Kaloyan Gadzhev

Traders Keep Selling Bering Exploration Inc (PINK:BERX) On News

by Kaloyan Gadzhev August 26, 2011
4BERX_chart.pngIn early August Bering Exploration Inc (PINK:BERX) announced a potential new prospect which triggered a massive sell-off that eventually led to the latest low of $0.23. On Monday, another announcement started the current drop.

Two PRs managed to pull BERX out of the hole and take it to $0.515, but Monday's PR started a fall which continued through the week. Yesterday, BERX dropped another 14.67% on 304 thousand shares, closing at $0.32.

The announcement behind the current sell-off concerned the completion of the acquisition of a leasehold located in Singer, Louisiana with potential gross reserves of 1.3 million barrels of oil.

On Aug. 18 BERX issued a PR claiming the company's Chicas Locas #1 well had begun producing oil. This piece of news was welcomed by the market, but the acquisition announcement has already swept most of the gains away.

31BERX_logo.jpgFor now, the company is yet to produce a positive financial report, actually it is yet to produce a report with any revenue. Until such information is provided and confirmed, a more stable and long-lived run may be hard to achieve for BERX.

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