PPWE shares have been promoted since the beginning of last week, but a real jump up of the share price happened only on the first day of the promotion. But even then, the stock could not break any significant resistances as the trading volume was not that huge and afterwards the direction has been downwards most of the time. Yesterday was not a great day as well.
Though the continuing alerts, PPWE got massively sold out by investors yesterday and closed the market with a 28.57% decrease in the share price. Trading volume of over 585,000 shares was more than twice the average, and now just in case the promoters have not yet received the promised 1,000,000 shares in compensation for the advertising service they can only hope that PPWE will not break the supports instead of the resistances on its way down.
Following the start of the promoting campaign, Proper Power and Energy announced last week that its wholly-owned subsidiary American Resources, Inc. began production on its wells in Western Kentucky. Although the event sound significant for a company that has, according to its most recent financial report, yet to report its first revenues from the sale of oil and gas.
Strangely, the news was good enough only to support for a while the already reached on the promotions 35 cents level and looked almost like unnoticed by the traders. With its $116,800 in cash and $182,700 in current liabilities maybe a much more significant event to be announced and promoted should be the raising of some funds for PPWE planned oil and gas exploration and development activities.
