Shares in the penny stock of Independence Energy Corp. (OTC: IDNG) could test $4.00 today after the recent oil drilling update. IDNG stock closed at $3.72, down -0.53%, after trading between $3.69 and $3.77 for the day. At 6am Wednesday, the Company announced that it had received confirmation that the contracted completion rig for their Taylor-MEI #113 well has been booked for a Friday, June 15, delivery. Two weeks ago, the Shields-MEI #105H Horizontal Well intersected an oil-bearing formation.
IDNG stock is currently up $1.62, 77.14%, since our alert at $2.10.
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Independence Energy targets potential oil bearing formations that have shown to be productive in the past. The Taylor-MEI #113 is part of a 2 well re-completion program. The 2 wells, the Taylor-MEI #113 and the Taylor-MEI #115, were originally drilled to, and completed in, the Ellenburger formation (4,400 feet). Currently, the 2 wells are in the re-completion stage to the Gardner Sandstone formation (3,700 feet). The Taylor-MEI #113 is projected to take approximately 10 days to complete. Note: IDNG has a 2.5% working interest in these wells.
The Taylor Lease property, where Independence Energy’s leaseholds are located, historically produced oil from 4 wells that were originally drilled during the 1950’s. No development work had been conducted on the wells until Independence acquired them.
Bottom Line: IDNG has been a strong penny stock landing on Millionaires Row, top dollar volume list, multiple times in the last two weeks. At the current price of IDNG stock, expecting to enter now and see a gain of 77.14% is unlikely. Those who own IDNG at our alert price level should continue to adjust their trading plan as it appears the trading week is going to end with another announcement from the Company.
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