Bad news for traders and investors of Midwest Oil and Gas Inc (OTCMKTS:MWOG). Midwest Oil and Gas Inc (OTCMKTS:MWOG) has been temporarily suspended by the Securities Exchange Commission under Section 12(k) of the Securities Exchange Act of 1934. The SEC reasoned the temporary halt in response to recent, unusual and unexplained market activity in the company’s stock taking place during a suspicious promotional campaign. So what’s next for the bag holders?
It all began with a group of promoters touting MWOG as a stock that could potentially hit 15$ within 2 weeks. Below is an excerpt from the newsletter issued by BestAmericanStocks.com.
On May 6th, Midwest Oil and Gas Inc(OTCMKTS:MWOG) had announced that it has received the results of a study conducted by a third party geologist to estimate the oil deposits of its newly acquired 160-acre lease in Callahan County, Texas. The estimates were conducted by Randy Chillion. As per the press release, Mr. Randy was employed by Amoco/BP for 34 years until becoming an independent geologist in 2015. Prior to this press release, the company on May 3rd had announced the acquisition of a lease located in Callahan County, Texas. As per the press release, the tract consists of 160 acres located on the south half of the Greenburg Logan Survey 209, Abstract No. 269. It looked more like a forward looking statement wherein the company mentioned about expanding its operations outside of the Kansas area and throughout the U.S.
Chart Source: http://www.barchart.com/charts/stocks/MWOG
It will be waiting game for all those who own shares of Midwest Oil and Gas Inc (OTCMKTS:MWOG) in their portfolio. As always, its very important follow traders vigilance and conduct a thorough due diligence before investing in any penny stock company.