OriginOil, Inc. (OTCMKTS:OOIL) With a Modest Gain After New Pump Campaign
The stock of OriginOil, Inc. (OTCMKTS:OOIL) found its place among the top traded stocks after another wave of email alerts. The current pump began two days ago on September 30 and on its first day failed to deliver some meaningful results. OOIL jumped up by only 3% and the total trade value amounted to just $60 thousand.
Yesterday though things were much different after Penny Stock Newsletters, Penny Picks and Damn Good Penny Picks sent another round of touts early in the morning. Investors rushed to buy up the stock and in the end nearly a million shares changed their owners. The price movement wasn’t that impressive and OOIL is now at $0.28.
All of the involved pumpers are affiliates of Damn Good Penny Picks and received a total of $25 thousand for their services. For exactly the same sum a couple of weeks ago they touted another company – Nouveau Holdings, Ltd. (OTCMKTS:NHLI). The end results were disastrous for traders who believed the artificial hype. The stock crashed by 55% after more than 4.6 million of its shares got dumped on the market in a single day. The latest press release about OOIL comes from OtcbbJournal who have created a research report on them. It is rather curious that among the four companies mentioned in the article the only compensation that was paid were the $1250 for OOIL.
On the same day the company announced that their licensee PearlH2O is going to build a commercial-scale Frac-Back system in California. This operation should take place during the last quarter of 2013 and may bring some much needed funds because according to the latest financial report OOIL have:
- $1.7 million cash
- $2.7 million total assets
- $2.9 million total liabilities
- $100 thousand revenue
- $3.2 million net loss
The improvement seen in their cash reserves came at the price of a considerable dilution. Just for the last quarter the amount of outstanding shares nearly doubled to 42 million. They have begun generating some revenues but they are still almost non-existent when compared with the massive net loss.
Another company that demands the use of caution is Arch Therapeutics Inc (OTCBB:ARTH). The company has already crashed numerous times but is once again being pumped.
