Shares of penny stock DLTA, Delta Oil & Gas, Inc., are up over 50% in today’s trading session on 350,925 of volume. This isn’t just an exploration play as the Company does produce some modest revenue from sales. However, there is limited trading history and not too much in the way of sizzle to see this one produce long term gains.
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DLTA Stock Chart and Trading Highlights
20 Day Percent Change: +17%
20 Day Average Price: 0.0956
20 Day Average Volume: 4,319
On June 28 the Company reported on the most recent reserve valuations of its producing oil and gas assets. As at December 31, 2011, Delta’s producing oil and gas assets had a valuation of $3.6 million at a 10% discount. As at the same date, Delta had a total of 14.1 million common shares issued and outstanding, which equates to over 25 cents a share in reserve valuation.
The Company received $29,545 as of March 31, 2012 (December 31, 2011 – $18,742) from Hillcrest Resources Ltd., as its share in the Texas project. The Company will expend these funds for drilling the first and second exploration wells.
About DLTA Stock
Delta Oil is an exploration company focused on developing North American oil and natural gas reserves. Delta Oil’s current focus is on the exploration of its land portfolio comprised of working interests in acreage in King City, California; Southern Saskatchewan, Canada; Newton County, Texas, and South Central, Oklahoma.
The Bottom Line: The big price gains we are seeing tody are due more to the previous lack of trading and small I&O. Look for DLTA to drop back to its previous trading range within a week. There just isn’t enough excitement to maintain any solid long term activity.
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