America Resources Exploration Inc(OTCBB:AREN) continues to fall lower since getting the extra E removed from its sticker symbol. The stock recently saw a spectacular rise from pennies to $1.30 highs before it was slapped with the dreaded Skull & Crossbones designation from OTCMarkts and gravity began to play heavy on Elite’s latest promo.
AREN is the latest and most successful promotion thus far from APS Predecessor Elite Penny Stock Group which operates the domains Finestpennystocks.com, Smartstockchoices.com, Bestamericanstocks.com and Elitepennystock.com, mysoaringpennystocks.com and pennystocks.com (which provides the APS connection as it was APS that bought pennystocks.com for US $1M back in the day)
Elite Penny Stock Group started off with GLRKF and MEDA before pushing AMLH up over 300% to a high of $0.40 in April. AREN has been their most successful promotion thus far with its 600% run to highs of $1.30.
America Resources Exploration Inc(OTCBB:AREN) is an oil and gas exploration and production company focused on the acquisition of properties in areas with significant oil reserves and drilling potential. The Company’s growth strategy includes the acquisition of oil fields from distressed third parties at a substantial discount to value, and development of fields whose potential has not been fully maximized.
On July 28 AREN announced it has begun a property-wide rework program on its Burns and Rogers leases located in Frio and Atascosa County, Texas. The Company plans to rework most of its wells, including those currently producing. America Resources will also re-enter some wells that are currently shut in to bring them back into production.
Over the last few weeks the Company has been orchestrating location setup including equipment delivery such as a workover rig and operational activities are currently underway. America Resources’ operator, Diamond Energy, will be executing the rework program and the Company is additionally soliciting bids from several service providers for its additional completion and oil field service needs.
“We are excited to be entering this phase of development on our Rogers and Burns leases,” stated Huang Yu, CEO of America Resources. “The acquisition decision and price for these assets was largely based on the inactive and degraded status of the existing wells. As we execute on our rework plans, the accretive potential of these transactions will be displayed and it also provides confirmation of our business model. We expect to increase field production significantly as a result of the work by early September.”
Earlier in July AREN announced it has received the first tranche of the $500,000 financing agreement recently signed with an institutional investor, which will provide the Company with additional working capital as it continues to evaluate acquisition targets to build out its production portfolio.
This first tranche will provide America Resources Exploration with $150,000 and in return the company will issue 1,000,000 shares of AREN at a price of $0.15. At the investor’s discretion, a second tranche would require the Company to issue an additional 750,000 shares at a price of $0.20 and a third tranche of 800,000 shares at $0.25 which, if exercised, would net the Company an additional $350,000.
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On September 8 BestAmericanStocks editor Thomas Williamson said ”Hi Everyone, AREN hasn’t been the best performer over the last week but this is about to change! The company has just discovered more than 2 million barrels of oil reserves located in the Harris property it acquired last week.
The numbers are staggering. Almost 100 million dollars worth of oil in place and the company’s already got 6 wells on property. With this latest find AREN may start drilling dozens of new wells immediately knowing that 30 days after it starts drilling it could be generating massive revenues from this field.
AREN is full of good surprises and with all the progress they have been making, do you really think the stock price won’t be back at $1 this week?
With this massive news announcement I expect that AREN will be on the rise this morning. You better buy your shares of AREN as soon as possible if you’re planning to buy so that you can get the best price possible.
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Currently trading at a $75 million market valuation AREN has no assets or revenues and nothing to suggest anywhere near current valuations with just $5,971 in the treasury. The stock has also been slapped with the dreaded skull & crossbones designation from OTCMarktes. Elite Penny Stock Group has proven their worth with this 500% move that looks to be in its final hours. Short term ARENEmay be good for another pop. Long term the stock will collapse leaving a long list of bag holders just like the rest of their picks which all trade at or very near $0. We will be updating on AREN when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with AREN.
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Disclosure: we hold no position in AREN either long or short and we have not been compensated for this article.