Molori Energy Continues Multi-Month Run
Molori Energy's shares moved 21.13% higher on solid volume Wednesday. The junior energy company has been on a roll for months.
Molori Energy (MOL: TSXV) has been among the best performing junior oil and gas stocks on the TSX Venture since late-2016.
After bottoming out in early October at $0.055 per share, Molori closed at a new all-time high of $0.43 Wednesday. The company’s shares moved 21.13% higher on solid volume. Molori has not had any huge volume days in the past months, but instead inches higher on between 50,000 and 200,000 shares traded daily.
Molori Energy – 6 Month Chart
Molori Energy turns up Production
On March 23rd, Molori Energy announced that as part of its continuing re-development program it has successfully returned to production the State A and State C leases in Hutchinson County, Texas.
The company reported,
“The total portfolio of available well inventory in these leases is 42 oil wells and 12 gas wells (total of 54 wells). Of the 54 wells in inventory, 20 have been returned to production adding an average of 70 barrels of oil equivalent per day (“BOEPD”)* of production (comprised of oil and high BTU gas).”
Joel Dumaresq, CEO of Molori commented,
“As evidenced by the recently-disclosed NI 51-101 reserve report (see press release dated March 13, 2017), the Molori and Ponderosa partnership has increased P1 reserves to approximately USD $27 million while at the same time successfully re-working over 70 wells and improving daily production to an average of approximately 380 BOEPD. We fully intend to invest further in building reserves and production, with the goal of reaching our stated near-term production goal of 1,000 BOEPD by this time next year.”
Click here to read the entire press release from last week.
Geopick moves into 6th Place
March’s Stock Challenge has only two days left and no one is any closer to catching ‘screefer‘. The long-time member extended his lead after his combined average return moved over 200% on the month Wednesday.
Geopick, who is a past Stock Challenge Champ, selected Molori Energy for March’s Stock Challenge. His combined average return moved to 24.52% on the month Wednesday.
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