Something is heating up that’s worth watching with the triple zero penny stock of Friendly Energy Exploration (OTC: FEGR) after a huge volume surge Friday. FEGR stock price rose as high as 0.0039 before closing up 94.44% at 0.0035 on insane volume: 86.49 million shares. There were only 128.32 million shares outstanding as of May 7, 2012. There is no news, no alerts, no reason for this surge in volume so something is up and it is wise to have FEGR on your list of penny stocks to watch if you’re into trading sub pennies.
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FEGR Stock Chart
Market Cap: 449.11K
Shares Outstanding5: 128.32M
Avg Trade Size: 217,317
Although it is nothing to write home about, Friendly did record revenues of $4,169 for the three months ended March 31, 2012 compared to $19,873 for the same period the year before. Note that there has been some obvious equity financing since the Company reported having 128.32 million at the time of filing, 93.54 million as of March 31, 2012 and 70.24 million as of March 31, 2011.
About FEGR Stock
Friendly Energy Corp.is in the business of oil and gas exploration and operations. In 2009, the Company acquired four oil and gas leases in central Texas totaling 1,036 acres with twenty-five wells. In the first quarter of 2010, the Company acquired a fifth oil and gas lease in Central Texas totally 1,000 acres with twenty-four wells. In March of 2012, the Company announced that they were about to re-enter several dormant wells for testing.
To view the SEC filings for FEGR, click here.
Bottom Line: Sub penny stocks are big percentage gainers if you can get in early enough. There was $255,553 in volume Friday on FEGR stock so there will be selling in profit takers as well as in the equity sales described in the increased outstanding shares since March, 2011. That said, FEGR traded as high as 0.085 in April, 2010, when there was half the number of shares outstanding.
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