While the financial markets got pummeled, Independence Energy Corporation (OTC: IDNG) remained standing, eeking out a positive gain on Thursday. Not only did Energy Independence survive the jaw-breaking punches of stocks, but it also has managed to avoid the recent wobble in the energy markets. For the day on Thursday shares of Independence Energy gained 9 cents or 1.91% on volume exceeding 2.3 million. In after market trading sellers knocked the stock down seven cents from the end of the trading session closing price.
The stock opened the day virtually unchanged from Wednesday’s closing price $4.71. Ten minutes into the session shares traded at the low of the day at $4.62. Over 600,000 shares exchange hands during the first half hour. During the next three hours, prices remained almost perfectly flat, trading within a penny or two of $4.70 and volume evaporating next to nothing. As the clock struck one in the afternoon on the east coast, volume surged to over 200,000 shares during a five-minute period. It was during this time frame when the company announced it had received confirmation from FINRA regarding the effective date for a 5 for 1 stock split. The price also got a bump, trading up near $4.80.
An hour later, shares of Independence Energy stepped up and kicked at the daily high of $4.83 before ending the day at $4.81.The high for the day also became the new yearly high for the stock, which began trading at the end of February. Since the first day of trading, Independence Energy stock has climbed from $0.45 to $4.83. Volume has steadily increased in-step with prices.
On Friday morning, shares of Independence Energy will begin trading on a post split basis. For twenty days the ticker symbol IDNG will have a “D” added at the end to denote a recent reorganization. The CUSIP number, however, will change. Gregory Rotelli said the stock split will make the stock more attractive to investors.
The California-based company focuses on the acquisition of natural gas properties in the United States along with oil sand and natural gas sites in Canada. It is also looking for offshore exploration in the Gulf of Mexico region near Texas. In 2008, the company changed its name from Oliver Creek Resources to Independence Energy Corporation.
Other recent headlines for the stock include:
- June 20: Independence Energy updates progress at well site in Oklahoma
- June 14: The company signs a letter of intent to acquire an additional 2% interest in Shields Horizontal Well project. Upon completion of the purchase Independence Energy total percentage of ownership will increase to 7%.
- June 7: Independence Energy to access $1,000,000 drawdown financing facility for the purpose of funding new project acquisitions, and general working capital.
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