When you come out and say that you “remain focused on securing capital” and your penny stock is being promoted, chances are, traders who jump in are going to come out with a bag or two. When you just issued 3.5 million shares from convertible debt valued at $0.01 per share, chances are, the holder of those newly issued shares has no interest in seeing the share price increase when they are already up 1300%. Yet, for some reason, those who jump on board the Santa Fe Petroleum, Inc. (SFPI) train without having done their research are in for a train-wreck of a Monday with little to no chance of making a dime.
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SFPI Stock Quote
Market Cap: 5.95M
Friday Close: 0.14
Dollar Volume: $434
Issued and Outstanding: 46,020,517
Tom Griffin: 26,505,155
14-Day Rel Strength: 47.40%
1st Resistance Point: 0.14
1st Support Level: 0.14
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When your stock price is trading +1,172.73% above your 52 week low of 0.011 set 2 weeks ago and -93.83% below your 52 week high set at the end of January, you leave open a realm f possibilities as to which direction your stock price could be headed. When you factor in that the S-1 filing from 2011 to register and sell 6,000,000 shares of SFPI stock before you effectuate a 2.4-for-1 stock split, the price of $0.0125 per share starts to look pretty easy to dump when volume picks up again.
Looking back to when shares of SFPI were active, the stock had a bit of a run from the beginning of October ’12 until early February of this year. Although volume was lighter than 150,000 on the day of the dump, a slow climb from 1.30’ish to 2.27 came to an abrupt halt just prior to Santa Fe Petroleum announcing the purchase of multiple leases totaling approximately 1,628 in the area of its test well in North Central Texas.
Since news has been quiet since Jack Nelson resigned from his position as a director and full control has been handed over to Tom Griffin, President and CEO, expectations of some form of PR to help attract dumb money to the Texas oil explorer is likely to come out pre-market. With 20 million shares in the float, 3.5 million were newly issued at fractions of Friday’s closing price, unless oil has been spurting from any non-existent well under Santa Fe Petroleum’s control in the the Barnett Shale formation, the gap open may just be all that SFPI stock has to offer.
About SFPI Stock
Santa Fe Petroleum, Inc., f/k/a Baby All Corp., is a development stage company engaged in the exploration and production of oil and gas.
Click here to view the SEC filings for SFPI.
Click here to view the website for Santa Fe Petroleum.
Last 5 Trading Sessions:
Even though SFPI was a $2 stock 7 months ago, this is one oil and gas focused penny stock which is best avoided despite the lack of other options to play to start the week. Look for a gap at the open and retraction before 10:30AM – then and only then can one gauge the depth that SFPI stock could dip to before any chance of a run can occur.
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