3 Promising Penny Stocks for March 2010

March 3rd, 2010 at 9:30 am Posted by The Dean

$BYSD
With properties in Texas, Louisiana, Mississippi and Oklahoma, Bayside Petroleum Company, Inc. (OTC: BYSD.PK) engages in the exploration, development, and production of oil and gas reserves in the United States. Last month, $BYSD announced that its carrying out its program to increase production from their Loma Novia project in Texas, with “completion on the #1 well and the drilling of the #2 well is expected to commence around the middle of March.” The company also announced a well re-completion in the prolific Woodford Shale formation in Oklahoma. The Dean believes this company is a speculative buy target, especially if $BYSD is expecting more news and business updates.

$NNLX
NanoLogix, Inc. (OTC: NNLX.PK) is a biotechnology company focused primarily on medical diagnostics. Its products offer accelerated detection and identification of microorganisms present in infectious and non-infectious human diseases. In addition to medical, National Defense, and Homeland Security applications, $NNLX‘s technology is applicable in pharmaceutical, industrial, veterinary and environmental testing. $NNLX hasn’t released news since the beginning of November, when the company filed a national patent for their BNP (BioNanoPore) product in China, Japan, India, Brazil, Russia and the EU. $NNLX also reclaimed full rights to 18 patents previously licensed to Nutra Pharma Corporation (OTC: NPHC.OB) after failure of the company to pay the balance of patent royalties due for 2008 and the first half of 2009. The Dean thinks that’s a lot of momentum and believes we could be hearing something good from this company in upcoming weeks.

$IPMN
Imperial Petroleum, Inc. (OTC: IPMN.OB) operates as a diversified energy and mineral mining company in the United States and the company is engaged in the production and exploration of crude oil and natural gas primarily in Louisiana and Texas. $IPMN recently signed a Stock Purchase Agreement to acquire 100% of the stock of e-biofuels, LLC, a biodiesel producer with a production capacity of 15 million gallons per year. The agreement, which is set to close on March 31, 2010, calls for $IPMN to pay 2 million shares of common stock and issue $3.5 million worth of promissory notes to e-biofuels. $IPMN has a market cap of just over $3 million and message boards that have been