Until 11:42am or thereabouts on Wednesday, a total of 7,500 shares of ERHC Energy had been purchased even as some 357,000 were sold. What occasioned this mini-selloff that took us down a cent? In short: our 10-Q, filed late yesterday morning.
And what was the bad news?
The "bad news" is that our company is debt-free and has enough cash to pay its expenses for the next year, when it may begin to exploit a few of the estimated 2 billion barrels of oil that lie within its extensive concession in the Gulf of Guinea's Joint Development Zone, where our mid-tier partners, Noble Energy and Pioneer Natural Resources, are paying all the costs of development to first oil; oh, and the price oil hit $65 a barrel.
Bad news like that would utterly devastate most $0.40-cent stocks - or send them into the $10 range - but ours took it in stride and only fell 3.22 percent.
In the upside-down universe that is ERHE, where SEC regulators are getting their first look at the wildly improbable workings of an OTC Bulletin Board star, very good news drives down the price, while really bad news - such as falling oil prices, as often as not - can push it down.
Volume fell more than 400 percent from yesterday's 2.6 million to today's 609,000,
and although buyers stepped in late to halt any slide, the share price at close was $0.391, leavingus the best and cheapest bargain on all of Wall Street.
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