Tiger Oil and Energy (OTCMKTS:TGRO) jumped 18% after announcing that its OTCIQ application had been approved. Following the approval, the company will now focus resources on updating its filings and financials as per the SEC imposed deadline.
In recent months Tiger has been working to bring the 75-acre Upchurch lease into production. Notably, the lease is held by production following a single well drilled almost four decades ago. The well drilled in the 1980s hit oil at 1800 ft. in the Knox formation. It is important to note that the Knox formation running at depths between 1660 and 2300 ft. is a premier formation in Kentucky.
Following the recent jump in oil prices, Tiger has commenced exploring the possibility of acquiring new gas and oil leases. CEO Howard Bouch said that the pandemic gave the company time to reflect and diversify its operations in the past year. As a result, the company is now in a better position to begin updating its financial picture. With the OTCIQ approval, TGRO is a stock to watch.
Market Reaction:
On Wednesday, TGRO stock soared 18% at $0.0010 with more than 1.75 billion shares, compared to its average volume of 227.66 million shares. The stock has moved within a range of $ 0.0009 – 0.0015 after opening the trade at $0.0012.
