High Plains Gas (HPGS) Jumps On Long Awaited Update

HPGS Stock, High Plains Gas Inc.Scanners who were watching for news today caught hold of the update which sent the penny stock of High Plains Gas, Inc. (HPGS) into mini-orbit. Announcing midday that they signed a contract to sell natural gas from their coalbed methane wells to United Energy Trading of Lakewood, Colorado, shares of HPGS stock ignited to better than double before pulling back to their pre-news levels where they began then session. As they slowly work their way back to becoming current filers with the SEC, a look at what they might be worth is definitely something traders should check out.

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Market Cap: 3.74M
Last: 0.0102 ▲ +0.0022 (+27.50%)
Volume: 2,890,430
Dollar Volume: $40,005
Open: 0.0073
High: 0.0184
Low: 0.0073
Trades: 76
14-Day RSI: 69.76%
1st Resistance Point: 0.0166
1st Support Level: 0.0055
52Wk High: 0.03
52Wk Low: 0.0014

There is a lot of ground that High Plains Gas needs to cover in order for investors to have a clearer picture as to what today’s announcement really means for HPGS stock. According to their last Q filing for the 9 months ended September 30, 2012, revenues had dipped to $2,143,458, a -78.97% decline from the $10,191,744 they booked during the same period in 2011.

However, the Company did just acquire approximately 1400 coalbed methane wells from Luca Technologies, Inc. and the member interest in Patriot Energy Resources LLC and Patriot Energy Gathering LLC which is a clear sign that High Plains Gas is moving ahead despite being late filers with their financial statements. It’s hard to imagine that HPGS shares were trading well above $1 back in 2011 before falling well below the 0.05 level 2 years ago, never to recover.

Based on the $29,941,536 in liabilities the Company had on their books back on September 30, 2012 and the decline in both working capital and revenues, today’s announcement should surely bring some bargain shoppers towards HPGS stock. Considering how the initial spike today retracted quickly enough to get back to 0.007, a return to the 2’s warrants more than enough reason why HPGS shares should be monitored for the duration of the week.

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About HPGS Stock

High Plains Gas, Inc. is a development stage company that,together with its wholly owned subsidiaries, provides construction services, and repair and maintenance services primarily to the energy and energy related industries primarily located in Wyoming, North Dakota, Montana, Oklahoma and Texas, and produces natural gas in the Powder River Basin in Northeast Wyoming.

Click here to view the SEC filings for HPGS.
Click here to view the website for High Plains Gas.

Authorized: 500,000,000
Issued and Outstanding: 299,239,076

Last 5 Trading Sessions:

Date Open High Low Last Change % Change Volume
05/29/14 0.0073 0.0184 0.0073 0.0102 +0.0022 +27.50% 2,890,430
05/28/14 0.0074 0.0080 0.0073 0.0080 +0.0006 +8.11% 54,000
05/27/14 0.0084 0.0090 0.0074 0.0074 -0.0010 -11.90% 45,000
05/23/14 0.0084 0.0084 0.0084 0.0084 -0.0001 -1.18% 1,600
05/20/14 0.0084 0.0090 0.0084 0.0085 +0.0001 +1.19% 27,000

 

Bottom Line:

The news announcement today rightly placed HPGS on the list of penny stocks to watch heading into June. Seeing as how a return to above 0.01 takes little effort, a solid run on some updated financials and reports of natural gas sales could easily send HPGS to the next level and throw some good coin into the pockets of those longing it.

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