High Plains Gas, Inc. (OTC:NXPND) suddenly soared more than 165% on a gigantic trading volume yesterday as the company acquired new leases in the Powder River Basin.
The huge % increase in the price came from the general volatility of the stock and the humongous trading volume provided background for an easy in and out for those day traders catching up on the rally.
The excitement poured in after High Plains acquired 2 more leases in the Powder River Basin.
The company also said a day earlier they have secured all the leases on the Dry Fork Project. To date, seven wells were drilled on the project and three of them showed some gas present. The company also provided plans to complete Phase Once drilling that will encompass 70 wells in May 2011 and the Second Phase comprising of 83 wells shall be completed by June 2012. [BANNER]
This news follows the business reorganization, which was completed on October 18, 2010. Then, High Plains Gas, Inc. acquired High Plains Gas, LLC. The new subsidiary owned all the properties, thus the financial reports made before the acquisition give little clarification on the current material condition of the company.
According to the latest 8-k filling, the company’s stock symbol should have reverted to NXPN 20 days after September 30, 2010.
