UnionTown Energy Inc. (OTC:UTOG) has climbed even higher than last week when it was featured on Hotstocked for the first time. Since then, the stock has exploded, adding nearly 90% to its value over the period.The transition of UTOG stock from “forte” to “fortissimo” dynamics was helped by a promotion which started yesterday. The campaign was led by Pennystockcircle together with Quarry Bay Equity LLC. The money invested in the promotion was $25 thousand. Another helping hand to the stock was provided by a press release, which typically pops up along with a promotion.[BANNER]
The awareness campaign produced a significant surge in the volume of UTOG, which reached 2.2 million shares, a value record value for the last six trading months. The stock price also went higher by 15%, reaching $1.8 per share.
UTOG broke the psychological barrier at $1 on Wednesday just before it announced the agreement for the acquisition of the Musselshell oil and gas property in Montana. At the same time, a fresh 10-Q was filed, which showed that UTOG’s assets have melted down to $800, while its liabilities have increased by $34 thousand.
In this situation, it could be possible that expectation for the Musselshell acquisition was the igniting spark of the recent stock heat up of the stock. It seems that investors cherish the hope that the acquired property would fill the gap in UTOG’s finances, which has been deepening since its inception in 2004.
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