Georgi Kamburov

Virtus Oil and Gas Corp. f/k/a Curry Gold Corp (OTCBB:VOIL) Retains Investors’ Support

by Georgi Kamburov September 23, 2014

At the end of May VOIL had exactly:

• cash: $632
• current assets: $820
• current liabilities: $138 thousand
• ZERO revenue
• net loss: $561 thousand

These horrific numbers don’t seem to reflect the current state of the company but we still don’t know how VOIL was able to find the necessary funds for the recent payments. There have been no official announcements of new sources of finance and we may have to wait for another couple of weeks for the next financial report in order to see where the money came from.

Another massive red flag that we have pointed out numerous times in our previous articles and the main reason why VOIL has been able to reach such inflated prices is the still ongoing paid pump. Although the production budget for the campaign has not been disclosed the sum must be considerable judging by all the various methods employed to create as much artificial hype as possible – a landing page, numerous email alerts sent by various pump newsletters, unsolicited phone calls and even the distribution of a hard mailer.

It seems that no expenses were spared but who would be willing to pay for all this? Well, back in 2009 a group of investors bought 1.3 million shares at just $0.01 each. Those shares turned into more than 18 million priced at $0.0007 when a 14-for-1 forward split was performed in August, 2013.

Just a day before the split VOIL sold 150 thousand shares priced at $0.33 to a Marshal Islands entity called Fieldstone Industries, Inc. After the split they owned 2.1 million shares at $0.02 in addition to the more recently acquired 2 million shares at $0.40. Even the more expensive shares sold to Fieldstone are actually close to 80% lower than the current market price.

Another curious fact is that the current CEO of the company bought his 28 million shares for a total of $2 million. This means that each share was priced at around $0.07.

If any of these extremely cheap shares are dumped on the market VOIL could suffer a devastating crash obliterating the investments of all those who entered at the recent prices. Do your own due diligence and never underestimate the risks associated with pumped pennystocks.

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