Monday, March 13, 2006

Last-Minute Trading Gets Us In At $0.803

Having learned our lesson about trading at the opening, we got back in at the close today and now have 30,500 shares at an average of $0.8039. We got 39,999 of them at $0.803, but paid a little more for 500 we bought at the opening, despite our misgivings.

A surge at the very end of trading gave us a paper profit of just about $475 on those shares. We were unable to interest anyone in them at $0.83, and even less so at $0.84, so we've taken them back off the market and will hold until we find out what's the next exciting installment of the Great Dance.

By all indications available, Sao Tome and Principe will sign beside Nigeria on the dotted line for Block 4 tomorrow, and we think there is a strong possibility that other blocks will get signed as well. If that is the case, ChevronTexaco's announcement of its Block 1 results from its OBO-1 well ought to be forthcoming a little sooner, we think.

After trading in and out of Anadarko all day, trading an $0.80-cent stock should have been easy, but we initially bid too high, and the price actually came in $0.0045 under our bid $0.8075, at $0.803. It jumped back up as high as $0.825 immediately thereafter after the Ask in the last minute or so hit $0.829 and settled back to $0.825.

Our investment in 1,000 shares of Bellsouth has been doing all right after an initial disappointment, but it's eaten up a lot of cash I would rather have spent on ERHE this afternoon. C'est la vie, non?
In any case, I'm glad to be back in, even if there is the customary selling on the news tomorrow, because I think the Chevron announcment may lift us into mugh higher regions, at least for a short while. We're hoping to turn this investment over in mid-April, not with an eye towards tax time but because that's when I continue to expect exciting action in the share price.

I will try to update you as early and as often as possible, in part with an audioblogs, during the day tomorrow.

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