Bison Petroleum Corp. (OTCMKTS:BISN) Manages Another Green Close
Yesterday Bison Petroleum Corp. (OTCMKTS:BISN) closed green once again and managed to climb nearly 9% to a stop at $1.46 per share. The stock pump targeting BISN along with a press release and filing from the company are the obvious reason for the move.
We first covered BISN after it burst out of the gates with significant share and dollar volume after spending days on end with not a single share traded. As it turned out, the stock was being pumped, first through a Townhall Spotlight promo email. On the very next day the pump landed in our database too. Now, after months of silence, BISN have posted a press release conveniently coinciding with the pump campaign.
The promotion lists a total budget of $500 thousand, with small sums seemingly distributed among the different outlets that email the pump to their subscribers. The claims of the promotion are the usual jaded fluff that stock pumpers always come up with – an imagined impending acquisition of BISN by NYSE-listed Marathon Oil Corporation. The magical pumper logic behind this is that Marathon produces a lot of oil in Wyoming and BISN has leases in the same state, so Marathon is bound to acquire BISN soon.
Why Marathon did not get their hands on the same plots of land in the past is not explained in the pump, considering BISN obtained the leases in August 2013. Why Marathon would want to acquire an entity with no history of production or revenue generation and $30 thousand in total assets is also not too clear either. So far BISN has projections and estimations for the leases and not much in terms of hard factual reserves data.
The new PR from BISN informs of the appointment of professional geologists, which is an admirable step in the right direction but it’s in no way a guarantee for BISN‘s success. At $1.46 per share there’s a lot of open air beneath the ticker’s feet. The company started actively trading only after the emails were put in circulation, after spending the majority of the last two months at zero daily share volume, even though it acquired the same leases that are being touted back in August.
Factoring in the $500 thousand pump job being conducted and the potential for a paper mailer, considering the disclaimer speaks of “printing and distributing” the promo material, traders would do well to tread very carefully and do their own research before buying in on a paid advertisement that landed in their inbox.
