The trading week starts out with a question for penny stock traders: Is New Western Energy Corporation (NWTR) really worth $2? Alerts are overflowing on NWTR stock today which, just 7 months ago, looked as if it really was going to it $2 a share. Now that it has become one of the cheapest revenue producing oil and gas stocks, sitting at just 0.18, -84.07% from its high set on January 3, can more drilling really propel this energy company half way to its January high, or is it just another flip?
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NWTR Stock Quote
Market Cap: 12.40M
Friday Close: 0.18 ▲ +0.02 (+12.50%)
Issued and Outstanding: 68,905,866
1st Resistance Point: 0.1867
2nd Resistance Point: 0.1933
1st Support Level: 0.1667
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Testing the Mississippi Dolomite formation, New Western Energy is working its way, at least through the PR’s it issues, into becoming a major player in the quest to become the next great small oil and gas company in the U.S. Since late, 2012 when the Company came onto the scene, 2,000 ft deep drilling tests have been done in search of black gold.
As of March 31, 2013, there was more than sufficient cash available, $792,967, for New Western Energy to conduct its exploration activities. Last month, the Company reported drilling the first of 3 wells in the area of the Mississippi Dolomite formation.
The PR reported that “enough gas is found then the company will build a two mile gas gathering pipeline connecting the B&W Ranch Lease to a local sales point.” This would be huge since, for the 3 months ended March 31, 2013, only $19,197 in revenues were booked. A significant announcement of oil to be sold or that this pipeline is being built could send NWTR stock into the low 30’s with ease IF it wasn’t being diluted lie water since the beginning of the year.
About NWTR Stock
New Western Energy Corporation is engaged in the acquisition, exploration and development of, and production from oil, gas and mineral properties located in the United States.
Last 5 Trading Sessions:
Like it or love it, NWTR is n play and should be watched pre-market for a gap and trap. Keep NWTR on your list of penny stocks to watch up until about 10:30 this morning. If a gap comes at the open, the dip may be worth loading into.
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