Thursday, February 16, 2006

JDA Issues Press Release AS ERHC Drops $0.055 From Day's High

A press release has been issued by the Nigeria-Sao Tome and Principe Joint Development Authority, according to two posters on I-Hub who frequently post news in tandem, and although it is not available to investors at large and the news is presumably good, traders are selling ERHC Energy shares at a 3:1 rate.

Two regular posters to I-Hub each announced that the press release would be available within "the next 10 minutes," but before then more than 604,082 shares had been sold and just 193,600 purchased.

At 9:51am EST, 14 minutes after the announcement by Mark St. Amour and 11 minutes after the same news from Jeff Smurlick, no release was posted and the price was $0.56 x $0.57, off $0.01 from yesterday's close and down $0.5.5 from the day's high of $0.615, reached shortly after the opening bell.

There was also no press release on the Joint Development Authority homepage.

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