However, this time on promotions.Yesterday, USOG managed to trade over 11 million shares for the day and the stock price began to rise up. The only question here is whether the climb will continue.
According to the records, at the beginning of this week US Oil updated its shareholders about its recent accomplishments and growth plans for this year. Though, the positive announcement couldn’t push up the stock price high enough. Still, another option was found – promotions.
USOG has been promoted throughout the whole week and finally the stock hit the heavy gain. By now, the promoters Acadia Group and Equities Awareness Group have been paid $35.000 in total for the whole campaign and the stock appeared in 21 promotional e-mails to provoke traders’ attention. But how long the promotions can hold the up move is still not certain.
United States Oil and Gas Corp. markets and distributes refined oil and gas through its subsidiaries to wholesale and retail customers in the US. Last October, USOG stock price reached almost $1.00 per share, however, since then the price has moved down.[BANNER]
Last year, US Oil became a fully reporting company with the SEC, however, its financials didn’t improve. By end-June 2010, the company’s total assets are not much higher than its liabilities and the total deficit for the quarter exceeds $1 million, not considering the net loss. The quarterly report shows that as of June 30, 1,029,378,400 shares of common stock and 121,888 shares of preferred stock were issued and outstanding. Above all, as US Oil Corp. has incurred substantial losses and debt in the acquisition of its subsidiaries, this creates an uncertainty about its future operation.
