ERHC Energy (ERHE) Stock On Watch For A Bounce Play

ERHE Stock, ERHC Energy Inc.The penny stock of ERHC Energy Inc. (ERHE) is on our radars for a possible bounce after a week worth of accumulation and a recent update by the CEO, Dr. Peter Ntephe. The exploration stage company with oil and gas assets in Sub-Saharan Africa has been trying to tap into the oil and gas industry down there for some time now while their ERHE stock has been on a slow ride to subpenny land, a level they entered into for the first time all year on Black Friday. With the virtual guarantee that shares will trade under a penny during the course of the next few sessions, a stab at a chance for a double or triple from there could be worth the risk.

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ERHE Stock Quote

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The oil industry and many parts of Africa have taken a huge hit lately with oil prices dropping to well under $100 a barrel and the Ebola epidemic still having a huge impact on how operational business can be under the health risks in the region. With a heavy hand in Kenya and Chad, ERHC Energy had every reason to come out with an update yesterday, especially since their stock has dropped from 0.12 to under 0.01 in less than 5 months.

Back in 2012, ERHC entered into a production sharing contract with the Government of the Republic of Kenya for certain land based hydrocarbon exploration and production in northwestern Kenya. One year prior, the Company entered into a production sharing contract with Chad for hydrocarbon exploration and production, neither of which have yet to provide any revenues but have managed to contribute a substantial amount to the $92,857,216 in general and administrative expenses incurred since their inception in 1995.

Prior to the summer months, ERHE stock was rolling on volume under 1,000,000 a day. Shares rose from around the 0.05 level to as high as 0.12 during the first 6+ months of the year, but all of that fell apart once the convertible debt holders began getting their pound of flesh for the $100,000 or $50,000 invested.

The 3rd point made in the shareholder update published yesterday morning was that the Company is currently raising funds through the issuance of convertible notes to pay for our exploration program in Chad and other obligations. ERHC Energy had convertible debt outstanding at June 30, 2014 with the following financiers:

  • JMJ Financial
  • KBM Worldwide
  • JSJ Investments
  • Adar Bays
  • LG Capital
  • Redwood Fund III
  • Vista Capital Investments

Of the financiers, JMJ Financial, Adar Bay, LG Capital and Vista Capital Investments were all eligible to convert their debt into shares immediately following their funding agreements. with the others already able to convert their debt into shares now that their 180 days period has come to term, the dilution of ERHE stock could be coming to a close.

Subsequent to June 30, 2014, EHRC Energy got funded from:

  • Tonaquint, Inc.
  • Union Capital, LLC
  • Iconic Holdings, LLC
  • Auctus Private Equity Fund

With no chance of revenue producing activity to come any time soon, the real focus is on how well ERHE stock can handle the subpenny madness that taders love to flip for. Seeing as how the share price dropped so rapidly over the course of the last month, a quick recovery to 0.02 or even the 0.04 where it traded a month ago is a gamble worth rolling the dice for.

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About ERHE Stock

ERHC Energy Inc. is a development stage company in the business of exploration for oil and gas resources in Africa.

Click here to view the SEC filings for ERHE.
Click here to view the website for ERHC Energy Inc.

Authorized: 3,000,000,000
Issued and Outstanding: 765,194,088

Last 5 Trading Sessions:

Date Open High Low Last Change % Chg Volume
12/01/14 0.0118 0.0140 0.0090 0.0120 +0.0010 +9.09% 10,443,399
11/28/14 0.0157 0.0157 0.0095 0.0110 -0.0047 -29.94% 6,703,400
11/26/14 0.0198 0.0198 0.0136 0.0157 -0.0043 -21.50% 4,884,800
11/25/14 0.0250 0.0250 0.0180 0.0200 +0.0030 +17.65% 8,342,800
11/24/14 0.0230 0.0235 0.0170 0.0170 -0.0055 -24.44% 5,588,300


Bottom Line:

ERHE stock could easily pop whch is why it’s one of the penny stocks on our radar for a possible bounce play. While the selling pressure should subside for moments of bullishness, a flip over the course of a couple of sessions could be the better play.

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