Norstra Energy, Inc. (OTCBB:NORX) Goes Another Notch Down
The attempt of Norstra Energy, Inc. (OTCBB:NORX) to claw its way back up to its pumped highs of around $1.80 per share but its run was cut short on Thursday and the downtrend resumed Friday, with NORX closing red once again.
The stock tried to rear its head in the early session, running above $0.90 per share but was quickly pressed down below the previous close and eventually ended the day 1.4% in the red. The slowdown can be attributed to the lack of new press announcements from NORX to keep the hype alive. However, the domains and landing pages that were the main vehicle of the tremendous NORX pump job are still up and running.
Potential investors can examine the full advertisement materials on norxreport dot com and see for themselves both the hilarious price targets of $5 in the short and $25 in the long term, as well as the total budget set aside to pump NORX, amounting to $3.6 million dollars. This sum is more than justified, considering how much shareholders who obtained huge amounts of NORX shares before active trading had begun stood to profit.
In a piece of video coverage we published in late May, when NORX was trading around its current price and the spike and crash had not happened yet, we explained the potential red flags about the company. NORX executed a forward split of its common stock, then sold large amounts of common shares at prices incomparably lower than the current. Then the pump came, and judging by the volumes generated in the first two weeks of June and the trading prices in that period, the pump budget more than paid off.
NORX claims it’s actively working to perform its contractual obligations to drill three horizontal wells in the Bakken area, each well estimated to cost $5 million. The company had just under $100 thousand in cash as of the date of its latest financial report. Where the $5 million needed for the first well is going to come from is not too clear.
Recent pump Biozoom, Inc. (OTCBB:BIZM) also churned sizable dollar volume on Friday, shifting over 5 million shares and stopping its slide. Petrosonic Energy, Inc. (OTCMKTS:PSON) also enjoyed investor attention with a dollar volume of over $0.5 million on Friday.
