Alpha Energy (OTCMKTS:APHE) Stock Falls: Company Acquires Key Assets

February 23, 2022February 23, 2022 Madison Hall $Alpha Energy (OTCMKTS:APHE), $APHE, $APHE news, $APHE stock, $OTCMKTS:APHE

Shares of Alpha Energy (OTCMKTS:APHE) under pressure after announcing key updates.

Market Stats

On Tuesday, APHE stock fell 9.82% to $4.50 with 812 shares, compared to its average volume of 1652 shares. The stock moved within a range of $4.5000 – 4.5000 after opening trading at $4.52.

Alpha energy, inc. Signs Definitive Agreement To Acquire 6 Producing and 28 Additional Oil And Gas Well Bores in Oklahoma

Texas based, independent energy company engaged in the acquisition, exploration as well as production of natural gas, Alpha Energy (OTCMKTS:APHE) on February 22, 2022 announced entering into Purchase and Sale Agreement with Progressive Well Service, LLC. This will enable the company to acquire 34 oil and gas assets in Oklahoma in Coral Project.

Spread over 2,080 acres of underdeveloped and developed proven production, the Coral Project is located inCherokee Uplift in central Oklahoma. Under the agreement, PSA Alpha will ensure cash payment of six hundred thousand dollars less Option as well as Extension Payments tendered to Progressive. Furthermore, a payment of 3% net revenue stream will be provided till Progressive gets an extra three hundred and fifty thousand dollars.

Subject to customary and usual closing conditions, the transaction will be closed on or before February 28, 2022.

John Lepin, Chairman and Chief Financial Officer said that the addition of the project will enable the company to realise strategy for identifying assets, having good infrastructure and several potential target zones. Lepin added that Cherokee Uplift provides a number of attractive opportunities as the company is able to acquire assets fitting criteria. The CFO added that this would result in acquisition of assets fitting the criteria and enabling faster route towards cashflow from current production.

Alpha Energy also feels that the Coral Project provides much upside for pursuing fresh drilling to capitalise on augmenting commodity prices.

Traders Corner

APHE stock is trading above the 50-Day and 200-Day Moving averages of $3.97 and $3.73 respectively. Moreover, the stock is trading above the 20-Day moving average of $3.74.

Madison Hall

After graduating from the University of Buffalo, Madison gained a real interest in the markets. She tends to be a swing trader and enjoys Pilates and yoga in her downtime.