Century Petroleum Corp. (OTC Pink: CYPE), an oil and gas exploration and production company, saw shares jump 63% on Monday, July 2, 2018. Over the past month, Century Petroleum Corp. has seen average daily volume of 1.98 million shares. However, on Monday nearly 5 million shares were exchanged, equating to around $1.2 million in dollar volume.
Shares surged on Monday after Century Petroleum Corp. announced the beginning of PCAOB audit which will be provided by MaloneBailey. Management plans to then apply to uplist to the OTCQB Venture Market. There will be another PCAOB audit of the Ibeto Cement Company Limited, a leading Nigerian cement company, scheduled to be completed in the next two weeks. Here is Century Petroleum Corp.’s full press release detailing of the PCAOB audit and uplisting plans:
Century Petroleum Corp. Press Release:
NEW YORK, July 02, 2018 (GLOBE NEWSWIRE) — Century Petroleum Corp. (OTC:CYPE) (“Century” or the “Company”) is pleased to announce the commencement of a corporate audit provided by PCAOB firm MaloneBailey. Once the audit is completed it will take the Company to another step toward a potential uplisting 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.
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.”
The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.