Shares of AER Energy Resources, Inc (PINK:AERN) have been showing very volatile trading sessions throughout the month October as the company had announced several news. The stock ended lower by 23.43% on Monday despite positive developments.
On Oct 26, 2011, the company announced that it has reached a joint venture (50/50) with Texas Energy, Inc. of Fort Worth.
Again on Oct 28, 2011. AER Energy Resources announced that it reached another Definitive drilling agreement with Black Gold Exploration LLC of Farmersville, TX and acquired 50% interest for the drilling of a minimum of two new wells on leases in Knox County, Texas. Both companies expect successful drilling completion before the end of the year.
This morning, the company announced its third agreement in less than week and stated that it has successfully completed an agreement with Rehoboth Oil & Gas, LLC of Baytown, TX for the purchase of three oil and gas leases for producing wells.
Last week, the stock soared 100% in the first two trading sessions, however it lost half of its gains on Friday and ended lower by 48%.
This morning, the stock gapped down and ended lower by 23.43% to $0.0183 with more than 46.95 million shares traded hands, compared to its average volume of 21.28 million shares. However, for the month of October, the stock gained over 52%.
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