Kaloyan Gadzhev

Bering Exploration Inc (PINK:BERX) Crashes After Announcing a New Prospect

by Kaloyan Gadzhev August 8, 2011
5BERX_chart.pngBering Exploration Inc (PINK:BERX) is focused on the exploration, acquisition, development, production and sale of natural gas. The previous two sessions BERX crashed spectacularly.

On Friday, BERX dropped another 16.09% following the 28.69% down on Thursday. After 597 thousand shares had been traded the price closed at $0.365.

Apparently, the announcement that BERX has identified a new prospect had a rather negative effect on the stock. The high volumes suggest a lot of traders were waiting for news to sell on.

The company had its day back in April this year. Back then, BERX announced it would begin geological assessment on the Eagle Ford Prospect with potential Gross Reserves of 3 million barrels of oil.

It managed a spike, but the enthusiasm quickly cooled down and now it seems like traders are just not happy with mere potential, and promises for the future. Indeed, the fact is the company hasn't managed to bring a dime of revenue since it has turned its focus on its current business.

1BERX_logo.jpgIt will be interesting to see whether the fall will continue today, or this low is low enough to provide some support. It is not easy to find a support level when the company doesn't have recurring revenue sources, or revenue of any kind.

Comments 0

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