Set to make a new 52 week high as soon as the market opens today, the penny stock of True North Energy Corporation (TNEN) is banking on unread fine print. With retained royalty interests in the Colorado and Alaska leased acreages of 0.375% and 0.25%, respectively, TNEN stock is hoping some Magic will take over for some Impressive intra-day results. Although CEO and President, Gilbert Steedley, has only been at the helm for a couple of months, the chances of ending the trading session with a gapped up win after taxes and commissions equal to the royalty interests the company holds are looking better than ever.
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TNEN Stock Quote
Market Cap: 2.60M
Last: 0.035 ▲ +0.0035 (+11.11%)
Dollar Volume: $8,459
Issued and Outstanding: 85,427,798
Gilbert Steedley: 27,331,654
Prime Natural Resources, Inc.: 6,439,974
14-Day Rel Strength: 56.72%
1st Resistance Point: 0.0365
1st Support Level: 0.032
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True North Energy holds less than 1% interests in two leaseholds they have on their books. Alaska Properties The Alaska assets consisted of oil and gas leases covering approximately 34,910 acres in the Cook Inlet and the Beaufort Sea areas while the Colorado assets, acquired in June, 2007, are non-producing oil and gas interests and properties in northwest Colorado covering more than 17,000 acres.
In Alaska, the Company held a 100% working interest with the Cook Inlet leases set to provide for a net revenue interest of 87.5%, prior to an overriding 5% royalty. The North Slope leases were set to to provide for a net revenue interest of approximately 83.3%, prior to an overriding 5% royalty. However, since neither was ever drilled on except for perhaps some lover’s lane activity in the late evenings r dark winter afternoons, the Company sold these leases in August, 2011 ad retained the overriding royalty interest of just 0.25% on the leasehold interests.
As for Colorado, True North Energy held a 100% working interest in the underlying oil and gas leases which are set to expire in 2016. However, in June, 2010, they sold these leases retaining only the overriding royalty interest of 0.375% on this property should ever someone want to drill for oil rather than grow cannabis on the land since Colorado was one of the pioneers of legalizing marijuana.
Thus, what we come to today is a play on an oil and gas exploration company with no equipment or leased land for which they can explore on if they had the equipment. Nevertheless, with OTCMagic leading the charge on TNEN stock today, some pixie dust and some quick fire flipping is about the best chances any speculator can hope for to get a double-digit percentage, paper gain with a .04 glass ceiling.
About TNEN Stock
True North Energy Corp., with assets in Alaska and Colorado, is a development stage, oil and gas exploration company engaged in the acquisition, exploration, development and production of oil and gas properties located throughout the U.S.
Last 5 Trading Sessions:
Hopes and dreams can wish for TNEN stock to become a viral penny stock, bursting through the 4’s, crumbling through the 5’s and peaking out in the 6’s or 7’s before returning to the 2’s of Monday. MLK had hopes and dreams and they worked out exactly as he had hoped for, but he was banking on humanity, not pennyland greed. TNEN is a quick flip at best to be forgotten before the first 30 minutes of trading has passed.
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