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:
- Far Vista Petroleum Corp Receives Offer and Counter Offers PR Newswire(Fri 9:03AM EST)
- Far Vista Petroleum will Announce Counteroffer in Buyout Bid PR Newswire(Wed, Nov 6)
- Far Vista Petroleum Corp Informs its Shareholders PR Newswire(Wed, Nov 6)
- Far Vista Petroleum Corp Presents Buy Out Offer to its Shareholders PR Newswire(Tue, Nov 5)
- Far Vista Petroleum Shall Release Buy Out Offer PR Newswire(Mon, Nov 4)
- Far Vista Petroleum cancels substantial block of issued shares PR Newswire(Mon, Nov 4)
- Far Vista Petroleum has received buy out offer PR Newswire(Fri, Nov 1)
- Far Vista Petroleum Corp gives orders for attaining a higher exchange PR Newswire(Fri, Nov 1)
- Far Vista Petroleum Corp looks at listing on a higher exchange PR Newswire(Thu, Oct 31)
- Far Vista Petroleum has received two major offers PR Newswire(Wed, Oct 30)
- Far Vista Petroleum Corp Reports Monstrous Oil Discovery Marketwired(Tue, Oct 29)
- Far Vista Petroleum Corp reports monstrous oil discovery PR Newswire(Tue, Oct 29)
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.
[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