545, up $0.06, on volume of 5,828,168 shares, and slipped to $0.543 in extended-hours trading. Investor's Hub has been down this afternoon, so any word from Mark St. Amour about the pending JDA press release - which has not been posted as of the market's regular close - and Chevron strike will have to await his next posting.

The current Bid and Ask are $0.551 x $0.555 as a lot of pre-set strike prices were reached and traded. The high of the day so far has been $0.56, and late buying activity looks as though the stock will push still higher after a retrace to $0.53.

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