News about a newly created IR contract sent the stock of Avalon Oil & Gas, Inc. (PINK:AOGN) through the roof.
Closing at $0.0022 per share, AOGN gained $0.0009, or 69.23%, in value, thus registering its third rise out of the last four sessions. As a result, AOGN surpassed the MA (50) by a landslide embarking on a potential new upward trend. What is more, the 41.41 million shares of common AOGN stock which changed hands yesterday scored a new six-month volume record, which is also 11 times higher than the average daily trading volume.
Yesterday, AOGN announced it had Alpha Exclusive, LLC as part of its communications team responsible for supporting AOGN’s social media presence, as well as raising investor awareness about its stock.
Avalon Oil & Gas, Inc. is focused on acquiring oil and gas properties nationwide. The company also specializes in developing oil production technologies.
According to the data contained in AOGN’s Q4 2011 report, the company’s financial state as of Dec. 31 was based on:
- cash reserves of $116K, down 62% from Q1 2011;
- working capital deficit of $1M vs. $0.94M in Q1 2011;
- quarterly revenue of $49K, down 14% on an annual basis;
- net quarterly loss of $230K vs $271K incurred in Q4 2011.
