Octagon 88 Resources Inc. (OTC: OCTX) Penny Stock Explosion!

What a Monster!

Update: OCTX made a spectacular run from the $3 level to highs over $10 before collapsing downward. The sudden drop should not be a surprise to anyone considering the Company has no real fundamentals to back up anywhere near this $200+ million market valuation.

Octagon 88 Resources, Inc. (OTC: OCTX) has made a highly explosive move up in recent weeks on massive volume; from a start point of around $3.50 per share to recent highs over $8. The high price hides the actual dollar volume which has been averaging close to $2 million per day so clearly this is the work of some heavy promoters, possibly SMA switching this up here.

According to OCTX they recently acquired substantial light and conventional heavy oil assets in Northern Alberta. The acquired projects have been substantially de-risked which leads the company to emerge as a development stage oil and gas company as of January 22, 2013. The company's intention is to grow shareholder value through mergers and acquisitions opportunities available to the company.

The current program schedule entails working with the operator of these properties to bring on production and cash flow through the company's direct working interests, and indirect investments spread throughout the projects.

On March 18, OCTX announced Octagon 88 and JV Partners – Coring Operation Successfully Completed – Coring Rig Moves to Second Well was successfully completed and the cores taken have been transported to AGAT Labs in Calgary for analysis.

The coring activity on the first planned well with Coring began at about 417 meters and continued to 459 meters, the targeted bottom of the Bluesky/Gething formation. Eight meters of excellent quality cap rock necessary for enhanced recovery methods, was cored followed by 30 meters of various types of oil bearing sands including those which may produce with primary production without the use of SAGD or CSS methods. The primary production is similar to neighboring oil majors and will bring on production much quicker while substantially reducing CAPEX costs of the project.

OCTX has flown under the radar of most penny stock investors, speculators, flippers and the rest, nobody is talking about it and there the Ihub Board has not been created. Maybe they think as I did at 1st glance that OCTX actually has something real besides the usual hype but they would be mistaken. OCTX has no revenues to date, no history of oil production and no cash either.

Conclusion: Currently trading at a market valuation approaching $125 million, OCTX has little cash or assets and no revenues to date. While the Company has little real fundamentals the stock continues to trade several million dollars in daily trading volume leading me to believe there is a significant promotion in place on OCTX, probably hard mailers considering there has been little sign of the usual emailers and nothing on the boards. In any case OCTX has little to back up current market valuation and will drop significantly over the long term. Short term it could go much higher depending on who is promoting it and how much they continue to spend on advertising.

Please Note: OCTX is way overvalued and will collapse one of these days. Be very careful.

to get the inside scoop on OCTX subscribe to OTCMagic.com right now. Also everyone should know, we have something HUGE coming!

 

Octagon 88 Resources Inc.
Guido Hilekes
Peter Beck
octagon-88.com
 
STOCK INFORMATION
SYMBOL: OTC: OCTX
Shares Outstanding: 21,235,473
Market Cap: $122,528,679
 
Octagon 88 Resources, Inc. (OTC: OCTX) is a Nevada corporation incorporated on June 9, 2008. They are currently based in Switzerland. They intend to operate oil and gas assets in the U.S. and Canada. They use June 30 as a fiscal year for financial reporting purposes.
 
Octagon 88 is a natural resource exploration stage company and anticipate acquiring, exploring, and if warranted and feasible, developing natural resource assets. As of the date of this filing they  hold an interest in a Company with oil and gas operations by way of a share ownership.  They are reviewing various oil and gas assets for additional suitable acquisitions.  We intend to acquire oil and gas assets that have both production and the opportunity for exploration and development.

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