These days, investors are not reed bed about Pace Oil and Gas Ltd. (PINK:MDOEF) stock. Even today’s trading session started with a 2.40% price decline.
It seems that after the merger investors are looking for the fair value of the newly formed company and its stock.
During the last days of June, the completion of the merger of Midnight with Provident Energy Trust’s was announced. These two entities formed Pace Oil & Gas Ltd.
According to the company’s President and CEO, Pace Oil and Gas Ltd. “will role out as an exciting new growth oriented intermediate sized oil and gas company with a breadth of both light oil and resource type natural gas opportunities to expand and grow”.
The new Pace Oil and Gas Ltd., traded under the old symbol, entered the market with increasing volume and price decline after the merger. Last week, investors appreciated MDOEF stock upward direction.[BANNER]
Since Monday, MDOEF shares pulled back 4.72% on a volume lower than the average traded.
Maybe the information about the closed $220 million revolving term credit facility with a syndicate of banks, led by Canadian Imperial Bank of Commerce, and the changes resulting from the above mentioned merger, expound investor conservatism and uncertainty towards MDOEF stock.
