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Every disclaimer states this.
The fact is that SOME, but not ALL, of penny stocks roll under the radar and are pump and dumps. Nobody is arguing this. But MANY such as this one are not, and should not be lumped with those that operate as such. I'd like to see ANYONE on this board point to ANY solid, verifiable data - rather than generic idiot defamatory juvenile sh*tbrick opinions - that OCTX is in fact a scam operation. If you don't have any hard evidence - and you won't find any - then put a sock in it and let's see what the stock does. Remember, folks, THIS IS A OIL AND GAS DEVELOPMENT COMPANY IN DEVELOPMENT STAGE. They are trading on the pink sheets not because they are a scam operation, but because they are not yet in a go-live, steady state stage when they will be producing revenues.
Not true. Plenty of penny traded stocks in DEV mode with little or no revenues on the books go up simply based on what they are sitting on, or perception of where they are going to be.
Kind of stumbling a little bit out of the gate this morning, Victor. What gives?
By the way, promoters do nothing but promote stocks. They have no direct control over the buying habits of specific investors. They also have no control over what the company is actually doing to merit investment.
No worries. Some people just taking their profits. On the rise again.
Not yet, Victor. Still working on it. But I guess we chased those bears out of here. The stock is soaring!
You said there are plenty of other companies in the US who are producers. Here is an example. Look at IDNG, a US oil and gas research company sitting on good producing properties in Texas. Now look at the stock price. Many folks do not think they will ever be a major producer, or it may take a lot of time before they get there. OCTX is already sitting on land that is capable of generating 2 billion barrels of oil.
Why don't you take the time to READ why OCTX is different. They have acquired and are sitting on acreage of proven reserves. It is fact. The upside potential of what they have as assets is what is driving the stock price. Again, they are DEV/TST mode right now, so there are no revenues, which is why these guys are listing on teh OTC. That will likely change at the end of this year, when drilling starts and the oil sands produce. If they were already producing, they wouldn't be on the OTC but a major board. Read up.
You're right on the money, Victor. I have also reached out to a couple of internal resources "in the know" and expect to hear more back in a couple of days. But what I've learned so far is that, one, this is absolutely NOT a pump and dump and, two, this is in fact a development phase and testing operation. If you read their PRs, they plan to start test drilling later in the summer/fall time frame, but the areas they acquired are proven. Since they are in DEV/TST phase, no one expects revenues coming in right away. They are totally SEC compliant in their reports and findings, and are the largest and controlling shareholder of CEC North Star LTD. Read their FAQs for additional details about their holdings: http://www.octagon-88.com/faq. They are sitting on a potential gold mine: "The Company has acquired through a series of transactions a large contiguous land block of oilsands leases in north-western Alberta in the Peace River block of the 'Carbonate Triangle'. That block of land currently consists of 61 sections of 100% oilsands leases approximately 74 kilometers northwest of the Town of Peace River. CEC North Star has an agreement with its joint-venture partner to acquire an additional 21 sections of oilsands leases in an adjacent block."
And yet this is such a board. So why all the negative posts? IMHO, reducing the OTC investor pool to simply "crooks, daytraders, bagholders and suckers" is inaccurate, pejorative, derogatory, condescending, and just plain nonsense - not to be taken seriously.
I stand by my comments.
Decent or good production well results, Victor? It appears from the report that they're very pleased with the results. AND ... the stock is moving back up.
Victor, what do you know? Need some good news here. Do you have some specific knowledge about this report?
First of all, nearly ALL SEC filings of penny stocks have this kind of disclaimer. It's a requirement. And since they are sitting on a potential gold mine, but are still in the early development stages, one would expect that their near term revenues would be small. But that does not change the fact that they are in an excellent position to succeed, based on the research and recent newsletters. They are not a pump and dump, although it might appear that they are because the stock shot up to $10 and change, then precipitously dropped when day trading jerk-offs sold large chunks of shares to book in their short term profits. Patience may be needed with this one.
So Buckeye, what do you think is happening with this stock? Anything in the news that would drive down the price to $.17? Do you think at this point there is upside potential? Thoughts? I really don't want to hang on to dead weight.
I know, Leea. I lost a lot of money on it last year. But then the PRs starting coming out a few weeks back, which to me indicated that they were serious about what they're doing, and I decided to get back in on that basis. Not that the PRs have stopped for awhile, it's back in the tank.
Why is this stock in the toilet again? This is getting frustrating.
Don't really know at this point.
I was.
Who the hell is pumping out alerts for this thing? Barking up the wrong tree IMHO.
Wonderful. Back to one stinking penny again.
Here we go again ... giving back all of today's gains. Too much profit taking going on.
I have a prior post on this.
Yes. Also last year, with the same situation. No reply back.
Nobody answers; the number routes to VM.
What is going on with this stock? Does anyone have a clue? Dropped like a rock today.
Not sure about this company any longer. They're now touting their new website with a fresh PR. When you go to it, yes, it is slick. But ... the number they provide for investor relations (Jerry Bellanger) ... gets you an outgoing message advising people to dial the same number for investor relations. Then I tried to contact Holladay Stock Transfer, their transfer agent. They claim to know nothing, and passed along the very same number they have in their file. This is the same shuck-and-jive IE pulled last year after the forward split tanked the stock. When you dialed the investor relations or main Seal Beach number, no one ever answered. The outgoing message advised investors to stay calm and to leave a message for a callback. I tried doing so about 1/2 dozen times, with no callback ever. I shudder to think I have re-invested in what many were calling a P&D last year. The sudden steady stream of PRs has me worried again. Thoughts?
IDNG is trending down ... again! Does anyone really believe this is going to bounce at some point? The chart doesn't look good. Trying to be patient.
Thanks. I was part of the forward split fiasco last year and took a real beating. People remember. Also, I think investors are looking for PRs with more substance than "We're pleased to announce that we're in discussions ... blah blah blah" or We're pleased to announce that we have retained a consultant."
What or who is driving this stock down? Should have bounced by now, what with the PRs of late.