American Liberty Petroleum (OTC: OREO), an energy company based in Bakersfield, California, is seeing a light at the end of the tunnel after posting a 52-week low of $0.1170 on July 10, 2012. Since then, the stock has slowly crept up. After closing at $0.168 on Friday, the stock opened at $0.17 this morning. The price rose to $0.225 before settling at $0.185, an increase of $0.017 over Friday.
American Liberty’s stock was close to $2.00 in March 2012, closing at $1.94 on March 15, 2012. It dropped down to $1.30 just days later and rose back up to $1.63 in mid-April. That was the stock’s last highest price, as it has slipped down the charts since then. It took a nosedive from May 17 – June 1, 2012, plummeting from $1.00 to $0.37, but the drops didn’t end there. The stock continued its up-and-down activity until reaching its lowest point on July 10, 2012.
The stock’s volume for today, at more than 2.6 million shares, was double the daily average of 1.1 million shares. Today’s volume was just 5,000 shares above Friday’s numbers. Volume was at its highest point on April 18, 2012, after the stock had rebounded from its March decline. More than 3.6 million shares were traded that day. June 21, 2012 was another busy trading day, with more than 2.4 million shares traded.
American Liberty Petroleum focuses on finding new sources of energy throughout the United States. The company is currently working on two projects in Nevada. One project, the Cortez Operation, consists of 3,840 acres in Gabbs Valley. There are two wells located on the project. The company is working with Netherland, Sewell & Associates Inc., an oil and gas consulting firm, to determine the next steps. Options include deepening the existing wells, digging a new well or performing more seismic surveying.
The press release also includes two huge bits of information: that the company has found oil, and the oil has been pulled from the ground and sold. American Liberty Petroleum is also using a new chemical formula treatment that helps get oil out of the ground. Plus, with the possibility of another well being dug, the chances of even more oil being produced in the near future have just gotten better. All this should be good news for investors who were on the fence about investing in the company earlier.
American Liberty Petroleum’s stock was heavily promoted from late February 2012 until just last month. It was touted the next major winner in May 2012 after continuously posting strong gains before quickly declining. Is the company’s stock on the rebound? If so, it is likely that it will be strong.
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