Yesterday, Novus Energy Inc. (CVE:NVS), (PINK:NOVUF) stock made its next in row attempt to catch up with its price target.
Though the enormous trading volume representing the huge shares demand and the price soar, on the TSX Venture Exchange NVS closed the trading session at a price of one cent above the sacral $1.
The trading volume of NVS of almost eight times the daily average for the company was not able to produce the probably expected higher than 12.22% share price increase between the sessions.
Even though the overall bluish investor mood towards the company’s shares on the American OTC market, the last bids on NOVUF were made this Tuesday, when the stock noted a 15.66% price jump up.
This week, there were no company’s announcements that were able to result in such a rush for the shares. Looks like this was a secondary effect or a delayed reaction to the company’s press release from last week.
Then, Novus Energy Inc. announced its independent Contingent Resource Assessment report for its Dodsland Saskatchewan area Viking light oil assets. Among the impressive facts contained in this release was that approximately 50% of the net acreage controlled by Novus Energy Inc. was recognized as containing discovered resources.
Referring to the National Instrument 51-101 (Standards of Disclosure for Oil and Gas Activities), resources are defined as those quantities estimated on a particular date to be remaining in known accumulations, and include also those quantities already produced from known accumulations and those in accumulations yet to be discovered. The discovered resources are those, which are limited to known accumulations.[BANNER]
So, the estimations for sure may be a solid basis for the increased investor interest towards the company’s activities and shares. But it seemed that the press release on the Contingent Resource Assessment was not the only factor behind NVS stock stir these days.
At the end of last month, Novus Energy Inc. reported its latest and quite positive financial statements, which most probably resulted in a momentum for the shares. Not less important for investors was maybe the last presentation of the company, which provides analyst coverage with a “buy” recommendations for NVS.
Unfortunately, if the target price there for NVS at the beginning of last month was $1.50 per share, it has not yet been “touched” by the stock. As of yesterday, NVS was valued by investors 49 cents less than this target.
