PetroTerra Corp. (OTCMKTS:PTRA) Still Hurting From Paid Pump

In yesterday’s session PetroTerra Corp. (OTCMKTS:PTRA) was drawn and quartered, dropping over 31% and logging a second double-digit red day. By the closing bell the stock was perched at $0.43 per share, meaning PTRA dropped 44% within the span of two days.

We have been covering PTRA since the onset of its latest round of pretty expensive paid stock pumps. The stock ran wild for three sessions in early October, then wiped that chart progress nearly in full, in just as many days of tumbling headlong back down the charts. The original reason for PTRA‘s price spike was a new round of pump emails disclosing hefty compensation of $150,000 paid out by third party Mass Peak.

The company published its due quarterly report last week and the numbers were far from pretty. Here is the brief version of the balance sheet contained in the report:

• $20 thousand in cash
• $133 thousand in current liabilities
• ZERO in quarterly revenues
• $143 thousand in quarterly net loss

The report also reveals that PTRA issued nearly 400,000 new common shares at prices ranging between $0.29 and $0.40 per share – a far cry from the price ranges PTRA hit during the promotion. The last pump email came on October 21 but it seems enough people got burned on the promo and the pumpers eventually gave up.

With a drop of 73% from the highs of the pump to its last closing price, PTRA is going to have a very hard time attracting investors before this last burn remains a distant memory, especially considering the financial performance or lack thereof over the last reported quarter.