For a second trading session in row APXR soared massively up with the trading volume bursting out yesterday. APXR offered a 100% gain from the closing price on Wednesday and settled at $0.10 with a total price increase of 66.67% within the session. Trading volume was 2.32 million shares, over six time the volume from the previous day and over 16 times the average for the stock.
Apex Resources has no press releases whatsoever and its latest SEC filings dates back to 2008. Though the lack of any current financial data, some speculations appeared on an investor message board about APXR having a stake in a multi-billion pipeline project in the Beaufort Sea that has just received National Energy Board approval. There are no official promotions for the stock, but some of the messages imply that the shares have been recommended in some way.
The value of Apex’s participation has also been estimated by the forum participants and it is the almost inconceivable number of $1,380,749,970, which when divided by the last known number of APXR shares outstanding as of November 2007 yields a share price of $11.50.
The latest available financial report of the company shows that it is existing since 1984, was as of September 2007 still in the development stage and had insignificant assets. Still, the report also states that in 1997 the company purchased a 3.745% working interest for $67,913 in the Beaufort Sea well Esso Pex Home et al Itiyok I-27, which it planned to develop with a consortium of other oil and gas companies. An application to build a natural gas pipeline that could be used to transport gas from the Beaufort Sea region was filed, but it has not been approved at that time and although APXR had no further plans, it anticipated the development of that area in the future.
If APXR still holds that interest is to be put under question and the due diligence provided was not convincing for everyone. The shares of APXR got massively shorted this week. On Tuesday 33% and on Wednesday 28% of the total trading volume belonged to shorters, while their market share reached 45% yesterday.
