Norstra Energy Inc. (OTCBB:NORX) Retrace Attempt Interrupted
Yesterday’s session cut short the slow-moving attempt of Norstra Energy Inc. (OTCBB:NORX) to reach its previous pumped highs. After four days of closing up, the last session reversed the trend and the stock closed nearly 2% down.
Yesterday share volume for NORX was a little weaker but still over 2 million shares, generating a dollar volume of $1.8 million. The company made no new press announcements and there have been no filings coming through. The waiting game is on for all who bought into NORX on the hype spread by the landing pages and domains dedicated to advertising the stock. The same pumper landing pages, formatted as ‘research reports’, give some hilarious predictions for the stock and the potential gains for investors. They also give information for the compensation handed out to pump NORX is a seven-digit number.
Norxreport dot com lists a total pump budget for promoting NORX of $3.6 million dollars. That sort of money can often take the stock price places. The pump for NORX managed that but the spike happened back in early June and the price has since then been flattened on heavy selling.
We have covered NORX multiple times, trying to warn investors about the red flags about the company. In a piece of video coverage we explained the fundamental perceived issues, including the company selling large amounts of very cheap shares after a forward split, then getting pumped to high heaven. In addition to this, NORX has not made any announcement of upcoming financing, and in order to proceed with their planned operations on the Bakken property, they will need an initial $5 million in the short term and another $10 million to complete their contractual obligations to drill three wells in the area. The company had just under $100 as of its latest report dated December 2012.
Other stocks that generated significant volume yesterday include recent huge pump Biozoom, Inc. (OTCBB:BIZM), now stamped with the “Buyer Beware” skull and crossbones on OTCMarkets, who dropped nearly 20%. African Copper Corp. (OTCBB:ACCS), another relatively fresh and expensive pump compensated with $500 thousand, went through a tremendous crash yesterday, losing 75% and dragging many hopeful investors down with it.
