Shares of North American Energy Resources, Inc. (PINK:NAEY) continued to move higher Wednesday, extending its last week’s rally. The stock has jumped from $0.05 to $0.16 in just one week on low volume.
On 31 October 2011, the company announced that it would be buying a set of oil and gas assets from a private buyer worth $175 million. The deal is expected to close on or before 31 December.
The assets contains about 108 producing wells in 34 fields with an average net production of 12 million cubic feet per day of natural gas and 900 barrels per day of oil, or 2900 barrels of oil equivalent put together.
The assets have proven reserves of around 14.5 million barrels of oil equivalent, with additional internally identified probable and possible potential of more than five million barrels of oil equivalent.
The company is planning to fund the acquisition with a combination of debt and equity.
Now, the stock is trading higher by 7 cents or 81.41% to $0.16 with more than 92K shares traded hands, compared to its average volume of 13K shares. The company has market capitalization of $3.45. The stock is trading well above 50-Day Moving Average and 200-Day Moving Average of $0.05 and $0.06 respectively.
North American Energy Resources, Inc. (NAEY) is an exploration-stage company and engaged in the oil and gas development and production business.
The assembled information distributed by headlineotc.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Headlineotc.com does expect that investors will buy and sell securities based on information assembled and presented herein. Headlineotc.com will not be responsible in any way for or accept any liability for any losses arising from an investor’s reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.