Heating up is hardly the word for the $0.15, 20-percent gain in pre-market trades this morning of ERHC Energy (OTC BB symbol: ERHE), which finally opened at $0.835 and hit a million shares of volume in the first minute.
At 9:33am, with 1.26 million shares sold, the price was $0.848.
By 10:16, just 43 minutes later, more than 6,431,000 shares had traded and the price, which has been fluctuating in a five-cent range, was $0.811 x 0.811.
At 10:50am, 8,334,000 shares had traded and the price is $0.82 x $0.829.
At 11:42am, volume is 10,074,000 shares and the price was $0.835, with Bid and Ask $0.827 x $0.83.
At 11:51am, a single block of 285,000 traded at $0.84, volume was 19,575,0000 and the price is $0.835 x $0.84.
At 1:02pm, 13,609,000 shares have traded - close to a record - and the price is sinking. It's now at $0.78 x $0.785.
At 1:42pm, volume is at a new all-time high at 14,066,000 shares, and the price is $0.801 x $0.804.
At 4pm, regular trading closed at $0.82 and after-market orders took it up a cent further, to $0.83. Ending volume was an extraordinary, record-setting 16,309,591 shares.
The stock is high on the recommended list of any number of Wall Street tip sheets this morning after word leaked that Chevron apparently struck oil that runs under ERHC's Block 2 in the Nigeria-Sao Tome Joint Development Zone. That means we may have provable reserves without ever having to drill for oil!
Sellers quickly jumped in and took the price down to $0.835 before the open, unloading 132,500 shares. That gave the appearance that all-capital-letter pumpers who have arrived en masse at I-Hub - many with creative resumes a la Nigerian advance fee letters - are selling into the gains.
Only 45,000 shares traded before 9am in 9 trades, which included one sale at $0.79, and reached $0.82. Imediately after 9am, though, the price jumped another $0.05 to $0.87, on total volume of 128,500 shares.
The prospects for a $1 stock have never seemed so bright!