Century Petroleum Corp. (OTCPK: CYPE) is an oil and gas exploration and production company that engages in the acquisition and exploration of oil and gas properties with a view to exploiting any oil and gas reserves they discover.
CYPE shares began 2018 trading at $.001 per share. Today CYPE shares were trading at $.39 per share. That is an increase of 39,000%.
The company recently announced a reverse merger with a Nigerian cement company.
Recent Events
May 29, 2018. Century Petroleum announced that its Chairman, Dr. Cletus M. Ibeto, has appointed Erroll A. Booker as the new Chief Executive Officer. Booker was a co-founder of Claviger Corporation that worked closely with emerging economies in Africa and Asia developing and implementing such services as voice, data, fax and video across civil and military applications. We specialized in proprietary central office exchange and billing technology designed specifically for emerging economies. Claviger was successful in working with the governments of Sierra Leone and Bangladesh insuring a smooth telecommunication privatization transition. https://www.otcmarkets.com/stock/CYPE/news/The-New-Chairman-of-Century-Petroleum-Appoints-a-New-Chief-Executive-Officer?id=193875
May 25, 2018. Century Petroleum announced that it has entered into a binding letter agreement dated as of May 25, 2018 with a leading Nigerian-based cement company, Ibeto Cement Company Limited. The Letter Agreement outlines the proposed terms and conditions pursuant to which Century Petroleum Corp and Ibeto Cement Company Limited will effect a business combination that will result in a reverse takeover of Century Petroleum by the shareholders of Ibeto Cement Company Limited. The Letter Agreement was negotiated at arm’s length. Per the Agreement, Dr. Cletus Ibeto has acquired 70% control of Century Petroleum Corp. Effective May 24, 2018, Mandla J. Gwadiso, newly appointed Chairman and CEO of Century Petroleum Corp has stepped down and Dr. Cletus M. Ibeto has been appointed as the new Chairman of the Board effective immediately. https://finance.yahoo.com/news/century-petroleum-announces-proposed-reverse-143901066.html
Financial review
The company’s FYE is April 30th
The company has minimal financial activity reported for FYE 2017 and 2018 with no revenue generated.
The net loss for FYE 2018 and 2017 was ($18,062) and ($5,511) respectively.
The company balance sheet lists no cash or other assets at FYE April 30, 2018
Shares authorized
The Company is authorized to issue 483,000,000 shares of common stock with a par value of $0.001 per
share. As of April 30, 2018, and 2017, 271,857,024 and 71,857,024 shares were issued and outstanding,
respectively.
The Company is authorized to issue 7,000,000 shares of preferred stock with a par value $.001 per share. As
of April 30, 2018 and 2017, no preferred shares were issued and outstanding, respectively.
Capital Stock Issued:
During the year ended April 30, 2018, the Company issued 200,000,000 shares of common stock
for repayment of related party debt totaling $20,000.
Stock influences and risk factors
The company has not generated revenues in recent years and has no assets;
The reverse merger may place 70% of the company shares in one party’s hands;
The current market cap of the company is $28M, the company had no assets as of April 30, 2018.
Stock chart
On Wednesday, May 30, 2018, CYPE shares were at $.39 on traded volume of 1.4M shares. The current RSI (14) is 77.62
At $.39 CYPE shares are trading above their 50 DMA and 200 DMA of $.1062 and $.0302 respectively.
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