Looking to make a switch over from gold and silver mining to oil and gas prospecting, the penny stock of Innocent Inc. (OTC:INCT) made a very impressive start to the week forcing many who speculate low floaters to add them to the watchlist. A rearrangement of management positions to bring in a new President, CEO, CFO and some highly qualified board members to their newly formed advisory council, INCT stock pushed to new highs early on during Monday’s trading session before having a strong finish off of the pullback from 0.095. With news having yet to disseminate about what the actual plans are to enter into the highly lucrative oil business, updates as to if the float is still around 20 million has some traders thinking a push to even higher highs during the week could be possible.
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INCT Stock Quote
Market Cap: 1.57M
Last: 0.06 ▲ +0.016 (+36.36%)
Dollar Volume: $50,821
14-Day RSI: 84.63%
1st Resistance Point: 0.0897
1st Support Level: 0.0357
52Wk High: 0.095
52Wk Low: 0.0005
Back in November, 2013, Innocent came out with news that they had signed an exploration agreement with Evergreen Petroleum of Dallas, TX on the same day they announced that the Company had finally given up on their attempts to be involved in the gold and silver exploration efforts they had been focused on since September, 2009. The new business model which could be as small as drilling several oil wells to drilling many within a very short time-frame has yet to pierce the earth as new management has been the only moves made thus far.
Innocent failed to generate any revenues during the time the Company was focused on gold and silver mining, but rather than contacting toxic financiers like Asher Enterprises Inc., the majority of funds loaned to the Company to keep the lights on came from the management that was in place. Wayne A. Doss, former CEO/CFO, owned 3,000,000 shares of INCT stock as of August 31, 2013, with Alliance Strategic and Bay Street Capital respectively owning 5,000,000 and 3,800,000 shares.
It’s worth noting that there was $754,636 in principal and $245,007 in accrued interest due to non-related parties as of May 31 and that of the 31,100,000 shares issued and outstanding, 5,000,000 were issued to the new CEO of Innocent, Patrick Johnson. With 1,100,000 shares of INCT stock that were issued in note conversions having been readjusted from 0.03 to 0.07, the speculation that INCT stock could still see some good trading sessions off of the low-budget awareness that was on it today has some thinking a dime or better is within reach.
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About INCT Stock
Innocent, Inc. is a development stage oil and gas exploration and production company focused on developing properties in North America.
Issued and Outstanding: 31,100,000
Last 5 Trading Sessions:
Vision Industries, Corp. (VIIC) was actually the best performer among all penny stocks that had volume and trading activity worth even mentioning despite no news or new SEC filings to boost any interest. With INTC stock now firmly in place on the radars of traders, especially after bouncing up 50% after the early morning dip, keeping a close eye on how the stock opens Tuesday is an exercise worth doing.