Where Will Nutech Energy Resources Inc. (OTCMKTS:NERG) Head Now?

Nutech Energy Resources Inc. (OTCMKTS:NERG) managed to add another 16.16% to its market value yesterday, as more and more investors held their breath in anticipation of its newest financial report. Said report was to hit the web after hours… But hasn’t come out yet.

It would be something of an understatement to say that NERG investors are in a very tight spot right now. A large number of them committed tot his ticker on the hype that the company’s uplisting announcement caused and on the hope that NERG has cleaned up its act.

Well, the very first thing that the company did was not keep a promise that it made just two days ago. That’s not really reassuring, and it would probably be a safe bet to assume that the market’s reaction to this turn of events will not be a positive one, even though it was far from unexpected.

So what does NERG have going for it at this point in time? Some very bold and boastful, if not very realistic sounding announcements about thousands of oil wells that are just sitting there, waiting for the company to start exploiting them for hundreds of millions of dollars worth of profit. Then there’s some more drivel about NASDAQ uplisting. All of this is coming from an OTC Markets pinksheets company that has done nothing to prove the veracity of its claims.

Meanwhile, the only reliable information that we have on the company comes from its latest financial report, which looked like this:

• NO ASSETS
• NO REVENUES
• Total Current Liabilities – $4.9 MILLION
• Quarterly Net loss for Q2 2015 – $128 thousand

With this in mind, it should be obvious where NERG is going.