If you like roller coasters, then you should probably have an eye on Century Petroleum Corp. (OTCMKTS: CYPE). This is a recent reverse merger play that has truly been all over the place. Shares ripped from a dime to fifty cents in late May, and then dove back down under a nickel in June. Now, in recent days, the stock has been back on the hunt, powering 500% higher in a week. Helping to juice that action, the company just announced the commencement of a corporate audit provided by PCAOB firm MaloneBailey.
According to the release, “Once the audit is completed it will take the Company to another step toward a potential up-listing to the OTCQB market. At the back of the FINRA corporate action, change of name and ticker symbol, the company wants to complete the PCAOB audit so it can immediately apply to up-list to the OTCQB. Another audit for the for Nigerian assets which is also conducted by another PCAOB registered Public Accounting Firm will be completed within the next two weeks.”
Century Petroleum Corp. (OTCMKTS: CYPE) had been operating as an oil and gas exploration company, marketing its services throughout the United States.
However, now this stock is going to represent share ownership of Ibeto Cement Company Limited, located in Bundu Ama, Port Harcourt, Rivers State of Nigeria.
According to provided materials, Ibeto began cement bagging operations at its bagging terminal in Port Harcourt in the year 2005. It is an ultra-modern bagging plant with a flat-storage capacity of 50,000 metric tons and a production capacity of 1,500,000 metric tons per annum, which translates to a production capacity of 4,000+ metric tons per day.
It has two (2) production lines, each with a capacity of 2,700 of 50kg bags per hour or designed total production capacity of 5,400 of 50kg bags per hour. It also has a third production line – popularly known as the “big/jumbo bag plant” – for big bags of 1,500 kilograms, and also fourth production line for bulk cement powder which is loaded on special cement trucks fitted with tanks and discharge pumps.
An integral part of the plant facility is a modern purpose-built jetty (Ibeto Jetty) that can take in ships of 190+ meters long with a sophisticated and state-of-art ship-unloaders and mounted at the waterfront on the Jetty to facilitate discharge of bulk cement from offshore/foreign mother vessels.
In line with the Nigerian Backward Integration Policy (BIP) on cement and in response to the Federal Government’s call to increase local production of cement, Ibeto Cement Company Limited acquired the premier Nigeria Cement Company Limited (Nigercem) which has a plant located in Nkalagu, Ebonyi State. The strategic acquisition of Nigercem is aimed at expediting Ibeto Cement’s local production of cement by resuscitating the Nigercem plant and developing the project, as a brand new dry process plant.
Additionally, the Ibeto Cement Company Limited is also developing another 6,000 Metric Tons Per Day (TPD) Cement plant at Cross River State/Abia State of Nigeria.
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The chart shows in excess of 420% piled on for shareholders of the stock during the trailing week. What’s more, the company has registered increased average transaction volume recently, with the past month seeing a bit less than 430% above the average volume levels in play in this stock over the longer term.
Erroll A. Booker, Chief Executive Officer of Century Petroleum, stated, “We are very happy to know that MaloneBailey has commenced its audit process and also that the PCAOB audit of the reverse merging Nigerian Company will also be completed within the next two weeks, this will help us to meet our deadline.”
Currently trading at a price per share of $0.245, CYPE is a total mystery as far as financials. This is a reverse merger play that now represents a formerly private Nigerian cement company, and we just don’t know what’s underneath the hood at this point. That said, we will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $CYPE stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $CYPE, either long or short, and we have not been compensated for this article.