The writer of the June article wrote this when he found out that VOIL was being promoted. However, his analysis was about the same as the promotion.
After writing about Virtus Oil and Gas (OTCQB:VOIL) a couple of weeks ago some allegations appeared suggesting the stock was nothing more than a stock promotion. During this time period, the stock surged after a well-published promotion and then plunged following the publication of a bearish article on Seeking Alpha.
For those new to the story, Virtus Oil and Gas is a U.S. oil and gas exploration company that launched in October 2013. The company is planning to drill a 12,000-foot deep test well in central Utah by September 2015 at an estimated cost of $2.5 million. It hopes to discover oil in the Central Utah Thrust Belt Region. A research report by Gustavson Associates details the potential for sizable amounts of oil in the acreage leased by the company.
When originally studying the story, I wasn't aware of a pending stock promotion.
