Kaloyan Gadzhev

Bering Exploration Inc (PINK:BERX) Pays Three Times First Revenue for a Promotion

by Kaloyan Gadzhev November 30, 2011
53BERX_chart.pngBering Exploration Inc (PINK:BERX) is in the business of exploring for and producing gas and oil.

The company is still to generate significant revenue and its market performance has been less than stellar. BERX deemed it rational to pay for a promotion.

Yesterday, BERX closed up 15.89% at $0.124 on nearly 327 thousand shares. After the close, the company issued a press release, and a paid promotional newsletter was sent out.

Most promotions for OTC Pink companies are usually paid for by third parties, but the disclosure for the current promotion shows that the company itself paid 150 thousand shares that are at this time free trading under Rule 144, along with $30 thousand in cash.

The latest 10-Q shows approximately $10 thousand in revenue for the quarter ended Sept. 30. This is after BERX announced its Chicas Locas #1 well had begun producing oil on Aug. 18. The report also says "the Company is currently evaluating whether the well is commercially viable."

The new press release states that BERX should have begun installation on a gas pipeline to connect the Roxanne field to a commercial pipeline. Both the press release and the promotion will have their effect today.

6BERX_logo.jpgThe announcement of the late filing of the 10-Q and the effect of its eventual filing can be seen on the chart. BERX is not in a particularly good place right now, financially. Announcements about the potential future of the company may prove insufficient for a significant price increase at this time.

Comments 0

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