Norstra Energy Corp. (OTCBB:NORX) Comes Up With More Optimistic PR
Yesterday Norstra Energy Corp. (OTCBB:NORX) contained another small slide the stock went into after a brief run up last week. The company closed 1% in the green, assisted by yet another bit of optimistic PR released by NORX near the market open.
We have gone through several keyboards covering NORX and we will keep covering the stock so long as the stock pump avenues used to advertise it remain open. Our original piece of video coverage was published as early as May 22, when the stock had not yet spiked and crashed and was still climbing steadily on email pumps and landing page advertising.
To summarize the red flags about NORX, the company did a forward split increasing its number of outstanding common shares. This was followed by selling millions of shares at $0.001 – a price incomparable to the current, to undisclosed parties. Then came the stock pump, backed up by a total budget of $3.6 million spent to advertise the stock. The full disclaimer listing the pump’s budget can be seen at norxreport dot com – a domain registered in March 2013 for the sole purpose of holding the pump material for NORX.
In addition to this, there is a new hard paper mailer in circulation, listing the same $3.6 million budget and being dished out to the real-life mailboxes of many, formatted as a research report by the same Mr. Eric Dany who is also the face of the ‘report’ over at norxreport dot com.
The latest press release from the company contains virtually no new information. It is more or less a rephrased version of the last one, announcing that NORX has finished staking the location of the first of three wells the company needs to drill under its farmout agreement with Summit West Oil LLC. The release reiterates the intentions of NORX to start drilling once it receives its permit in early July.
What is more interesting in this release, however, is the fact that NORX for the first time admitted it will need considerable financing in order to proceed with planned operations. According to the filings related to the farmout agreement, NORX will have to incur expenses of $5 million for each of the three planned wells. As of its latest report NORX had just under $100 thousand in cash. The press release remains vague about the financing avenues before the company, voicing its intentions to finalize the financing deal in the next few weeks – that’s probably the minimum stretch of time over which traders can expect speculative trading to remain rampant.
Other stocks that were hot yesterday include Xumanii, Inc. (OTCMKTS:XUII) who are trying hard to reach their previous pumped highs of around $0.40 per share and managed to move over 5 million shares on Monday. Jammin Java Corp. (OTCMKTS:JAMN) were less fortunate, closing the last session 16% in the red after taking a hard fall in the early session, which was never really made up for.
