AGR Tools Inc. (PINK: AGRT), a company focused on the development, acquisition and exploration of oil and gas resources, has seen a sharp rise in its shares in early trading today.
At last check, AGRT shares were trading 20.52% higher at $0.605 on above average volume of 2.22 million. AGRT shares have now gained more than 133% in the last three trading sessions.
AGR Tools shares are gaining momentum today after the company announced that it entered into a Letter of Intent (LOI) with Consolidated Oil and Gas. Under the terms of the LOI, AGRT will acquire an 80% ownership interest in the 700 acre Paul Lease in Overton County, Tennessee.
According to Vern Wilson, CEO of AGR Tools, the area of the Paul lease and the Alpine Quadrangle has considerable potential. Wilson said that the wells are shallow with substantial productivity, and are relatively inexpensive to drill.
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