Shares in Independence Energy Corp. ( OTC: IDNG) are trying to break the $3 level after announcing that the oil drilling intersected an oil-bearing formation. IDNG stock has traded as high as $2.99 in today’s trading session, up 42% since our May 6 alert. Independence Energy, an oil and gas exploration and development company focused on projects in the U. S., is currently trading at $2.98 on volume of almost 243 thousand shares.
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IDNG Stock Chart
On April 2, 2012, the Company acquired a 5% working interest, on a 70% net revenue interest, of MontCrest Energy Drilling Program #3 in Coleman County, Texas.
Today, Independence Energy announced that it was informed that drilling at the Shields-MEI #105H Horizontal Well in Coleman County, Texas, had intersected an oil-bearing formation. MontCrest Energy Inc., the project operator, reported that recent mud logs taken from the Shields-MEI #105H well showed several important characteristic changes that indicate that drilling has intersected the targeted oil-bearing Gardner Sandstone formation at approximately 4,000 ft., including an increase in down hole pressure, the presence of natural gas, significant oil cut/staining, and odor.
Bottom Line: IDNG should have already been on the list of penny stocks to watch since our May 6 alert. IDNG has been building momentum all month and is now quickly trading towards $3 and beyond. The penny stock is now in blue-sky territory setting a new 52-week high today.
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