Things couldn't be better for ERHC Energy's partners as its own share price droops on dying volume. The investment daily Barron's, in an Aug. 15 article, told investors that Pioneer Natural Resources (PXD) - ERHC's partner in Blocks 2 and 3 - is a great buy, while our partner in Block 4, Noble Energy, gave its investors a 2:1 split as its share price soared past $88.
Meanwhile, according to Barron's price-check calculator, Noble Energy (NBL> is worth $137 a share, while it is selling for just $82.16 this morning. The company has announced a stock split that will soak up most of that value, however.
Meanwhile, ERHE has enjoyed a minor renaissance this morning, soaring $0.065 from $0.325 to $0.39 on volume of 1.55 million shares as accumulators who are apparently buying out the company take advantage of price-depressed investors to snap up millions of shares at discount dime-store prices. Sellers will face a bitter surprise, we believe, as the share price recovers into the Fall and Winter months.
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