Magal Security Systems Ltd. (MAGS) Shares Rise on Strong Quarterly Results
  • Pacific Sunwear (PSUN) Shares Rise Despite Reporting Loss
  • Massey Energy Surges on Back of 21% Premium Takeover Agreement
  • " />

    AER Energy Shares rise on Joint Venture Agreement with Texas Energy

    AER Energy Shares rise on Joint Venture Agreement with Texas Energy

    Shares of AER Energy Resources Inc. (PINK: AERN) are continuing to rally in today’s trading following the signing of a joint venture agreement with Texas Energy Inc.

    At last check, the penny stock of AER Energy was trading 6.25% higher at $0.0340, with volume up from daily average of 17.41 million to 18.78 million. In the last three trading sessions, the stock gained 107.10%.

    AER Energy shares have been rallying after the company entered into a joint-venture agreement with Texas Energy of Fort Worth, Texas. The two companies agreed to form a joint venture on a 50/50 net working interest basis on three Oklahoma leases with a minimum of eight wells per lease.

    At a risk adjusted price of $80 per barrel, the joint venture is expected to yield a potential $20 million in new annual revenues. Under the agreement, the drilling will commence within 90 days.

    Stanley F. Wilson, president of AER Energy, said that the opportunity of joint venture with Texas Energy is a good example of the company’s continued success and increases its previously announced drilling and rework projects.

    Leave a Reply

    Your email address will not be published. Required fields are marked *