volume increased phenomenally to over a million shares traded. As compared to the average value of 117 thousand shares, the latest jump appears to be significant.The most recent news released by TAMM is the appointment of the new president and CEO of the company. With the appointment being effective, TAMM expects future growth of its business and new gas and oil prospects to follow.[BANNER]
Apparently, this announcement provoked the investors’ attention and the stock got its high momentum. However, not much of news can be found on TAMM’s activities recently.
In its corporate update, the company reported that it has found targets within the Manning holdings with potential oil and cold flow resources. Still, it’s too soon for any results to come out.
TAMM Oil and Gas Corp. is an exploration-stage company focused on acquiring oil sands leases. Last October the stock price exceeded $1, however it started to move down after that. Since January this year a downtrend has occurred, though it was broken last month.
The financial condition of TAMM looks quite disappointing. According to its latest quarter report, the company has no revenues and it does not anticipate earning such, unless TAMM enters into commercial production through new projects.
The company states that presently it has no capital commitments or expenditures, though it expects to have both expenditures “at certain stages of our operational plan”. Further on, we notice that TAMM has suffered a higher net loss and its expenses have increased.
As the company’s working capital deficit has also increased, TAMM will definitely need additional capital for its business activities. In its report, TAMM states: “We will have to secure additional financing of $3 million in the next 12 months in order to complete our Plan of Operations, which we may be unable to secure.”
Based on all the mentioned facts, as well as on the company’s statements, investors should carefully make up their minds.
