Following are the major gainers in the oil & gas sector on Wednesday. Make sure to put these on your watchlist for the month of August.
Manitok Energy Inc. (OTCMKTS:MKRYF) Stock Soars Another 43%
MKRYF is one of the biggest gainers in Wednesday’s trading session. The stock opened with slight gains and by mid-day soared 82% to $0.0020. Interestingly, the rise has been supported by hefty volume with more than 424K shares have traded hands, compared to its daily average volume of 207k. Manitok Energy Inc. engages in the exploration, development, and production of petroleum and natural gas reserves in Western Canada.
Baytex Energy Corp (OTCMKTS:BTEGF) Stock Almost Tripled YTD
BTEGF stock is trading higher this morning with a gain of 1% to $1.66. So far, more than 50K shares have traded hands, compared to its average volume of 487K shares. The stock has been gaining momentum since the beginning of this year with a jump of 188%. Baytex Energy Corp. is an oil and gas corporation based in Calgary, Alberta.
Reconnaissance Energy (Africa) Ltd (OTCMKTS:RECAF) Stock Consolidates
RECAF stock is trading a bit high after falling as much as 30% in the past week. So far more than 893K shares have traded hands, compared to its average volume of 967k shares. The stock has soared 194% so far this year. Earlier this month, RECAF and its joint venture partner NAMCOR (the state oil company of Namibia) are pleased to provide, based on the mud logging report and geochemical analysis, more comprehensive data confirming a working conventional petroleum system. The Company also reports on additional drilling results and plans for the next phase of exploration in the Kavango Basin, NE Namibia and NW Botswana.
Allied Energy Corporation (OTCMKTS:AGYP) Stock in Focus
Allied Energy Corp. (OTCMKTS: AGYP) is primed to hit higher prices this week as shareholders hope for $0.5000 after shares reached 8.14% green yesterday to reach $0.4000. In heavy trading volume of 449,112, AGYP is gaining momentum after a positive Q2 financial report which shows cuts in operational and net losses as expenses were cut dramatically. All free cash flow was reinvested back into the Company’s primary activity: leasing oil wells and applying new technology to make them commercially new again.
The fast-moving events in the Middle East (fall of Afghanistan to Taliban last night) was a catalyst in yesterday’s positive stock increase in AGYP. Rather than a dangerous journey here, AGYP’s oil reserves are at home in Texas — cutting costs, a dangerous journey and in once commercially-viable producing well sites, such as the Green Lease Site and Annie Gilmer.