Deception, I don't think this stock is actually a scam, as you suggest, but rather an oil and gas company that almost went bankrupt due to the low price of natural gas for the past number of years. As you know, FNRC has specialized in methane gas up to this point. Creative financing has been able to keep them afloat, even though they should have probably already gone bankrupt, and now the company is being put at further risk by a joint drilling operation in the Utica Shale of Ohio.
We should know something on the Utica drilling operation any day now, but certainly by the end of the year. If they don't hit oil and/or gas, then the company will likely crash and burn financially, from which there will likely be no recovery. If they do hit, however, then we should see a pop in the share price and a recovery for the company financially. It is that simple at this point and is why I'm still here. My expectation is that they will likely come in with a producing horizontal well.
The average share price now is $1.00, not the $.19 that you emphasized. The low was $.10 at one point. But with only 167,000 shares in the float now, I can see a pop to $5 a share on good news from a press release. Maybe even $10 or higher. If there is no press release, we eventually drift back down to less than $.01 again. Anyway, $5 now is the same as $.00025 before the reverse split. $10 is $.0005 before the split. I had determined when I first got into this stock that it was worth $.0005. This was based on using the shareholder value listed in their quarterly report. With the addition of a producing well, $5 to $10 a share is definitely likely.
I understand that you would like this stock to be a scam. I am sure you have your reasons. Maybe you were burned before or maybe you are somehow shorting this stock. I don't know. In any event, if you are ever able to actually do any research on this stock, I would appreciate seeing what you come up with.
Cropduster
