Penny Stock to Watch: Strategic American Oil Corporation (OTCBB: SGCA.OB) could be the oil strike investors need today. After gaining 32.47% yesterday on volume of 2.7 million shares, SGCA announced today that the oil and natural gas exploration company has successfully drilled its first well in the Fishers Reef Field in Trinity Bay, TX. RSI, MACD and Full Stochastics on the penny stock are all pointing in the direction that could easily show traders a much higher price than the current 0.102.
Based upon analysis of the 9,720 foot deep open hole and field data, the Company has decided to complete the well and ready it for production. According to open-hole log evaluation and core analysis, the successfully drilled first well of SGCA encountered approximately 50 feet of gross pay and estimates 44 feet is net pay, capable of producing hydrocarbons. The drilled well encountered the productive horizon in a favorable structural position, as originally predicted.
SGCA Stock Snap Shot:
Market Cap: 27.51M
52-Week High (Jul 27, 2011): 0.15
52-Week Low (Sep 16, 2011): 0.06
5-Day Moving Average: 0.0805
10-Day Moving Average: 0.0783
20-Day Moving Average: 0.0806
50-Day Moving Average: 0.08
200-Day Moving Average: 0.10
Avg Vol (3 month): 283,333
Avg Vol (10 day): 840,575
Shares Outstanding: 269.74M
Strategic American Oil Corporation is an oil and natural gas exploration and production company with operations in Texas, Louisiana, and Illinois. SGCA operates the Fishers Reef Field in Trinity Bay, Texas, including the ST 9-12A #4 well through its wholly-owned subsidiary Galveston Bay Energy LLC (“GBE”). GBE retained 25% of the working interest in the well after conveying 75% to financial and industry partners.
SGCA‘s team of geologists, engineers, and executives leverage 3D seismic data and other proven exploration and production technologies to locate and produce oil and natural gas in new and underexplored areas. SGCA seeks accretive acquisitions of production, reserves, or other companies that will provide significant growth potential.
SGCA YTD Stock Chart:
Bottom Line: The successful drilling of SGCA’s first well is a major milestone in the oil and gas penny stock’s move forward towards the company’s operational plans for the oil drilling fields in Trinity Bay and Galveston Bay. Add OTCBB listed Strategic American Oil Corporation, SGCA.OB, to your stock watch list immediately.Share