Monday, May 15, 2006

Brandhuber Says ERHC Received $45.5 Million Payment

In an email to an investor posting on I-Hub, ERHC Energy CEO Walter Brandhuber formally acknowledged the company's receipt of $45.5 nillion from Addax Petroleum and Sinopec for portions of our equity in Blocks 2, 3 and 4.

Update: ERHC, with no debt and $45.5 million in the bank, became a $0.51 stock today as it fell more than 16 cents before recovering to $0.57 at 1:51pm ET today on 3,838,139 shares of volume. How many $0.57 stocks are debt-free and have that kind of money laying around?

Here is the email exchanged posted by silverbelle, a new poster on the board:

Dear Mr. Brandhuber:

I hope you can spare a few minutes to answer a question from a stockholder of many shares.

Can you confirm that the $45+ million was received from our partners in regards to the JDZ blocks 2, 3 and 4 signing?

Thank you for your time in advance.


Dear ----

We received $45.5 million from Addax Petroleum and SINOPEC under the terms of the Participation Agreements for Blocks 2,3,and 4.

Walter Brandhuber
ERHC Energy Inc.

No comments: