Investors in the Texas based oil and gas technology development company, Freestone Resources Inc. (FSNR), have their fingers crossed tonight. After closing again at .30 for the second time this year, a return to the 52 week high, traders of FSNR stock can only pray that a repeat of March 19th doesn’t occur tomorrow. With no news out, drastically reduced revenues for fiscal 2012 and sluggish trading Wednesday until roughly 3:00PM, its a déjà vu scenario that last time lead to a -86.67% decline at the open just days before insiders were compensated with shares.
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FSNR Stock Chart
Market Cap: 17.51M
Close: 0.30, up 0.02 (7.14%)
Dollar Volume: $57,850
Average Trade Size: 3,913
Issued and Outstanding: 58,364,010
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When Freestone Resources’ FSNR stock closed at its 0.30 high on March 19 on volume of 160,354, it crashed on the open, 0.04, the next day, only to close at 0.24 on volume of just 9,170. The following session on the 21st was no better opening at 0.20 before closing at 0.18 on volume of 17,500. The sudden drop just days after volume was near 300,000 could not have been caused by the two top executives, Clayton Carter and Don Edwards, each receiving 1 million shares on the 14th of March in lieu of compensation or the other 450,000 that was issued for compensation/services.
For over five years now, Freestone has been perfecting and acquiring rights to chemical solvents that can increase the production in oil and gas wells, decrease the viscosity of heavy oil, and extract hydrocarbons from various forms of matter. But after a disappointing fiscal 2012 with revenues of just $5,705 versus $40,864 from fiscal 2011, the sale of stock and debt is likely to be the only way forward for the Company until they monetize their deal with MEA Solutions.
For what it’s worth, on September 4, 2012, Freestone Resources sold 3,125,000 shares of FSNR stock for $250,000. In another transaction on September 10, 2012, the Company sold an aggregate of 27,500 shares of FSNR stock for $27,500. Unless the second transaction was a typo when filing the 10-K, someone got rim jobbed at $1 a share versus $0.08.
About FSNR Stock
Freestone Resources, Inc. is an oil and gas technology development company that is actively developing and marketing technologies and solvents designed to benefit various sectors in the oil and gas industry. The Company’s flagship technology, the Oil Recovery Unit, was developed for the extraction of hydrocarbons of value from ground soils, oil sands, vessels and other hydrocarbon-containing materials. The Oil Recovery Unit’s primary use is for the cleanup of hydrocarbon contamination, and the extraction of hydrocarbons of value from oil sands and oil shale.
Click here to view the SEC filings for FSNR.
Bottom Line: FSNR will one penny stock we will surely be watching at the open tomorrow. FSNR stock has experienced a nice run since its mid-July lows gaining 400% in the process. One can only hope that tomorrow’s open is nothing like what happened seven months ago when the stock closed at 0.30.
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