As expected, the price of ERHC Energy fell sharply this morning, and as we said we would, we took what profits we could. We exited, as we indicated we probably would, at $0.63 with a profit of $21,221 on our last 61,800 shares.
The Bid then bounced up to $0.655 and the Buy was holding relatively steady at $0.66 in heavy trading. Volume stood at 3,166,126 at 10:14 a.m. and the Bid and Ask were $0.655 x $0.66.
With the $3,737 profit we took on Friday, we managed to preserve just $24,958 of our original $39,000 in gains.
Now there's $18,000 in the bank ready to buy back a substantial position if the price falls to an amenable range for us. I haven't yet established what that might be.
As we have indicated, we don't think that Friday's events inflicted a merely temporary setback for investors. It will take a lot of time to straighten out all the injured feelings and mistrust that Friday's behaviors engendered, and in the meantime we do not expect progress on PSCs or anything else at least until April, when we also expect ERHC Energy's price to be in an apropriate range for our trading.