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

By Warren Paige

Shares of Independence Energy Corp. (OTC: IDNGD), an oil and gas exploration and development company focused on projects in the U.S., have risen sharply in trading today.

At last check, IDNGD shares were trading 10.91% higher at $0.153 on above average volume of 6.06 million. Despite today’s gains, IDNGD shares are down more than 71% in the last three trading sessions.

Independence Energy are gaining momentum today after the company announced that it received confirmation that the contracted drilling rig for the Taylor-MEI #113 well has arrived at the well site in Coleman County, Texas.

CEO Gregory C. Rotelli said that now that the contracted rig has finally arrived, drilling of Taylor-MEI #113 is scheduled to begin early next week. Taylor-MEI#113 is part of a two-well re-completion program aimed at potential oil bearing formations shown to be productive in the area.

June 29th, 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.

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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.