This morning’s scans proved that something is fracking happening with one junior oil and gas explorer which penny stock traders might want to look into deeper. In the last few weeks, insiders have been buying shares of Arkanova Energy Corp. (OTC:AKVA) for 400% more than the current price. Weird doesn’t cut the mustard when you see today’s 8-K, the second one filed this month indicating 3 million shares of AKVA stock, collectively, were acquired by insiders for $0.10 per share. Match this activity with the Company’s latest shareholder update and you need to wonder if a deal is about to come from Tribal-Max 1-2817.
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AKVA Stock Chart
Market Cap: 930.28K
Last: 0.02
52 Week High: 0.13
52 Week Low: 0.0099
Authorized: 1,000,000,000
Issued and Outstanding: 46,514,115
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Trading volume, as you can see from the chart, is virtually insignificant which makes this article almost the same, but seeing insiders purchasing shares at $0.10, 3 million of them, makes anyone who trades penny stocks wonder why?
Arkanova Energy is late on their Q3 filing for the three months ended September 30, 2012. In their Q2 filing, the Company showed they had cash, working assets, long term debt, and revenues which is almost sufficient to provide for operating income. Having extinguished some $5 million plus in debt during the first 6 months of 2012, the recent update from President and CEO, Pierre Mulacek, reads as if the current operations are about to be trumped when their Tribal-Max 1-2817, the first successful horizontal well drilled in the Cut Bank Sand Formation, spurts out money for them.
Needless to say, an updated Q filing will be an interesting read to see if Arkanova continued their trend in Q3 of maintaining revenues despite the sale of their 10% working interest sale to Aton Select Fund in 2011. If shares of AKVA stock are available at their current level, $0.02, long investors might want to look closer at a strategy for how to handle this undervalued junior oil explorer.
About AKVA Stock
Arkanova Energy Corporation is engaged in the acquisition, exploration and development of oil and gas resource properties, currently participating in oil and gas exploration activities in Arkansas, Colorado and Montana. Click here to view the SEC filings for AKVA.
Last 5 “Active” Trading Sessions:
| Date | Last | Change | % Change | Volume |
| 12/27/12 | 0.0200 | -0.0050 | -20.00% | 3,000 |
| 12/19/12 | 0.0250 | unch | unch | 10,000 |
| 12/17/12 | 0.0250 | -0.0050 | -16.67% | 34,700 |
| 12/14/12 | 0.0300 | +0.0130 | +76.47% | 22,000 |
| 12/13/12 | 0.0170 | +0.0020 | +13.33% | 55,500 |
Bottom Line: It’s unlikely that shares of AKVA will be setting volume records or listed as one of the highest traded penny stocks any time soon. Regardless, if insiders are buying AKVA stock at a price 400% greater than its current level, is there something brewing that requires monitoring? It’s worth a look to see if any market makers decide to get active on this one.
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