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It looks like the company acquired another oil deal.
Riverbank Investment Corp Makes Second Strategic Step Into Energy Market
ANAHEIM HILLS, CALIFORNIA, Jun 7, 2006 (CCNMatthews via COMTEX) -- RIVERBANK INVESTMENT CORP (OTCBB:RRBK) announced today an agreement to acquire an existing Western Kentucky producing oil company. CEO John Carsta said, "Acquiring an existing energy company with proven oil reserves on 425 acres with estimated oil reserves of 250,000 barrels, will dramatically increase the cash flow of the Company and will set the stage for dynamic growth of Riverbank and will be very beneficial to the shareholders."
The company will be refurbishing the existing 35 plus wells and has future plans for the drilling of new wells therefore discovering additional the oil reserves. Riverbank believes the company is moving in the right direction in entering the energy field as the price of oil and gas prices have skyrocket and this will increase the value of the shares in Riverbank. CEO John Carsta stated, "I, as well as everyone in the company am very excited about the acquisition and we will be developing a new web site so the shareholders can see for themselves the progress the company will be making in months to come."
It is anticipated this acquisition shall be completed within the next two weeks and the refurbishing and the planned drilling of new oil wells shall start as early as the end of June. Acquiring an operating oil company comes on the heels of Riverbank entering the energy business. Revenues from the company's first oil and gas well in Oklahoma should start coming into the company within the next 60 to 90 days.
About Riverbank.
Founded in 1996, Riverbank is a development stage investment company with interests in mining and agricultural land in the Philippines and holds investments in American marketable securities.
This release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the company's current views with respect to future events that involve risks and uncertainties including uncertainties related to successful negotiations with other parties, closing of transactions, capital availability, operational and other risks, uncertainties and factors described from time to time in the company's publicly available informational reports published with the Pink Sheets.. In light of these risks and uncertainties, the forward-looking events described in this release might not occur.
The company will be refurbishing the existing 35 plus wells and has future plans for the drilling of new wells therefore discovering additional the oil reserves.
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Caution here. Riverbank has a looong sordid history. In 2004 they were supposedly a 1.35 BILLION dollar company. Classified as an "unauthorized" bank. Home-away-from-home for Mario Pino (MLON),and other scams. PAIM and PYCT are tied to this. Part of a "network". They seem to have moved. Were in Oregon,amazing how these "companies" hop around. Their previous PR said they had to put $200k in an escrow account before Boomer Service and Halliburton would work on their Okla well.Not normal unless there's problems with the clients creit.Service companies like to GET PAID!!!!!JMHO(i'm sooo humble)
-------------------- It takes a lot of attaboys to make up for an aww chit
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I found this stock lastnight and was wondering if anybody was in on it...I like what I see this could hit hit $2.00 anytime in the near future
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yahosef, surprised to you again in this thread after posting that good article. I have a smallposition in this. How long do you think it might take for this to hit $2. They are about to start producing oil soon
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I am going on the fact that this stock is not quite not getting the attention from MMs and their are very few on the ask and bid..Check the LEVEL 2 and you will see the gaps.. the next resistance is at .095 then .17 then in the dollar range...I could be wrong about my analysis and my prediction but I am in like Flynn..I dont have a chart to work with but based on the last 90 days this stock was at one point $9.00.You can pull it up on www.stockwatch.com..There are days the stock havent traded..but based on its history and with the progress the company has been making.I am going to to accumulate more
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**********: Riverbank Investment Corp. (RRBK) SqueezeTrigger Price is $0.37. Approximately 1.5 million Shares Shorted Since January 2005 According To ********** Research Report
Jun 13, 2006 (M2 PRESSWIRE via COMTEX) -- www.**********, is initiating coverage of Riverbank Investment Corp. (OTC: RRBK) after releasing the latest short sale data to June 2006. From January 2005 to June 2006 approximately 18.9 million total aggregate shares of RRBK have traded for a total dollar value of nearly $7 million. The total aggregate number of shares shorted in this time period is approximately 1.5 million shares. The RRBK SqueezeTrigger price of $0.37 is the volume weighted average short price of all short selling in RRBK. A short squeeze is expected to begin when shares of RRBK close above $0.37. To access SqueezeTrigger Prices ahead of potential short squeezes beginning, visit http://www.**********. Month Total Vol. Short Vol Avg.Price $Value
Feb 400 31 $15.81 $487
Mar 1,800 139 $15.19 $2,105
Apr 100 8 $13.20 $102
Jul 100 8 $10.00 $77
Dec 6,300 485 $2.63 $1,273
Jan 06 6,700 516 $2.00 $1,032
Feb 1,200 92 $4.75 $439
Mar 17,500 1,348 $4.70 $6,333
Apr 20,300 1,563 $1.60 $2,501
May 8,116,316 624,956 $0.69 $431,220
June 10,711,644 824,797 $0.11 $91,800
Total: 18,882,360 1,453,942 $0.37 $537,369
*short volume is approximated using a proprietary algorithm.
**average short price is calculated using a volume weighted average short price.
***short volume is the total short trade volume and does not account for covers.
About Riverbank Investment Corp.
Riverbank Investment Corp. is a development stage investment company with interests in mining and agricultural land in the Philippines and holds investments in American marketable securities.
About **********
WWW.********** is a service designed to help bonafide shareholders of publicly traded US companies fight naked short selling. Naked short selling is the illegal act of short selling a stock when no affirmative determination has been made to locate shares of the stock to hypothecate in connection with the short sale. ********** has built a proprietary database that uses Threshold list feeds from NASDAQ, AMEX and NYSE to generate detailed and useful information to combat the naked short selling problem. For the first time, actual trade by trade data is available to the public that shows the attempted size, actual size, price and average value of short sales in stocks that have been shorted and naked shorted. This information is valuable in determining the precise point at which short sellers go out-of-the-money and start losing on their short and naked short trades.
********** has built a massive database that collects, analyzes and publishes a proprietary SqueezeTrigger for each stock that has been shorted. The SqueezeTrigger database of nearly 800,000,000 short sale transactions goes back to January 1, 2005 and calculates the exact price at which the Total Short Interest is short in each stock. This data was never before available prior to January 1, 2005 because the Self Regulatory Organizations (primary exchanges) guarded it aggressively. After the SEC passed Regulation SHO, exchanges were forced to allow data processors like ********** to access the data.
The SqueezeTrigger database collects individual short trade data on over 7,000 NYSE, AMEX and NASDAQ stocks and general short trade data on nearly 8,000 OTCBB and PINKSHEET stocks. Each month the database grows by approximately 50,000,000 short sale transactions and provides investors with the knowledge necessary to time when to buy and sell stocks with outstanding short positions. By tracking the size and price of each month's short transactions, ********** provides institutions, traders, analysts, journalists and individual investors the exact price point where short sellers start losing money and a short squeeze can begin.
All material herein was prepared by **********, based upon information believed to be reliable. The information contained herein is not guaranteed by ********** to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this opinion have not approved the statements made in this opinion. Riverbank Investment Corp. has paid $995.00 to purchase data for information provided in this report. The data service can be cancelled at any time. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. ********** is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on or mentioned herein. ********** will not advise as to when it decides to sell and does not and will not offer any opinion as to when others should sell; each investor must make that decision based on his or her judgment of the market.
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