The penny stock of Dallas-based, oil and gas explorers and producers Sun River Energy Inc. (SNRV) has gone running away with the bulls this week. Without any news or board whoring, SNRV stock has taken flight, bouncing off of its record lows set last week for a second straight session which is likely to reach the 1 million share mark. With the numerous Form 4’s filed since the start of the month, the excitement, to say the least, is cause for traders to get this “real deal” Texan oil driller on their watch lists for a possible rebound to the teens, twenties, and even the $1 level.
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SNRV Stock Chart
Market Cap: 2.99M
Last: 0.07, up 0.045 (180.00%)
Dollar Volume: $16,019
Average Trade Size: 15,998
Issued and Outstanding: 42,729,608
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A little more than a month ago, the Company claimed a small victory when a case against them for fraud and mismanagement in the 134th Judicial District Court of Dallas County, Texas was thrown out with prejudice. Thinking that that may be construed as good news, Sun River’s SNRV stock price just kept on sliding down the falls from its $2.33 52 week high set almost one year ago.
With mineral interests owned in New Mexico and Texas, coupled with the departure of James E. Pennington from the General Counsel and Corporate Secretary positions as well as Jay Leaver’s resignation as V.P. of Geology, changes at the top levels are a good reason to be cautious in case the stock chart didn’t already scare you. They even let Judson F. “Rick” Hoover, the CFO go to try to save some money.
The selling of a portion of their leasehold interest in approximately 650 gross acres in the Neal Heirs Gas Unit in Panola County in East Texas to Katy Resources ETX, LLC for a $2,000,000 reduction to a promissory note wasn’t a boost of confidence either. Somehow, the offset of declining revenues, the departure of key personnel and a sliding stock price seems to have finally hit a snag. Insiders (see here) have been accepting shares in lieu of cash salary which could finally be the bright spot SNRV shareholders needed to see.
About SNRV Stock
Sun River Energy, Inc. is an exploration and production company focused on oil and natural gas. The Company’s strategy is to acquire acreage that allows it to predictably, consistently and profitably prove and develop these reserves.
Last 4 Trading Sessions:
Bottom Line: Anytime you see a penny stock that deals in oil and gas break out like SNRV has over the last two trading sessions, you have to follow the money. With SNRV stock priced so low and the share structure so inviting for this true Texan oil and gas company, you have to follow the bulls and watch this low float bouncer to see if can really return to the levels it traded at a year ago.
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