A lot of Lighthouse Petroleum, Inc. (PINK:LHPT
, LHPT message board
) shares were traded yesterday, but in the end LHPT closed down after being promoted
LHPT stock closed down 8.57% at $0.032, although it had opened at $0.13 which ended up as the high of the day. The volume reached 10 million shares.
The obvious reason for the amazing increase in volume was a paid pump. The promoter disclosed an expected compensation of $70 thousand for one day of service, paid by M. Elliot Media.
The email called LHPT a "$1 stock." Funnily enough, $1 is what LHPT reported as cash and cash equivalents and total current assets as of September 30, 2011.
Since that time, there have been some developments. The company has announced the closing of a couple of deals for a participation interest in a well and the purchase of a lease. Additionally, LHPT did a reverse split earlier this year.
A press release from Mar. 13 said LHPT expected the well should begin generating revenue before the end of March, but there haven't been any further updates.
The company is publishing some reports on its activities, but the OTC Markets site has them listed with a No Information status.
Apparently, there isn't enough available information to withstand the pressure of a paid pump. Traders don't seem to care about or believe the information released by LHPT, judging by the lack of tangible reaction to the company's press releases.