As oil prices teeter around the $93 level, the plays on shale oil drillers is still booming with new companies spurting upwards weekly with their claims to have the next huge, untapped deposit. The most recent one, Xtra Energy Corp. (OTC: XTPT), is not only sitting atop a huge deposit, but somehow is already booking revenues as well, $178,965 for the three months ended September 30, 2012. Despite the positive inflow of cash, XTPT stock has been beat down -91.43% over the last 5 months and appears to be ready for a bounce worth adding the penny stock to the opening bell watch list.
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XTPT Stock Quote
Market Cap: 6.04M
Dollar Volume: $2,240
Issued and Outstanding: 201,351,500
14-Day Rel Strength: 26.09%
14-Day Stochastic: 0.00%
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The revenues reported for Q3, 2012 and prior came from when Xtra Energy was engaged in the mining and processing of gold ores and the exploration and development of gold properties in Africa and in hedging activities in connection with our gold production. The stretch from African gold production to Canadian oil exploration is rather confusing, but can you expect anything less from the Pinks?
With over 200 million shares outstanding, a somewhat soothing report is that, on January 19, 2012, Xtra Energy completed the acquisition all of the issued and outstanding shares of Anglo-African Gold Corp. in exchange of 110,000,000 shares of XTPT stock. That data, together with the stretch from gold to oil, multiplied by the square root of the Company’s issuance in January, 2012 of 90,000,000 shares of XTPT stock to 9 unaffiliated entities upon the conversion of $25,000 of outstanding indebtedness results in question marks not worth the time of trying to figure out.
Play the MoMo
Identified at one point in time publicly, the oil shale deposit in the Pasquia Hills oil shale region, Saskatchewan, Canada, where Xtra Energy (according to their website) owns a 51% working interest, contains gross estimates of contingent and/or prospective oil shale resources of over 2 Billion Barrels of recoverable oil. With properties encompassing 68,910 contiguous acres of oil shale exploration rights, it’s hard to imagine that Xtra Energy’s XTPT stock won’t see a boost in its current PPS.
About XTPT Stock
Xtra Energy Corp. is an energy company actively engaged in the exploration, development and production of unconventional oil shale resources and conventional crude oil and natural gas reserves in North America.
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Bottom Line: XTPT could be the best performing penny stock today with a chance of seeing some high double digit gains off the open. With revenues from prior years, not so much exposure to traders and a favorable share price, XTPT stock could actually be the “play of the day” while traders await news on the next VM pick.
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