Norstra Energy, Inc. (OTCBB:NORX) Surges Upwards
Despite its short trading history of only three months Norstra Energy, Inc. (OTCBB:NORX) has already been targeted twice by pump promotions. A brief correction followed each attempt but the overall positive trend was not impeded. Until during yesterday’s session the stock skyrocketed. In early trading things followed the usual patter of climbing slowly but hours before closing time the ticker started picking up momentum and closed at $1.56, a 61% increase in value compared to the previous close. The volume of traded stocks also corresponded to the enthusiasm and reached 6 million shares.
NORX is an oil exploration company that has its hopes set on a property in the Bakken Oil Formation. They have been helping feed the hype around them with PR news coming out every couple of days. In the onslaught of fluff data the only substantial piece of information was about the choosing of a drill location for the first oil well. At least now some real work is expected to begin in the next weeks.
Their annual report for the fiscal year ending February 28 is also expected to be filed in the next couple of weeks. A correction to the price levels may occur depending on the disclosed number but due to the period covered is relatively distant the effect may not be that heavy. Until then the financials we have to rely on are:
- $8373 in cash and total current assets
- no revenue since inception
- $20 thousand net loss
These dismal numbers for an oil company are not the only thing investors should be worried about. No, of even greater concern are the $3.6 million spent on a promotion campaign by Arista Theme Ltd, a company located in the British Virgin Islands. We previously did a video coverage on the most suspicious aspects of NORX:
