NEW YORK, NY / ACCESSWIRE / September 25, 2018 / Neither New Concept Energy nor Camber Energy had any significant news yesterday to explain their colossal share price jumps, but oil prices skyrocketed to a four-year high which may have helped energy stock continue their rally.
RDI Initiates Coverage on:
New Concept Energy, Inc.
Camber Energy, Inc.
New Concept Energy, Inc. shares were up nearly 69% on Monday on roughly 10.3 million shares traded. There was no news from the company but oil prices did hit a four year high with energy stocks in rally mode. The Dallas-based oil and gas company reported a net loss from continuing operations for the three months ended June 30, 2018 last month. The amount was $174,000 or 7 cents per share, compared to net loss from continuing operations of $124,000 or 6 cents per share for the three months ended June 30, 2017. The company is scheduled to release its next quarterly earnings announcement on Tuesday, November, 13th 2018. The company is focused on North American oil and gas drilling and exploration projects. New Concept Energy current properties are concentrated in the Appalachian Basin and Utica Basin.
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Camber Energy, Inc. shares closed up a little over 77% yesterday on nearly 53 million shares traded. The stock continued to soar nearly 23% in after-hours trading despite any announcements. Traders may have been reacting to oil rising to a four-year high. It was earlier this month that the growth-oriented, independent oil and gas company engaged in the development of crude oil, natural gas and natural gas liquids, provided an update on its workover activities. On September 10th, the company wrote in a press release, "Since closing the Panhandle acquisition in Hutchinson County, Texas, the Company has worked over thirty-one wells, which includes two salt water disposal wells and twenty-nine potential producers. Twenty-nine wells have been restored to production and are currently conducting flow-rate test. Additionally, the Company has another nineteen wells to workover, funding permitting. These activities are all consistent with the Company's previously announced growth plans. The Company is also evaluating additional opportunities close to its Panhandle assets. The Company is also continuing to work towards closing its previously announced sale transaction with N& B Energy, LLC ("N&B"), which is anticipated to close within the next three weeks."
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