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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
US Oil & Gas (USOP) has announced that 15% of its shareholders were not just thick but full lobotomy patients. You have to be a fecking imbecile to own this stock anyway but 15% of the FIs were so stupid they took up the open offer at 27p and thus bankruptcy is postponed.
To be fair the CEO Wee Brian put up a tiny amount of the cash ( c$5,000) but that moolah will just find its way home like a salmon returning to its native stream. The rest...words fail me. US Oil & Gas had zero cash and owed a good few quid pre placing so post costs it is unlikely to have much more than $500,000 left. That is not enough to drill or do anything meaningful in the oil free zone that is Hot Creek Nevada. It just means that another year of PLC costs is taken care of.
Having been booted off ISDX and left stranded when GXG was closed it seems no market wants this stock traded given Us Oil & Gas is run by proven liars and owns nothing of value. Truly I despair at the stupidity of the 15%. And you will remember that US Oil & Gas had to extend this offer to cope with "institutional demand". Prey wee Brian which instos are on the shareholder list now? Oh...the dog ate that list just like it ate your drilling data back in Hot Creek when the inspectors called. Naughty dog.
Our own Duck & Dive summed up US Oil & gas perfectly:
So, thanks to ignorance, coercion, leprechauns, desperation, begging, deception, myopia, illness, charity, idiocy, blindness and God, USOP somehow managed to tap into a titanic 15% take-up of this preposterous open offer. Throw in a few treasury shares and the net proceeds are circa £500k enough to keep the lights on and pay the directors for months.
But it isn't nearly enough to drill. And the chances of finding any institutional investors/bucket shops daft enough to also overvalue the shares by at least 500% and rich enough not to care whether USOP shares will ever be traded on a stock exchange again must be zero.
And USOP has already demonstrated that it can't find a JV partner for its trumped-up, jumped-up, pumped-up patch of Nevada desert. Anyway, this is all excellent news for shareholders who wouldn't want to be out of this stock over the weekend.
Exactly D&D. The farce plays on
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