Church & Crawford Inc (OTCMKTS:CCWF) Stock falls After Releasing Report on Economic and Potential Recoverable Assessment in Anadarko Basin Interests
Oil and gas exploration and production firm focusing on proven fields, Church & Crawford Inc (OTCMKTS:CCWF), is well-managed by independent oil companies. The companies extract reserves at minimal risk as well as low cost. The firm is focusing on domestic as well as international areas where firms have lowered exploration efforts in search of larger reserves.
On Thursday, CCWF stock fell 10.82% to $0.0259 with more than 338K shares, compared to its average volume of 583K shares. The stock moved within a range of $0.0211 – 0.0270 after opening trading at $0.0250.
Church & Crawford Inc announces Report on Economic and Potential Recoverable Assessment in Anadarko Basin Interests
The firm is pleased to confirm that MKM Engineering has been asked to finish economic estimated prospective resources till April 2022. The study will demonstrate reserve report estimate as well as detail development schedules for the company’s acreage and generate forecast of future net revenues as well as discounted cash flows. This will also include extra work for new properties unaccounted from previous reserve report in 2018.
Church & Crawford Vice President Timothy Roberson said that the firm has waited to develop the asset portfolio together with the venture partners for taking advantage of the lease position.
Roberson added that the projected figure is only an estimate based on the prior studies of the area together. With Triple-digit oil prices as well as current market conditions, much profitability undermines risks linked with oil and gas exploration. The Vice President further stated that the company will communicate further on
Drilling Plans for the year and other opportunities.
CCWF stock is trading below the 20-Day and 50-Day Moving averages of $0.0333 and $0.0365 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0292.