Legend Oil and Gas. Ltd. (OTC:LOGL) took a massive hit in late November, after the promotional history of its management. The price recovered a bit, but it’s still far from the $2.20 pre-drop levels.
On Friday LOGL closed down another 4.6% at 83 cents. The volume reched 306 thousand shares, about the average for LOGL.
LOGL will have the “support” of a promoter today, although promotions may be what got LOGL in its current situation. A third party paid $10 thousand for the services of StockBrain.
It was the fifth session in a row LOGL closed down. Before that the stock was showing signs of recovery after getting close to a new low but the Feb. 13 press release seems to have dampen the spirits of traders.[BANNER]
The company announced the appointment of two new BoD members, which could have been an attempt to remedy the problem of performance of previous companies managed by LOGL management.
Additionally, the press release provided some “results” form Kansas drilling operations. The market was apparently disappointed with the information provided, and it’s hardly surprising.
While LOGL’s latest financial report showed a healthy balance sheet, the company is far from being profitable and the current market cap of approximately $42 million may seem a bit too high to some investors.
It’s not clear whether the price will continue it’s trip down today, but apparently LOGL will have to do better than announcing vague projections and new BoD members to get a positive market performance.
