So yeah, this hated stock, which I still own unfortunately, has changed it's ticker to NWOL. Along with the change came a reverse split of 1:100. Now the stock is up 36% today. What is the purpose of the reverse split? It doesn't really change anything right? Just wondering why people are buying in.
Posted by metal1 on :
in the penny world it is generally for additional financing/dilution. new financing gets difficult when the price near nears the dreaded .0001
Posted by cayman on :
Independent Report Indicates Market Value of Approximately 35,000,000 US Dollars North-West Oil Group Inc. (PINKSHEETS: NWOL) today announced that it has released a market valuation report of 100% of OOO "Company Neftegazenergo."
The report was written in accordance with the contract of valuation of March 16, 2007 where experts of OOO "Business Vector" made the valuation of the market value of 100% of the shares of OOO "Company "Neftegazenergo" indicating its value to be approximately 35,000,000 in US dollars. A copy of the report in its entirety may be viewed here: http://www.szng.ru/Findings to Neftegazenergo.zip
Published reports indicate the Saratov Region has significant reserves of natural resources, including large deposits of natural gas, oil shale, salt, chalk, limestone, clay, sand, dolomites, and aragonite. The oil shale deposits alone equal to over a billion tons. Oil and gas are considered to be the most significant natural assets of the region. The oil and gas production has been developed since 1944. In total, oil deposits of the region are estimated at 500 million MT, 43.1% of which are extractable. Projected reserves of gas condensate are 164 million MT, 56.2 percent of which are extractable.
Mr. Malyshev, President of North West Oil Group Inc. (PINKSHEETS: NWOL) stated, "In step with recent pro-active initiatives aimed at creating more transparency into our operations and assets, I'm pleased to make available the independent valuation report prepared by OOO 'Business Vector' of 100% of OOO 'Company 'Neftegazenergo.' We are specifically pleased that the report itself confirms our long-standing contention that our interest in this field creates a significant value proposition for our shareholders. In light of the release of this report, it is also our intention to release the independent valuation report of 100% of shares of OOO 'North West Oil Group - Saratov' as early as next week."
Mr. Malyshev further stated, "The confirmation of the value of this asset is clearly an important milestone as we continue to focus on building shareholder value. We look forward to leveraging and monetizing these assets through the drilling of additional wells on this field, bolstering existing production, which is expected to result in improved cash flow and profitability." Mr. Malyshev further added, "This report was completed on March 25th, 2007 at which time oil traded near $70.00 per barrel. Today a barrel of oil trades around $79.00 and the Russian Ruble advanced significantly against the Dollar over the same period, further enhancing the value of the asset as well as the collective value of North West Oil Group Inc. as a whole."
Posted by cayman on :