The Pump On Virtus Oil and Gas Corp. f/k/a Curry Gold Corp. (OTCBB:VOIL) Continues Still

Yesterday Virtus Oil and Gas Corp. f/k/a Curry Gold Corp. (OTCBB:VOIL) dipped by another 1.83% on a volume of 453.7 thousand shares, and closed at $1.61.

VOIL‘s promotional campaign was one of the most notorious ones we’ve com across this year. Since July 17 up to Oct 26, countless email alerts were sent pumping VOIL‘s stock. Not only that, but the pump grew to also include hard mailers, articles, phone calls and landing pages (here and here).

Is it safe to assume that it’s now over? After all, the latest email was received on Oct 26, and that was awhile ago. It should be safe to say that the pump has ended, right?
Well, actually – wrong. Even though the promotional emails may have stopped popping up, that doesn’t mean that everything else has ceased, as well. As we already mentioned, the pump campaign was quite prolific and it didn’t run on emails alone. We found several people on Twitter posting pictures of a hard mailer they had received. It was the one from The Moskowitz Report pumping VOIL. The most recent post was from Nov 12, 11:31 AM, so it would seem that the pump is still on.

The SEC seems to be indifferent to the months-long campaign, and continues to take no action. As for VOIL, other than issuing a press release on July 3 stating that they are “not associated with the authors of any third party reports or newsletters”, the company has also done, and continues to do, nothing.

VOIL hasn’t been particularly active on the PR front. It has issued only one release in September and one in October. This seems to be turning into a pattern, as so far there’s only one issued in November.

The November PR was issued on Nov 7, and it disclosed that VOIL has received an updated resource evaluation report from Gustavson Associates. Supposedly, the report indicated an increase to “the Company’s best estimate” of the resources regarding the Parowan Project.

The latest filing is also outdated. It was turned in on Oct 15 and was VOIL‘s latest quarterly report. The 10-Q was far less than impressive. The financials were dismal, and there were a great deal of shares printed at substantial discounts, with prices of $0.40, $0.74, $0.97 and $1.07. All the prices leave plenty of room for Fieldstone Industries, the shareholder, to cash in.

The 10-Q also disclosed news that the spud date for the completion and drilling of the test well in Utah was pushed from Feb 3, 2015 to Sept 1, 2015. This was the biggest disappointment for investors, as it means that VOIL‘s revenue-generating days are also pushed indefinitely. Not to mention the pending payment of $2.5 million, which VOIL doesn’t have, but needs to provide thirty days prior to the spud date, so the drilling could actually commence.

As it seems, the pump is nowhere near ending. Combine that with the information found in the 10-Q, and you’ve got one risky stock. Do your own due diligence and never gamble with money you cannot afford to lose.