XNE, Inc. (PINK:XNEZ) is engaged in the exploration, development, production and acquisition of oil properties in the U.S. Recently the company signed an operating contract with Petroleum Energy Management Company and acquired a working interest in an oil and gas leasehold.
Yesterday, after releasing a progress update on the leasehold, XNEZ blasted off to a gap up start at $0.05, only to drop back to $0.03 after that. It was still a 35% increase on 9.3 million shares.[BANNER]
The PR was released around 8:00 am EDT. The title said “XnE, Inc. Announced Phase I of Doshier Project”, but actually the announcement was for the Phase I work plan.
XNEZ doesn’t have a single financial report available, so the financial state of the company is a mystery.
Additionally, a post by lattitdude67 on iHub suggests that Imran Firoz, President of XNEZ, may have had a complaint issued against him by NFA’s Business Conduct Committee.
If this is indeed the case, shareholders may have something to worry about. It should be pointed out, however, that Imran Firoz is not the rarest of names. At any rate, XNEZ should try to provide some adequate financial information.
