Honesty crushed the penny stock of Holloman Energy Corporation (HENC) after they admitted publicly having dug a dry well in their exploration efforts on the Western Margin of Australia’s Cooper – Eromanga Basin. Dropping half of their market cap on their largest volume trading session in over 11 months, HENC stock closed Wednesday at its lowest level in nearly 14 months. With their minimum work obligation requiring them to drill one well before January 10, 2014 and only 5.7% of the 31,382 acres the PEL 112 license comprises having 3D Sesimic data, the efforts are not going unnoticed and should spurt this oil stock once again.
Our Next Pick Is Coming Soon! Click HERE To Make Sure You Don’t Miss Any Of Our Breaking Alerts!
HENC Stock Quote
Market Cap: 29.78M
Wednesday Close: 0.27 ▼ -0.24 (-47.06%)
Dollar Volume: $225,918
Issued and Outstanding: 110,313,011
14-Day Rel Strength: 18.68%
1st Resistance Point: 0.16
1st Support Level: 0.455
Looking for Hot Penny Stocks?
Click here To Receive FREE Penny Stock Alerts
Efforts are surely being made by Holloman Energy to make the most of their working interests in petroleum exploration licenses covering 4,554 square kilometers (1.125 million gross acres) located on the western flank of Australia’s Cooper Basin. Giving them a little bit of rope due to their dry drill, they hadn’t participated in the drilling of any wells during the 3 years ended December 31, 2012.
Holloman Energy had spent $8.24 million during Q1 of this year to get their program into action. The Company estimates that, in order to drill, complete and equip 6 wells shared across their working interests in the PEL 112 and PEL 444 licenses, costs should run somewhere between $31 million to $33 million.
From a technical point of view, the sell off on HENC stock was severe yesterday and could have a day 2 effect early on for those not able to pull any triggers after the dry drill announcement. With a sizable upside if good news was to come from their PEL 444 drill plans, HENC stock could return to the 40’s.
About HENC Stock
Holloman Energy Corporation is an exploration stage company focused on exploring and producing oil in Australia’s Cooper Basin.
Last 5 Trading Sessions:
Oil and gas penny stocks can be so volatile at times, especially if they are really drilling lie they are supposed to and not blagging about how they are on the border of some oil giants property. HENC should see the low 20’s today before any kind of stability and should have a long road ahead before seeing anything above 0.40.
Here is your opportunity to subscribe to the Most Read Penny Stock Newsletter
If You Can’t Make Money With Us, You Shouldn’t Be Trading Penny Stocks
(We are 100% Anti-Spam and will never rent or sell your information)Share