5,500 barrels a day moron...check the news...MarketWatch Market Pulse: Able Energy jumps on letter to acquire Ky. refinery Thursday September 15, 11:39 am ET By Michael Baron
NEW YORK (MarketWatch) -- Shares of Able Energy surged 34% to $15.99 on Thursday, making it the top percentage gainer on the Nasdaq. The move comes after the company said Wednesday that it's signed a letter of intent to acquire PHS Group and its related affiliates, the owners of the Somerset Refinery in Kentucky, for $19.5 million. The proposed purchase price reflects the assumption of about $10.5 million in debt. Able said the refinery has the capacity to process 5,500 barrels of oil per day. The company said the letter provides for a 30-day due diligence period, after which a definitive agreement could be signed. Able expects the transaction would close 30 days after the execution of a definitive agreement.