North American Oil & Gas Corp (OTCBB:NAMG) Slumps Back

Yesterday North American Oil & Gas Corp (OTCBB:NAMG) opened strong reaching as high as $1.19 per share, but the initial surge lasted about an hour and the price quickly slumped back down.

In the end, NAMG closed down 11.82% at $0.97 per share. The volume was above average totaling approximately 798 thousand shares.

The pull back came after NAMG seemed to be starting another run up in the last two sessions of the previous week. Prior to that NAMG had two relatively long runs – one in late July/early August, and another one in September.

NAMG has been pumped through a number of paid newsletters. Notably, the pump campaign includes the services of Tobin Smith and his NBT Equities Research (NBT). Mr. Smith used to work for Fox Business, but his contract was terminated earlier this year, when Fox realized he had been paid to tout companies through NBT.

The pump which sparked the controversy was of Petrosonic Energy, Inc. (OTCMKTS:PSON). It’s now trading more than 70% lower than the highs reached when it was pumped by NBT.

NAMG is a junior oil & gas company with very little assets to its name. It’s a development stage company and as such doesn’t generate revenues. The company has been silent since September 24 when the update it provided was followed by massive selling. Their latest filing dates even further back to Aug. 19. The next quarterly report isn’t due for another month.