Last Friday, investors’ mailboxes got littered with promotional emails in support of Fortune Oil & Gas Inc (PINK:FOGC). To make this happen, third parties had pooled more than $560 thousand in what seems to be the biggest paid advertising campaign that has ever been organized in favour of FOGC. However, was all this effort worth anything?
Judging from the outcome, the answer would be quite negative. In fact, FOGC closed the latest session at the level it achieved on Thursday, namely $0.0003 per share, . For the record, the last time FOGC went that low on the charts was on Oct. 27, 2009, i.e more than two years ago. What is more, it is increbibly near the $0.0001, which is the absolute zero of each stock market. This is also the price segment where stocks are as highly volatile as they could possibly be. That is why, to invest more than $0.5 million to pump a 0001 stock to no avail is nothing but a catastrophic failure.
For what it’s worth, FOGC was subject of increased investor interest last Friday as approx. 50 million shares of common FOGC stock changed hands. The latter eventually set a new three-month record for the company. Ironically enough, even a volume of such magnitude failed to get FOGC out of the twilight zone.
What follows next? On the one hand, has opted for a closed-door information policy toward stockholders leaving the latter totally unaware of its business operations. On the other hand, FOGC stock has been on a steady downward spiral for the last six months. As a consequence thereof, it is now only a stone’s throw from hitting ground zero in terms of its market value. Unless there are extenuating circumstances, a reverse stock split currently seems to be the management’s most logical option. Anyway, time will tell.
