Mike,
I agree with you that if this was a scam, they would loose a golden opportunity to hype the stock while waiting for the results.
Usually, at least there are rumours, "News is coming Real-Soon-Now".
As the situation is now, most potential investors are scared off.
I can't see any reason for UPR to hide a dry well. It's not they who have selected the site, UPR hasn't even paid for the drilling. They don't loose anything, neither money nor status. However, if the results would warrant a continuation with the 50 new wells, it will involve allocating a lot of resources. The only way I can interpret the "tight hole" is that there is something worthwile to keep quiet about.
Awaiting some form of release, I would have expected the trading of this stock to dry up as well. There has undoubtedly been some plays by the MMs to generate some artificial volume, and I think they can cause the price to move up/down easily with very little money involved.
As stated before, HILL and FRAN have been very active both buying and selling. However, ERNS has only been selling and is almost always controlling the ask. It appears that they have a seemingly endless supply of shares to sell. I checked up on ERNS, but they seemed to be a very large, reputable company. As far as I can tell, they are the source to most of the shares being sold these last weeks. I don't know what they are allowed to disclose, but I guess they would answer some questions from a prospective investor. Their homepage is ernst-co.com and the phone number to their NASDAQ department is 212 898 6330 . Just in case there are any investors out there, wanting to get some advice on whether to invest or not...
Regards,
ps |
