Bison Petroleum Corp. (OTCMKTS:BISN) Goes Down, Remains Above a Dollar
When the $500 000 pump for Bison Petroleum Corp. (OTCMKTS:BISN) started crashing for the first time at the start of November we thought that the end of the promotion was more than certain. But we were proven wrong and thanks to all the artificial hype BISN was able to bounce back up not once but twice.
With the effect of the touts starting to diminish BISN has closed in the red 3 times out of the last 5 trading days. Just before the weekend the stock did an exact repeat of a session from three weeks ago: it dropped to a low of $0.81, then recovered somewhat and at closing time was sitting at $1.05. This price forms the support line for the company and for now they are refusing to go lower.
Even after the slide BISN still has a market cap of $48 million which is way overpriced when compared to the fundamentals of the company. For the quarter ending July 31 they reported:
- $30 thousand total assets
- $36 thousand total liabilities
- ZERO revenues
- $339 thousand net loss
Not to mention the nearly 17 million shares sold to seed shareholders for about $0.00125 each which may very well have been the reason for the promotion. Without any help from the pumpers the company will find it very difficult to support the current price per share.
Since their PR article from October 30 BISN have gone silent with no new updates regarding their Independence Prospect located in Bighorn Basin, Wyoming. The latest email tout came last Friday and was sent by InvestorPlanet.com. It contained no new information and may very well be the last one in the promotion.
On Friday another pumped mining stock came crashing down. Nevada Gold Corp. (OTCBB:NGVC) managed to nearly double their price surging from $0.25 to more than half a dollar before the inevitable correction. In a single day NVGC dropped by more than 36% on a record volume of 8 million traded shares.
