re: Official Erin Energy (ERN) thread

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Little less than 30k

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This is awesome. I jumped into the game late with ERN, but I'm still up around $4500.

Profit takers again this morning. Low bid size, ask resistance at $6.85.

I'm not a day trader. Haven't been for a long, long time, but I do look at the same things they look at. I'd have to say, this one is really set up for scraping. Almost every day between amateur hour and power hour there is room for profit. The days it hasn't worked this way would only require holding for no more than a week. At least that's the technical pattern as of late. I wouldn't do this for several reasons, not the least of which is that this one is set to wildly swing either way on news. Either delays, an explosion, announcement of Oyo 7 ad infinitum...

I've gone back through and looked at what I think is the real catalyst. I believe this to be the Miocene identified, and high-graded to drill-ready status, four exploration prospects. The four prospects have a combined 2.4 billion barrels of recoverable P50 prospective resources.

Now as I understand it, their cash flow will allow another drilling project at Oyo. Also, it looks like to me, due to cash flow restraints, they have abandoned the previously producing Oyo 6 @ 2K BOD. And it looks like they have no intention to go back any time soon. But the Micocene is the game. This is the joint venture they've been eluding to, and by virtue of their partner, this reduces risk greatly.

I'm in it to win it. Long term conservative investor. I like getting stoned on the 420 and eating Nate's Pancakes.

Laffy.

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If a joint venture is introduced, it's the different between $12 and $25-30...that's laffy money.

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Difference between $10 and $15-20


Hard to imagine that ERN gets to $20+ without either oil going up or hitting on just about every well + JV. Don't know if I trust they hit on every well

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Hard to imagine that ERN gets to $20+

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Don't bring my high down, Gene.

In ERN or original investment ? I made my original ERN investment from MJ

From your Vegas trip. I'm assuming you took everything you won out there and used all of that to start.

Flirting with $7 pps now.

@GaryMyMan

We are aware he was a Clinton bundler, and an Obama huge supporter. We are aware Clinton's former Sec Energy sits on his board. We are aware he had a leased plane confiscated while he was involved in a gold smuggling scheme in the Congo.

At least I'm aware. A couple of others as well. It will be a while before we have a Republican Attorney General. When that day comes, my position will be much smaller.

Having said this, bribery and corruption is the way business is done over there, and they even disclose this in their annual report. So he is the right man for the job currently, given present political leanings.

I've done just a smidge of research on this one. He seemed like a good guy the one time I talked to him. Laffy.

It is a verify, and then maybe trust investment for me.

There's some history.

Like all corporate guys I suspect. Buffet has lied to shareholders also.

I'm not suggesting these two men are similar. I'm just saying I know about everything one can learn before taking a large position.

20 shares. Laffy. Someone is trying to scrape first thing this morning $847, and doesn't know enough to see there are more sellers. Now, the buyers are hidden, but if the trend means anything, you'd have to guess there will be profit taking again this morning.

Doesn't matter, it's laffy a guy laying $847 thinks he is going to outsmart the specialists and market makers. He might get lucky, but he is playing with fire.

Laffy.