In last trading session, the stock price of Midwest Oil and Gas Inc (OTCMKTS:MWOG) jumped more than 645% to close the day at $0.455. The gains came at a share volume of 8.72 million compared to average share volume of 800. After the recent gains, the market cap of company has surged to 22.22 million. The stock is recording in a lot of volume against its average volume and this massive volume won’t go unnoticed.
There is no latest PR or updates from the company, which can be attributed to the recent gains in Midwest stock. The company last released its quarterly report in December 2015 wherein it revealed that it has recorded minimal revenues since inception and have incurred over $5.17 million in expenses through October 2015.
Midwest Oil reported that for the nine months closed October 2015, the expenses came in at $235,482. These expenses comprised of $92 in G&A expenses, $144,266 in professional fees and $64,125 of interest expense mainly related with the acquisition of the oil and gas assets and, lease operating expenses of the oil & gas assets amounting to $27,000.
Midwest reported that for the nine months closed at end of October 2014, the company recorded $237,965 in expenses. It included $6,700 in G&A expenses, $177,267 in professional fees and $52,000 of additional costs related with the cancelation of consulting contracts linked with diamond property, $54,000 in lease operating expenses and $50,625 in interest expense linked with the oil assets.
The company commenced work on corporate measures which highlighted entry into the gas and oil business. These measures included change of business name, new website, a new ticker MWOG, re- work of existing wells (projected $100,000), coordinating with the seller of the oil assets on the estimated budget to drill new well (projected at $500,000), and began looking for a new office location in Kansas.