The penny stock of West Canyon Energy Corp. (WCYN) has made its debut as investors are seeing no pitfalls so far in its first “true” trading session. WCYN stock has not traded publicly until today and is shooting for a dime as a million shares, 4% of the 22.21 million outstanding, will have traded before the first cigarette break. Amazing activity actually for a Company that has no revenue or even an operator for their properties which they own interests in.
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WCYN Stock Chart
The cash the company reported having on March 31, 2012, $54,935 compared to $303,237 on June 30, 2011, is what has yet to be depleted since their $1.5 million sale of their interest in the Talora Exploration Block to Petrodorado Energy Ltd. on October 27, 2010.
About WCYN Stock
West Canyon Energy Corp. is an exploration stage company that engages in the exploration and production of oil and gas properties. The Company mission is to provide new and secure energy solutions for America while increasing shareholder value through strategic exploration and development of domestic high-impact energy projects.
The Company’s oil and gas properties, totaling $2,230,634, consists solely of unevaluated properties excluded from the costs being amortized. These costs represent investments in unproved properties and major development projects in which the Company owns a direct interest. Furthermore, The Company admits that the operatorship of the Company’s sole asset comprising its oil and gas properties may have subsequently changed, although it has not been advised of such under the terms of the operating agreement. The Company believes that the current operator may be T.C. Oil, but again, it has not been officially advised of such. The Company has engaged legal counsel to assist in resolving these issues; however the ultimate outcome is unknown.
To view the SEC filings for WCYN, click here.
Bottom Line: Fresh penny stocks get attention but quickly fizzle out unless they have some meat on their bones. WCYN unfortunately is more emaciated than OREO or IDNG and is likely headed into dump mode before lunch since there is nothing behind it.
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