Forced into receivership after filing a voluntary petition for relief in the United States Bankruptcy Court back in October, 2009, the penny stock of Rancher Energy Corp. (OTC: RNCH) is getting some serious attention. Updated by the CEO and lead to believe that the Company was preparing to make a move into the oil and gas sector once again, RNCH stock traded an insane amount of volume to close out last week’s trading. Now that the Company has survived the bankruptcy proceedings, which way will the cookie crumble for speculators?
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RNCH Stock Quote
Market Cap: 2.40M
Monday Close: 0.02 ▲ +0.0029 (+16.96%)
Issued and Outstanding: 119,862,791
1st Resistance Point: 0.023
2nd Resistance Point: 0.0259
1st Support Level: 0.0166
2nd Support Level: 0.0131
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In the letter issued to shareholders dated April 22, 2013, Rancher Energy’s President and CEO, Jon Nicolaysen, reported that the Company had cash balances in their bank accounts of approximately $2,126,000.00, and a nominal amount of other assets valued at $ 250,000.00 as of March 31, 2013. At the same time, Rancher’s liabilities were only $100,000.00. Say that 10 times fast before grabbing shares of RNCH stock.
From the way the next paragraph read, it seems obvious that Rancher Energy is looking for someone to buy:
“With our history in the oil and gas industry we believe that our best option is to enter into a transaction or transactions with parties in the oil and gas industry. However, we may look at other opportunities presented that offer a good value proposition for our shareholders. We expect to effect the expansion of our business by using our available cash, our capital stock, debt or a combination of cash, stock and debt.”
So, just based on the cash amount on hand as of March 31, 2013, the outstanding shares of RNCH stock would be valued at around $0.0177. While they have virtually no debt and aggressive plans to be a part of something in the oil and gas industry, those with the nose and the guts to sit it out could see a huge winner by sitting on some RNCH stock.
About RNCH Stock
Click here to view the SEC filings for RNCH.
Last 5 Trading Sessions:
With no business modl in place and a strage locker full of cash, RNCH stock has to be on the list of penny stocks to watch forthose willing to take a leap of faith on what action Jon Nicolaysen is going to take. Just on the cash alone, RNCH stock is trading right around 1:1 in terms of price-to-assets. Grabbing hold of some operating leases with the cash to get some drilling activity moving within a couple of weeks is what could really send this one to the moon.Share