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Micro-Cap on the Move; Independence Energy Corp. (IDNG)

By Warren Paige

Shares of Independence Energy Corp. (OTC: IDNG), an oil and gas exploration and development company focused on projects in the U.S., are lower in trading today.

IDNG shares are currently trading 1.35% lower at $2.93 on volume of 136,726.

IDNG shares are falling even as the company today announced that it acquired interest in additional two well drill program in Texas. The wells are located in Coleman County, Texas.

The two wells, Taylor-MEI #113 and Taylor-MEI#115, were originally drilled to and completed in the Ellenburger formation. Currently, the two wells are in the recompletion stage to the Gardner Sandstone formation (3,700 feet).

The wells are situated in an area that is known to produce significant quantities of oil and gas from multiple formations.

 

June 1st, 2012 | Tags: | Category: Hot MicroCaps

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All stories in DailyStocks.com are for informational purposes only. This is NOT a stock recommendation. This DailyStocks.com story is a daily light analysis featuring a stock with insider buying. With some caveats, insiders purchase a stock because they think the stock is going up. There are other factors to consider such as size of the transaction relative to their compensation and net worth. Sometimes, insiders might be propping a stock price up for future financing. Sometimes, the amount of insider buying are misread or misreported. Each month, DailyStocks releases a a summary of the stocks with insider buying. Sign up for the free monthly newsletter at DailyStocks.com . About Dailystocks.com: DailyStocks.com is the place where you can find stories about stocks with insider buying, where you can educate yourself about stock market investing, and where you can perform the stock search engine analysis – you enter a stock symbol, and you get a resulting page of stock ticker indexed links so that you do not have to type the stock symbol each time.