In early August Bering Exploration Inc (PINK:BERX) announced a potential new prospect which triggered a massive sell-off that eventually led to the latest low of $0.23. On Monday, another announcement started the current drop.
Two PRs managed to pull BERX out of the hole and take it to $0.515, but Monday’s PR started a fall which continued through the week. Yesterday, BERX dropped another 14.67% on 304 thousand shares, closing at $0.32.[BANNER]
The announcement behind the current sell-off concerned the completion of the acquisition of a leasehold located in Singer, Louisiana with potential gross reserves of 1.3 million barrels of oil.
On Aug. 18 BERX issued a PR claiming the company’s Chicas Locas #1 well had begun producing oil. This piece of news was welcomed by the market, but the acquisition announcement has already swept most of the gains away.
For now, the company is yet to produce a positive financial report, actually it is yet to produce a report with any revenue. Until such information is provided and confirmed, a more stable and long-lived run may be hard to achieve for BERX.
