Kat Exploration Inc. (Pinksheets: KATX) stock has awoken today after the mineral exploration company announced a change of direction. KATX stock is up 77.42% at 0.0055 on volume of 16,109,768, a bit less than $85,000 in dollar volume. The precious metals mining company announced that it signed a piece of paper with Canco Energy Corp., a privately company involved in oil and gas exploration and recovery from mature onshore and offshore Canadian and U.S. oil fields. Yeah, right.
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KATX Stock Chart
As of November, 30, 2011:
Common Stock Authorized: 950M
Common Stock Outstanding: 710.35M
Public Float: __________
As of November 30, 2010:
Common Stock Authorized: 700M
Common Stock Outstanding: 641.60M
Public Float: 344.31M
According to KAT Exploration, Canco Energy focuses on undervalued properties with high recovery potential for oil and gas, and specializes in continuing the operations of current producing oil and gas properties. It brings together qualified investors seeking high yield income with excellent tax benefits through lucrative investments in natural gas and oil development. Canco owns and operates over 100 wells in USA and holds about 20,000 acres in oil and gas leases.
C’mon. You produce nothing for 6 and a half years and now you acquire an oil & gas company with 100 wells and 20,000 acres. May have been born at night, but it wasn’t last night. We checked Canco Energy’s Twitter account. Impressive with exactly 24,400 followers, 80 % of which are Justin Bieber fans and 15% which no speeka inglis.
Canco Energy Corp is an independent oil and natural gas exploration and production company headquartered in Blaine, Washington and with additional offices in White Rock, BC and Lafayette, Louisiana. This is their website: www.cancoenergy.com. The LOI stipulates, the purchase of Canco Energy Corp. will be for a fixed amount of KATX shares and no cash. The transaction will take place through escrow whereby the amount of shares released will be determined by the amount of present and future projects.
About KATX Stock
KAT Exploration Inc. was established as a for profit corporation in the province of Newfoundland and Labrador on December 5, 2005, by Ken and Tim Stead, who are experienced in mineral exploration and prospecting. The company explores for mineral deposits in and around central and eastern Newfoundland, Canada. The problem is the for profit part of the company description never happened.
Click here for the recent financial filings for KAT Exploration.
Bottom Line: This is getting ready to be one of the penny stock pump and dumps without any doubt. Get in now before the share price of KATZ stock actually hits a penny and you may come out a winner when Ken and Tim start issuing out $85 press releases about how all the Justin Bieber tickets sold out on their Twitter account.
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