TriOil Resources Limited (CVE:TOL) (PINK:TRIAF) stock price secured higher grounds after the company updated traders on their drilling operations.
Share price added 5.4% on Monday and closed above a couple of resistance zones, making the gap up look less like an exhaustion gap on the current uptrend. The price advance was accompanied by 1.06 million trading volume which was significantly above the average of 172 thousand.
The stock price gapped up after TriOil announced strong results from well testing in Lochend development program. Over the 6 days of testing the well demonstrated an average rate of 1.18 thousand barrels per day of oil and 0.85 mmcf of natural gas. The well should be put into production by the end of November. TriOil owns 20% interest in this well.
The company also announced to have identified 13 more development locations in the central Lochend trend and is currently actively drilling the location.
The news appended the previously announced results from another 50% owned well, producing 784 bpod. This well is also expected to be put on production during November.
TriOil is a junior oil exploration business with interests in Western Canada. The company concentrates on Cardium oil trends in Alberta.
