The shares of Adino Energy Group (OTC:ADNY) lost a bit of its market value although the company announced plans to drill two new wells on a Texan lease in the near future.
Yesterday, ADNY closed trade at $0.0086 per share down $0.0005, or 5.49% from its Tuesday close. Thus, ADNY registered its third fall for the last four trading days. With 280+ thousand shares changing hands and an average volume of 415 thousand, ADNY failed to impress most traders.
So, following the huge collapse it underwent earlier this month, ADNY is still unable to regain consciousness. In fact, ADNY lost an aggregate 47% of its market value over the course of just two sessions which took place on Mar. 7-8. That is why, the RSI has now remained dangerously close to the 30 level indicating that ADNY is on the brink of entering the oversold zone. That is what will actually happen in case ADNY continues to lose ground.
Adino Energy Group (OTC:ADNY) pretends to be an emerging oil & gas exploration company for four years now. The company is primarily focused on acquiring and developing high-potential properties in the Permian Basin in West Texas.
ADNY closed Q3 of 2011 with:
- cash reserves of $177K;
- working capital gap in excess of $4 million;
- quarterly revenue of $593K and a net loss of $401K.
As it seems, ADNY’s revenue is not big enough to ensure stable business operations in the short term, let alone the long one.
