West Canyon Energy (OTC: WCYN) staged a huge rally today, after holding steady at the same share price range for over three months. The stock closed today’s trading session at a share price of $0.0575, or 259.4% higher than its previous close. With 1.16 million shares of the stock exchanging hands, West Canyon Energy also achieved a huge volume jump. The average volume of the stock is only 202 shares. With today’s rally, West Canyon Energy now has a total gain of 161.4% since the start of 2012.
The exceptionally low average volume of the stock may be directly linked to the flat share price since April 20, 2012. On April 16, 2012, the stock peaked at a share price of $0.07. On the same day, 2,370 shares of the stock exchanged hands. Around that point, the share price of West Canyon Energy rose and fell quickly and significantly in just a few days.
The low average volume of the stock may also be explained by the company’s lack of headlines. West Canyon Energy has issued no press releases during the last two-year period, aside from the company’s financial filings.
Stockpromoters.com has no results listed for the promotion of West Canyon Energy. However, @pennystock24 mentioned on Twitter that both Pennystock Crew and Stock Publisher promoted West Canyon Energy today.
Today’s jump in volume may also signal more activity for West Canyon in the near future. SBwire listed West Canyon Energy today as one of the hot penny stocks to watch.
West Canyon Energy, incorporated on July 27, 2004, is an exploration-stage company. The company is engaged in the acquisition and exploration of mineral properties.
As of June 30, 2010, the company’s wholly owned subsidiaries included PetroSouth Energy BVI and Petrosouth Energy Sucursal Colombia. As of June 30, 2010, the company had no revenues.
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