Why Did Turner Valley Oil and Gas Inc (OTCMKTS:TVOG) stock Soar 60% On Friday?

This past Friday there were certain stocks which had managed to clock significant gains and one of those was the Turner Valley Oil and Gas Inc (OTCMKTS:TVOG) stock. The company is now known as Turner Venture Group Inc. Following a key announcement from the company on the day, the stock went up by as much as 60% as investors piled on to it in a big way.

Trading Data

On Friday, TVOG stock jumped 60% to $0.0080 with more than 1,11 million shares, compared to volume of 94.72K shares. The stock moved within a range of $0.0050 – 0.0090 after opening trade at $0.0050.

Turner Announces Successful Completion of OTC Markets Uplist to Pink Current Tier

The company had announced that it had been successful in getting its stock uplisted on the OTC Markets to ‘Pink Current’ Tier status. The uplisting came about due to the recent legal opinion and also because Turner Valley Oil had provided updated disclosure and financial statements.

Any kind of uplisting of a stock is seen as a major positive by investors more often than not and hence, the rally in the stock was perhaps not a surprise. Jordan Balencic, who is the Chief Executive Officer and Chairman of the company spoke about the matter as well.

He noted that the uplisting was a significant milestone since it was going to have a major effect on the company’s acquisition plans and the beginning of its IR awareness initiative. It remains to be seen if the stock can add to its gains today.

Key Quote

“We are excited to reach the Pink Current status with OTC Markets, which is a critical milestone for our acquisition program and the commencement of our IR awareness program. Turner looks forward to demonstrating value creation through new contracts and sales updates for our current portfolio companies Bloomi Labs and Herban Healing. We are preparing exciting updates in real-time that we will announce soon,” stated Dr. Jordan Balencic, Chairman and CEO of Turner Venture Group, Inc.

Technical Data  

TVOG stock is trading above the 20-Day and 50-Day Moving averages of $0.0052 and $0.0056 respectively. However, the stock is trading below the 200-Day moving average of $0.0085.