Tiger Oil and Energy, Inc. (OTCMKTS:TGRO) Ends the Week With a Drop
Despite yet another email alert that StockTips released an hour before the start of Friday’s session Tiger Oil and Energy, Inc. (OTCMKTS:TGRO) started sliding downwards right from the opening bell. In just a little more than an hour the stock dropped from $0.60 per share to less than 45 cents. In the afternoon it managed to retrace its steps upwards but still finished the day at $0.48, or 15% lower than the previous close. As a whole more than 5 million shares got traded, volume significantly larger than the 3 million shares from the previous two sessions.
Investors more than likely got scared when the SEC announced the suspension of Makism 3D Corp (OTCBB:MDDD). MDDD was the only big-budget pump that was active alongside TGRO‘s. The SEC cited the usual reasons of potentially manipulative transactions with stock and concerns about the accuracy and adequacy of information about the company. This largely means that TGRO is the likely candidate for the next investigation by the SEC Microcap task force that is behind the record suspensions seen in the last months.
This adds a whole new layer of risks atop the already considerable red flags around the company. They want to dig for oil and gas but have financial resources that are far from encouraging. For the quarter ending September 30 they disclosed:
- $1527 cash
- $1727 total assets
- $117,442 total current liabilities
- No revenues
- $3.9 million accumulated deficit
The company will need to find as much as $189 thousand in order to pay for their portion of the costs for the first oil well in Cowley County, Kansas. As we have said already the management of the company has been involved with quite a few pennystocks that got pumped to high heaven and then left to slide towards to bottom. With each passing day playing TGRO becomes more and more riskier. The stock has already crashed twice and during the weekend no new emails touting the company were sent.
Axion International Holdings Inc. (OTCBB:AXIH) had a much more successful session before the weekend when their stock rushed upwards by another 35% closing at $1.30.