Trading Updates: Back In The Doldrums

The price of ERHC Energy (OTC BB symbol: ERHE) slipped at the open today, probably because traders have little idea where it may go in the near term.

Following the May 31 awards from the Nigeria-Sao Tome and Principe Joint Development Authority that have given ERHC a share in what could be as much as 5 billion barrels of oil, the price has largely suffered due to a lack of positive news from the company and necessary selling to raise funds for higher signature bonus fees.

Now, however, there is no particular reason for the price to fall - or to rise, either, discounting the value of its new assets.

Update, 4:42pm EDT, 6/14/05: We closed off $0.043 on 998,089 shares at $0.532, a loss of about 7.5 percent. The high of the day was a miserable $0.57, while the low is in dispute. Both the Pink Sheets site (www.pinksheets.com) and the New York Times report that the low of the day was $0.53, but the Times' intraday chart and some of the day traders on Raging Bull say they saw trades under $0.50 and a recovery to $0.53. It again appears that nothing will save us in the short term from another long, death-defying dive to the $0.40s, and I'm hoping my pitch to the Times editors will produce a story that helps out a bit. Give it time, and the assets will show.

Update, 10:31pm EDT, 6/14/05: We've slipped another cent to $0.555, the Ask, with the Bid at $0.551 and volume now 206,317, indicating renewed momentum.

Update, 10:12pm EDT, 6/14/05: The price is $0.565 still, but the Bid is lower at $0.56 and the Ask is lower at $0.565. Volume remains tepid at 122,517 shares. The bright side of that is that we moved 17.65 percent last week on low volume.

Update, 9:43pm EDT, 6/14/05: The price is a four-digit one, $0.5651, which usually indicates buyer interest in large blocks. I don't know why, but I kept having this funny feeling all night and this morning that we were headed for $0.90 very soon. Right now, though, the Bid is $0.565, the Ask is $0.57, and volume is a paltry 21,280 shares.