It must be frustrating for Exxon, Anadarko and the rest of the majors who'd like to see ERHC Energy out of the picture - here we go again, shrugging off some heavy blows and corporate reluctance to blow our horn while rising from the rubble once again.
ERHC Energy's share price is up again this morning, hitting $0.49 in one small (2K) purchase in the first trade of the day. Volume is a modest 228,000 shares at 10:21am, and the price has fallen back to $0.451 x $0.47.
But whatever the current price, the amazing resilience of this stock is the real story. Investors have seen it drop nearly $0.20 in one day and then recover that amount and more - on the same day!
So to those who follow it closely over time, this week's performance - a modest gain of 26 percent from its low of $0.38 to its high of $0.48 (we'll let that one $0.49 sale go) - as amazing as it is, is not all that unusual or even unexpected.
Who got in one the ground floor at $0.38, $0.39. $0.40?
Well, at least some of those folks will be crowing over on I-Hub and Raging Bull.
Even if ERHC Energy becomes caught up in the Jefferson investigation, as some seem to think it will, there's not much basis for our remaining a $0.50 stock much longer.
Consistent with my theory that we will ape the two-to-three-year performace of stocks like FEEC, HDY, TMY, and IVAN, I believe it will rise substantially before the year is out even if aspects of the investigation do bust out into the news.
I am not certain, actually, that we are over the hump yet; we still could fall way back on a bad day and feel some real hurt, but the likelihood is that after a much less dramatic pullback (such as we're seeing now, at 10:40am ET), we'll start that long, slow, agonizing climb into $1.50 range that we have so long anticipated.
You know what they - you can't keep a good man down. ERHC will rise again.
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