John Coleman, the erstwhile spokesman for ERHC Energy, has filed a Form 144 with the Securities Exchange Commission to allow him to sell 3,500,000 shares of ERHE.
It is the third year in a row that Coleman has filed a Form 144, but it is not known with certainty whether he actually ever sold any.
While one other large holder of ERHC shares remarked that it is never a good sign when an insider is selling shares, he also noted that Coleman presumably anticipates positive news when he files to sell.
His last filing came a few months ahead of when the Nigeria-Sao Tome Joint Development Zone Blocks 2-6 awards were supposed to be made. The awards were delayed another several months by political infighting and familiar charges of corruption on the Sao Tome side of the Joint Ministerial Commission.
If Coleman was among the sellers who wrecked the price of the stock in June and afterwards, when it fell from about $0.84 to as low as $0.32 before beginning a recovery last month, he did so to spite himself. The shares are likely to be worth far more when the company's rights to oil deposits in the five blocks are perfected in December.
However, a deep uneasiness has settled in among investors due to the fact that all of owner Sir Emeka Offor's shares were transferred to a Cayman Islands shell corporation. Volume has fallen off dramatically, and a recent price spike caused by an article in the Penny Oil Speculator has largely been retraced.
For investors, the next bright spot on ERHC Energy's horizon is the signing of Production Sharing Contracts and Joint Operating Agreements with their venture partners, Pioneer Natural Resources and Noble Energy, and with the Joint Development Authority.
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