UTOG

UTOG Surprises Shareholders


If you are a penny stock trader, then you must not be surprised after hearing news from Uniontown Energy Inc (OTC:UTOG), which stated that the United States Securities and Exchange Commission (SEC) has halted the company’s stock to trade on the OTC market till 11:59 p.m. EDT, on June 14, 2011.

UTOG further added that it has not received any details from the SEC, but it also assured that the company is taking necessary steps and will co ordinate with them, if they have any requirements.

utog UTOGFurthermore, the company clarified that as per them, UTOG has filed all the necessary documentations accurately and in a timely manner.

The recent announcement is very surprised for UTOG shareholders, but they can’t do anything with their shares at least until next 2 weeks. In the meantime, we would look forward for the next development and see how UTOG reacts to the SEC’s queries.

UTOG Stock Slumps


Shares of UTOG stock have slumped over 22% since May 20, 2011 on not very volume.

Yesterday, UTOG said that it has received the entire money from its Private Placement of $3 million which was announced on April 27, 2011. The original issue was for $2.50 million, but as it over subscribed, the company increased the size of issue to $3 million.

UTOG – Uniontown Energy is a development stage company and had no revenue as of January 31, 2011. Moreover, the company had a very low cash balance of $157. The company has a deficit working capital of $629,449 and shareholders’ deficit of $629,449.

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11:55 pm | Vanessa West | Tags: | No Comments »

UTOG – Uniontown Energy Inc

UTOG Hot Penny Stock Or Not ?


Not too long ago,UnionTown Energy (UTOG.OB) seemed to be your standard reverse merger, oil and gas bulletin board penny stock. However, a couple of weeks back, there was a lot of chatter in the penny stock trading community that shares of UTOG had a large PR budget and potentially had a shot to catch some of the profits rotating out of Lithium Exploration Group (LEXG:OB). We were watching it closely even considered releasing it as a hot penny stock alert to our subscribers. However, shares UTOG failed to rally and fortunately, we held back and the stock never rallied.

Now at the time of this entry, shares of UTOG are up a few cents on what seems to be light volume. Is UTOG dead money ? Or is this the quiet pullback before the rally ? Right now it seems to be tough to tell, but you should still by all means add UTOG to you penny stock list, and here is why. Last week, according to a SEC filing, UTOG did a private placement for $2.5 million. They sold 1 million shares for $2.50, which is right under the year high. Right now the stock is in the $1.80 range. Now while private placements dilute by nature, is the discount in UTOG too large ? Especially since they recently announced a drilling program on the New Miami Property, acquired a 24k acre property in Wyoming, and signed a letter of intent to buy a smaller 11k acre property in Montana.

At this point, even with oil prices attempting to rally, it’s probably just best to watch shares of UTOG and keep an eye on the PR’s and volume. If anything of consequence happens we will be sure to alert you. Remember that following multiple names increases the chance of identifying the next hot penny stock.

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1:39 pm | Vanessa West | Tags: , | 1 Comment »