Bonanza Oil & Gas, Inc.(fka BGOI)

[jay1000]

Bonanza Oil top volume leader in micro cap stocks Friday

By Armando Duke

(Micro Cap News) Houston - Bonanza Oil & Gas (Otcbb: BGOI) lived up to its name, creating a bonanza for micro cap investors Friday, finishing the week's trading session as the highest percentage gainer amongst OTCBB volume leaders.

Bonanza closed up 0.006, or 42%, at $0.02 Friday as more than 30 million shares traded hands, according to data on the OTCBB website.

A quick look at Bonanza Oil & Gas news showed the most recent information in a Feb. 9, 2010 8-K filing to reveal that a series of convertible notes ending on a January 29, 2010 agreement had removed what appears to be unfavorable conversion rights, though only a letter of intent had been signed.

Not long before the 8-K filing, Bonanza announced on Feb. 3, 2010 that its Apclark field reserve estimates doubled to $34 million. In that announcement BGOI chief executive Bill Wiseman said the Company was "looking forward to capitalizing on the increasing price of oil." Yet crude oil futures on Friday gave up more than $1 per barrel to close just above the $74 mark.

While China's Central Bank moved to hike reserves on concern over a bubble in stocks and real estate, energy future traders balked at the news ending a four-day rally on the New York Mercantile Exchange.

Since its low of $0.015 in the fourth quarter of 2009, Bonanza Oil & Gas's shares have seen trading volume increase steadily. Friday's OTCBB volume leader in percentage movement also set a record trading volume that day in comparison to its 90-day average daily trading volume of 8+ million shares, though throughout the prior three quarters of last year daily trading volume was minimal.

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http://www.axcessnews.com/index.php/articles/show/id/19590