Trading Updates: ERHC Is In Deep Water

Ignored as the price of oil soared, ERHC Energy is watching its share price fall as oil falls on new that the OPEC quota will be expanded for a second time this month, this time by 1,1 million barrels of crude per day.

For ERHC On The Move our portfolio of 120,000 shares purchased at an average of $0.4374 that a month ago was enjoying a $50,000 gain is now not enjoying a $1,300 loss.

Update, 4:09pm EDT, 6/29/05: We closed, sadly, at $0.443, off $0.007 from Tuesday's close, on volume of 1,043,600. The Buy/Sell margin was cut from about 115,000 in the last half hour to about 60,000, but it made little difference except to keep it from falling further. This may be the last day ERHC On The Move closes in the green (we're up $248) for a while, we think. Instead of heading toward a dollar, we seem to be heading toward $0.28 or so. It makes absolutely no sense, but if that's what a seller wants for his shares, it's fine with me.

Update, 3:23pm EDT, 6/29/05: ERHE is coming back at the Surge toward yesterday's miserable close of $45; we're at $0.45, the Bid is $0.445, with the Ask at $0.45, on volume of 852,165 shares. We're hoping for at least a $0.45 close. The Buy/Sell ratio remains largely unchanged as of 15 minutes ago, but a lot of shares have traded since then, and ERHC On The Move is back in the green again. Tough way to make a thousand bucks!

Update, 1:58pm EDT, 6/29/05: We're at $0.44 now, the Ask, with the Bid still at $0.431. Volume has been moving steadily upwards in the past hour, and is at 735,946 shares. There have been 274,679 Buys and 398,888 Sells in 114 trades as of 1:46pm, according to ADVFN's 15-minute delay.
. We could get discovered any minute now. Buying kicked in at $0.435.

Update, 12:58pm EDT, 6/29/05: With 621,246 shares traded we stand at $0.431, which is both the Bid and the Ask and has been for at least 15 minutes. Over on InvestorsHub, tempers are wearing thin. Here's one poster, Alsoer: "fact is that the management is not able to handle this in a Professional manner.and i doubt they ever will be. take a look at the US. office. its a disgrace, 2 retards in a trailer is not gonna help us in the future."
Update, 10:44am EDT, 6/29/05: The price is now $0.43, the Bid, on 400,349 shares of volume. The Ask is $0.435. Pumpers on Raging Bull are so depressed they're jumping off exclamation points.