Investors in Imperial Resources (OTC:IPRC) must have felt like the proverbial brown suit at a black tie affair as the stock suffered a small loss to close out the week. Over the last five days, shares of Imperial Resources have drifted lower racking up a percentage loss of nearly 22%. In the meantime, shares of Independence Energy Corporation (OTC:IDNGD) have gained 50% over the last four weeks.
Friday morning started out on a positive note for investors as the stock opened on the plus side by 2 cents at $0.24. But by the second full hour of trading, sellers came rushing in like Midwest floodwaters as over 300,000 shares traded and the stock dropped to the low point of the day at just under $0.19. In the afternoon, shares of Imperial Resources slowly clawed back toward unchanged and ended the day at $0.218. The number of shares traded on the day was just under 1.25 million, which nearly doubled the average daily volume for the stock.
Over the last 52 weeks, the stock has hit a low price of $0.08 and a high of $0.45. Toward the end of April as the price climber toward $0.40, volume spiked to over 4 million shares on several trading days. The move in April coincided with the announcement concerning the company’s completion of groundwork at its Green Tide Salt Water Disposal Facility.
Imperial Resources engages in the exploration and development of oil and natural gas properties in continental North America through its subsidiary Imperial Oil and Gas. Current projects include Chisholm Trail and Salt Water Disposal. The Carson City, Nevada based company had revenues of $117,484 in 2011 and a net income of negative $1.05 million. Currently no research analysts follow the company.
Other headlines for Imperial Resources that can be found on StockPromoters.com include:
- June 20th– The company announced that a work-over rig is due on its Green Tide Salt Water Facility. Once the rig is in place and hooked up, testing will commence.
- May 29th– The rebuild for Green Tide Salt Water Facility is progressing and all the pipe work has been delivered.
- May 16th– Imperial Resources announces the rebuild of its Green Tide Salt Water Facility is nearing the final stages.
What’s next for the company if the results from the Green Tide Salt Water Facility are less than what it had hoped? Additionally, how will the current energy environment affect the company’s ability to access and retain funding? Investors will certainly want to know to the answers.
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