Umbra Applied Technologies Group Inc (OTCMKTS:UATG) Stock Rallies After The Acquisition News
On Wednesday, the Umbra Applied Technologies Group Inc (OTCMKTS:UATG) stock emerged as one of the notable movers as it ended the day with gains of as much as 6% amidst significant interest.
Trading Data
On Wednesday, UATG stock increased 6.38% to $0.0100 with more than 3.59 million shares, compared to volume of 3.72 million shares. The stock moved within a range of $0.0090 – 0.0110 after opening trade at $0.0100.
UAT Group’s Subsidiary, H2O Processing, Enters into Agreement to Acquire Discharge Well Interest Valued at $2.8M Annually
The company was in the news yesterday after its subsidiary unit H20 Processing announced that it had gone into an agreement with the company Bellows Operating Salt Water Discharge (BOSWD) for picking up a 50% stake in the one of the latter’s salt water discharge sites. The site in question is situated at Asherton in Texas and generates income from discharge water disposal which originates from the oil well operations.
The announcement was a significant one and hence, it was perhaps not a surprise that investors piled on to the Umbra Applied Technologies stock yesterday. It is now going to be interesting to see if the stock continues to add to its gains over the course of the coming days or not.
At this point in time the site operates in such a way that it could produce as much as 5000 bpl/day of water and on top of that separate 1200 bpl/month of suspended oil from the brine water that is discharged.
Key Quote
Chairman of H2O Processing parent company, UAT Group, Alex Umbra commented, “H2O Processing continues to build on its commitment to making it more profitable to operate cleanly. The support from the oil industry has been nothing short of incredible. This initial agreement will serve as a test bed and an example to a global industry as to what is possible when you prioritize the reduction of an industry’s carbon footprint. H2O Processing is quite literally making it more profitable to be more environmentally forward. The impact of this technology is far reaching, one that will ameliorate existing industry challenges and effect those beyond our life-time”.