Although Deep Well Oil & Gas, Inc. (PINK:DWOG) has been fairly volatile recently, what it did on the charts two days ago was quite spectacular. Because, as you all know, to double your value within a single market session is a feat that does not happen every day, especially when there are no clues where this surge came from.
As it is, DWOG skyrocketed 102% on Monday, closing the session at a six-month high of $0.081 per share on a six-month high volume of 534 thousand. Both records were bettered yesterday up to $0.09 and 615 thousand, respectively.
Apart from the press release dated Jan. 11, there have been no fresh news to provide some kind of explanation for this drastic movement. That is why, some traders attribute what has just happened to leakage of information. Needless to say, we could do nothing but wait for some ground-breaking news, if any.
Incorporated in Nevada, Deep Well & Gas, Inc. is an exploration stage company occupying the Oil & Gas industry. Currently, DWOG has an 80% stake in numerous sand leases located in a heavy oil area known as the Salt Lake. As mentioned in the Jan. 11 PR, an independent engineering firm has just finished a study encompassing the Salt Lake lands defining the property as ‘commercially viable’.
DWOG closed the fiscal year ended Sept. 30, 2011 with:
- cash reserves of $720K;
- working capital surplus of $580K;
- net loss of approx. $1.7M.
