Martin Tsvetkov

Bering Exploration Inc (PINK:BERX): Post-News Hype Pushes Stock Up 18%

by Martin Tsvetkov June 30, 2011
7BERX_chart.pngWhen Bering Exploration Inc (PINK:BERX) issued an official PR on Wednesday, investors gave it a lukewarm response. Contrary to any logic, however, it was yesterday's market session that made a difference for BERX stock.

Indeed, BERX stock delivered the goods yesterday, gaining 18% in value. Thus, it closed the session at $0.71 per share on a moderate volume of 94 thousand, which is a little higher than the average daily trading volume. Not bad, especially if we consider BERX's performance in the preceding session, i.e a 3% drop in price on a 30-day high volume of 132 thousand.

0BERX_logo.jpgAs mentioned above, BERX does not adhere to a closed-door policy regarding its investor relations. Quite the opposite, the company has been very prolific news-wise, especially since early-April. The latest update, which popped up two days ago, revealed to the general public that BERX had agreed to take part in the development of a South Texan 500-acre property. The latter is estimated to contain deposits of oil and gas amounting to over $9 million in potential gross reserves. The best-case scenario implies that BERX will start generating revenues no earlier than the end of the third calendar quarter.

Bering Exploration focuses on exploring, acquiring, developing and producing natural gas and crude oil. The company aims to increase shareholder value through a series of acquisitions of energy resources.

Until a couple of minutes ago, BERX was an impeccable OTCQB market player with its diligent financial reporting with the SEC. However, the company has just submitted a notification of late filing regarding its 10-K form covering the fiscal year ended Mar. 31, 2011, as well as a string of other standardized forms. That is why BERX's most recent report to date remains the 10-Q report covering the fourth calendar quarter of 2010. As of Dec. 31, 2010 the company has:

  • $2 thousand in cash and current assets;
  • $480K in current liabilities;
  • zero revenue and a nine-month net loss of $60 thousand.

Comments 0

Type the characters that you see in the box (5 characters).