More Pumping for New Western Energy Corp. (OTC:NWTR)
In the last day of 2012 trading New Western Energy Corp. (OTC:NWTR) continued to move up the charts, driven by the continued pumping efforts of several parties. The stock closed a good 13% up at $0.94 per share.
The pumping started in early December, with various pumpers touting NWTR stock against various compensations. The chain pumping never stopped throughout the month and culminated in a pump email from Dec. 30 by Penny Stock Prophet, who received $30 thousand for their effort.
The promo campaign seems to have had a visible effect on the stock, as NWTR started climbing up the charts almost immediately after the first December pumps. What has the company really got, though? Here is what they had as per their most current financial report, dated September 2012:
- $33 thousand in cash assets
- $283 thousand in current liabilities
- $321 thousand net loss up to Q3 of 2012
The company touted an acquisition of 300 acres in a fields lease deal. The details of that however were never announced in an official filing, even though the deal took place on December 20, giving NWTR sufficient time to furnish the details. There is no information about the oil deposits in the new lease, nor any acquisition costs listed. Still, Zacks Small Cap Research upped their price target for the stock to $1.40, imagining the 300 acres will hold about 1.6 million bbl of oil. Considering how the stock has performed in the absence of paid pumps, their last known financial situation and the fact that there is a current high-paid pump going on, NWTR hardly looks like an excellent investment.
Promoter Penny Stock Prophet offered subscribers other wonderful opportunities to lose some money. One such example is their pump of Liberty Gold Corp. (OTC:LBGO). The stock is currently trading nearly 80% down from the pump highs of $0.85.
Investors are advised to do their own research and check all information available on any given stock before putting their money into it.
