Shares of High Plains Gas Inc (OTC:HPGS) are showing bullish trend with the stock erased most of its one week’s losses. The stock is now trading higher by 49% to $0.0760 on over 893K shares traded hands – 2X its 30-day average volume.
Seems like traders are reacting late to the company’s yesterday news where it stated that it has reached a purchase and sale agreement (PSA) for the acquisition of Miller Fabrication, LLC.
As per the agreement, the company would acquire Miller Fabrication in deal consisting of cash and HPGS common stock. Financial information is yet to out as the companies are not allowed to make public anything before finalize the deal.
The company’s CEO, Brandon Hargett is very optimistic about the deal and is expecting to provide increased footprint in the industry, while also diversifying our revenue streams.
The company has market capitalization of $12.98 million. The stock had slumped 60% in the past one week.
High Plains Gas, Inc. (High Plains), formerly Northern Explorations, Ltd., is an exploration and production company. High Plains is a natural gas and petroleum exploration, development and production company, engaged in locating and developing hydrocarbon resources, primarily distressed and/or orphaned oil and gas projects throughout the Rocky Mountain region.
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