Heartland Oil & Gas Corp. (HTOG.PK) Silenced By The Ghost of Criminal PastHeartland Oil and Gas Corp. (PINK:HTOG) was born to life in 1998 in order to devote itself to the exploration and development of oil and gas properties. According to the official data, in 2007 Universal Property Developments and Acquisition Corporation (UPDV) acquired a 52% interest in HTOG, which in 2008 had subsequently decreased to 16% due to a reverse stock split and a couple of additional transactions.
Unfortunately, later on, instead of bringing progress, the acquisition by UDPV brought havoc to HTOG. In Aug. 2009, Kamal Abdallah, president of UDPV, was arrested by the FBI on allegations of conducting a pump and dump scheme of UPDV stock. In the mean time, another subsidiary of UDPV was put under investigation about a major petroleum theft scandal. Eventually, Abdallah was prohibited from becoming a head of any public company and from offering of penny stock.
According to forum discussions, Abdallah had managed to swindle $27 million from HTOG, which subsequently devastated the company. As a result HTOG has been reduced to to a sub-penny stock, and has been hiding from the public for more than a year now.
Recently, some indications of excitement have embraced HTOG stock, which was most probably due to the rumors of a forthcoming acquisition. However, the lack of any tangible evidence to testify the rumors renders the notion of the company's take-over a sheer mirage.
The disheartened HTOG investors, who would catch at any straw like a drowning man, got fascinated by the idea of a possible merger. But the truth is that the company has suffered a major blow to its image and since then had subsided into dead silence. And based on this fact there is absolutely no possibility of predicting the fate of HTOG, at least not until it gets the courage to speak to the public.
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