SEC Suspends trading in Far Vista Petroleum $FVSTA

The string of suspensions of promoted stocks during the promotion or soon after continues with the SEC suspending trading in Far Vista Petroleum Corp (FVSTA) today. FVSTA was most recently promoted on October 31st by PennyStockFinder.com (with no compensation disclosed) and on October 23rd by PennyPickFinders.com for which they were compensated $25,000. It is pretty obvious that the reason for the trading suspension is the rather silly press releases put out by the company recently. The mysterious buyout offers for over ten times the market price of the shares are certainly the press releases that got them suspended but I also appreciate their “monstrous oil discovery” press release. See them below:

 

 

Kudos to Nate Michaud for predicting the trading suspension.

 

From the trading suspension release:

The Commission temporarily suspended trading in the securities of FVSTA because of questions
that have been raised about the accuracy and adequacy of publicly disseminated information
concerning, among other things, FVSTA’s business prospects, operations, and control.

 

SEC trading suspension release (pdf)
SEC trading suspension order (pdf)

[Edit 2013-11-11]: Lukoil made a statement today disavowing any relationship with FVSTA:

In response to numerous queries, the OAO LUKOIL Press Service would  like to report that the company is not holding any talks with Far Vista  Petroleum Corp. regarding joint projects, nor has it given Far Vista Petroleum  any information on the results of its production activity.

LUKOIL shall not be liable for any possible negative implications  of investment decisions taken in relation to publications of Far Vista Petroleum  Corp

 

Disclaimer: I have no position in any stock mentioned and I have no relationship with any parties mentioned above. This blog has a terms of use that is incorporated by reference into this post; you can find all my disclaimers and disclosures there as well.

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