Fiendly Energy Exploration (OTC:FEGR) is focused on oil and gas exploration. The stock of the company has a limited trading history, but today a paid promotion brought a lot of volume.
The promoter disclosed a $15 thousand compensation for pumping FEGR.[BANNER]
Initially the pump was enough for a gap up open at $0.0139 and at one point FEGR reached close to $0.02. However, about an hour and a half in the session FEGR is already back down to $0.011, up 10%.
Last Friday, after the close the company issued a press release stating it would be re-entering some dormant wells for testing on one of its leases.
FEGR is in an exciting field, but it’s still in the exploration stage and doesn’t have proven reserves. It hasn’t generated a dime of revenue. Additionally, as of September 30, 2011 the company had about $3 thousand in cash, $263 thousand total assets and $1.3 million in total current liabilities.
