Gray Fox Petroleum Corp. (OTCBB:GFOX) Drops After Amazing Run
For a long time it seemed that the pump for Gray Fox Petroleum Corp. (OTCBB:GFOX) was going nowhere despite the involvement of Mr. Tobin Smith. The company refused to move in the right direction even after more than a month of touting, the creation of two landing pages and more than $300 thousand spent as promotional budget.
But something changed. The pump newsletters went into silence as of December 11 leaving the stock on its own and surely GFOX continued to drop reaching a new 52-week low of $0.6 per share on January 10. Ironically enough though that day also marked the moment GFOX started to recover. In just 5 days it more than doubled in value returning to price ranges above $1 and closing at $1.42 on Thursday.
Attracted by the sudden change in sentiment The Stock Junction decided to issue the next email alert for the company. The email contained no new information and revealed a compensation of $6300 for the pumper. Since then we have received no new touts but that doesn’t necessarily mean the campaign is over.
GFOX began the next session on a positive note even reaching a new 52-week high of $1.48 but such prices proved to be a bit too much for the company to support. After a lot of fluctuation throughout the day the stock finished the week 5% down at $1.35. Although the price may have undergone a positive change all of the red flags around the company have not.
The financial results of GFOX are still as discouraging with the company reporting the following numbers for the quarter ending September 30:
• cash: $6,289
• current assets: $14,378
• current liabilities: $36,848
• no revenue since inception
• quarterly net loss: $317,180
• current assets: $14,378
• current liabilities: $36,848
• no revenue since inception
• quarterly net loss: $317,180
Even more alarming should be the 14 million shares held by unnamed investors who bought them for just $0.00125 after the 1-for-8 forward split. Even if the share price once again falls to $1 these people are still looking to gain immense profits. Another stock that suffered a correction after an impressive spike was Kleangas Energy Technologies, Inc. (OTCMKTS:KGET). On Friday the company crashed by 22% on a record volume of nearly 300 million shares.
