Lighthouse Petroleum, Inc (PINK:LHPT
, LHPT message board
) marked a large take off by 64.7% yesterday on the new announcement of a planned major oil assets acquisition and landed at $0.03 closing price.
The stock has often been present on the hot stock list of investor newsletters, but this time PR put it on the springing board. The market's reaction was instant and dramatic, as the trading volume exceeded 8.5 million shares, compared to only about 470,000 on Friday.
What could be better news for shareholders yesterday, than hearing about Lighthouse Petroleum's intention to acquire three shut-in wells located in Brown Country Texas, an area that has already produced significant amounts of crude oil. If plans come true, the management will start immediately a procedure of getting a license to operate the wells, so that they start yielding money very soon.
Lighthouse's attempts to push up the stock over promotions and press releases have had a variable success. Last Tuesday an announcement, stating the company has finalized its Wyoming drilling locations, remained completely ignored. Though, the last time Lighthouse Petroleum had a quote reaching $0.04 (the highest for this year) and a volume of 8.5 million was at the end of March in the days around a paid promotion. No compensation was disclosed, but Lighthouse Petroleum has paid over $100,000 to various promoters over the last year.
Couldn't it be easier to raise the value of company through showing a working business and generating some real profits? Lighthouse is not that opinion and finds it much better to rely on the speculative nature of their stock to attract investors, as their last filing it the SEC was in 2007.