Midwest Oil & Gas Inc (OTCMKTS:MWOG) Looking For Bagholders

We told everyone on April 27 that Midwest Oil & Gas Inc (OTCMKTS:MWGO) was Elite's new pick. It took only one day for OTC Markets to slap MWOG with the dreaded skull and crossbones symbol. However, in spite of all this, the ticker continues to tick higher ever so slightly as the relentless promo emails from Elite get more investors to buy than sell. This is dangerous because judging from Elite's track record, current shareholders will be left holding the bag.As we said last time, for those that are not familiar with Elite, they are the most powerful newsletter group on the OTC markets. Their websites include finestpennystocks.com, smartstockchoices.com, smartstockwinners.com, BestAmericanStocks.com, and many others. What made Elite so powerful is that they have a massive database of names and followers. They even have other newsletters following their picks and then trying to pass off Elite picks as their own. Elite will blast their list several times a day trying to get as many buyers into their stocks as possible.Elite has left a trail of victims that only the Wolf of Wall Street can admire. Their last picks have been Broke Out Inc (OTCMKTS:BRKO), Cloudweb Inc (OTCMKTS:CLOW), AgriEuro Corp (OTCMKTS:EURI) and America Resources Exploration (OTCMKTS:AREN). Here’s a quick recap. BRKO got halted. EURI, AREN and CLOW all left investors holding the bag.The problem with MWOG is that there's very little known about the company. Since Elite started promoting the company, there have only been two press releases. The first was that MWOG acquired a 160 acre lease in Texas. In the press release, MWOG described itself as "a hydrocarbons exploration and production company with its main base of operations in Kansas. The company's flagship property is a combination of 3 leases located in Montgomery County, Kansas totalling around 600 acres with 30 wells on site which are currently non-producing." That's right, 30 wells that are not producing any oil.The company also said that it would be "engaging an experienced geologist to calculate the oil and gas reserves that could be located on this newly acquired lease and will be releasing the results once they become available." Lo and behold, three days later we had the results in the form of a new press release. Elite was quick to jump all over this news and sent out this promo email.

Were you among the smart investors who were buying cheap shares of MWOG this week?Because the company released breaking news this morning:MWOG announced that an independent geologist studying the new Texas lease they acquired a few days ago has discovered that the company could be sitting on as much as 3 million barrels of oil equivalent to 140 million dollars.This news is going to shake the market and send MWOG shares soaring to a new high.If you want to buy shares of MWOG you should do it as early as possible today before the news spreads across wall street and everyone starts jumping on the undervalued shares.With this latest news I expect MWOG to pass $1 next week so move quickly!Happy Trading,Your editor,Thomas Williamson

We checked out the company's website. It's nothing more than a basic website with no phone number listed and their email is listed as ceo@midwestoilandgasinc.com. The website says that Thomas L Crom III is the CEO. His MarketWatch bio says:

Mr. Thomas L. Crom, III, is Chief Financial Officer at Umbra Applied Technologies Group, Inc., CFO, Secretary, Treasurer & Director at Midwest Oil & Gas, Inc., and Chief Financial Officer, Secretary & Director at Kansai Mining Corp. He is on the Board of Directors at Midwest Oil & Gas, Inc., Kansai Mining Corp., and Eureka Ventures, Inc. Mr. Crom was previously employed as President by Frontier Beverage Co., Inc., CFO, Secretary, Treasurer & Director by NuTech Energy Resources, Inc., Chief Financial Officer, Secretary & Treasurer by Resource Group, Inc., Chief Financial & Accounting Officer by New Morning Corp., and Chief Financial Officer & Secretary by Timebeat.com Enterprises, Inc. He received his undergraduate degree from Santa Clara University and a graduate degree from Golden Gate University.

Currently trading with a market cap of $25 million, the latest SEC filings show no revenues, zero cash, $3.6 million in total assets, and $4.1 million in total liabilities. We urge investors to be cautious in trading MWOG. Don’t be left holding the bag! We will be updating Insider Financial as soon as we know more. For continuing coverage on MWOG, sign up for our free newsletter today and get our next hot stock pick!Disclosure: We have no position in MWOG and have not been compensated for this article.