North American Oil & Gas Corp (OTCBB:NAMG) Gets Closer to the $1 Mark
When talking pumped OTC stocks, getting close to the $1 mark is usually a good thing, but in cases such as North American Oil & Gas Corp (OTCBB:NAMG), it’s closing in on the mark from the wrong side.
After ending last week with two sessions in the red, NAMG lost another 13.71% yesterday, closing at $1.07 per share on approximately 925 thousand shares.
The declining price shouldn’t come as a surprise. Ever since the stock started trading actively in mid July, it was clear paid pumpers were involved.
The list of pumpers paid to tout NAMG included the notorious Tobin Smith who had been fired by Fox Business Network in June for the involvement of his company, NBT Equities Research, in the pump job on Petrosonic Energy, Inc. (OTCMKTS:PSON).
The disclaimers of more recent materials from NBT suggest that, since the start of the NAMG pump, more than $2 million have been spent on pump efforts. Apart from pumper emails, NAMG doesn’t seem to have much going its way these days.
The company had been silent for nearly a month before issuing its latest press release on Sept. 24. It was supposed to be a confidence inspiring update, but it actually triggered the price drop in the last three sessions. It’s not clear whether this will be the end of this pump, but it certainly doesn’t look promising.
