HXPN Inc (OTCMKTS:HXPN) Announces Investment With Mid-Con Energy Operating, LLC
Emerging technologies and mineral resources development firm, HXPN Inc (OTCMKTS:HPXN) on April 22, 2022, announced signing a Letter of Intent with Oklahoma-based oil and gas exploration company, Mid-Con Energy Operating, LLC. The agreement will entail investment of about $100 million in diverse Mid-Con’s projects, with option of investing extra capital at HXPN’s discretion and meeting certain funding targets.
Market Stats
On Friday, HXPN stock ended unchanged at $0.0600 with 10 shares, compared to its average volume of 5.4K shares. The stock moved within a range of $0.0600 – 0.0600 after opening trading at $0.0600.
HXPN, Inc. announces Investment with Mid-Con Energy Operating, LLC
Mid-Con’s expertise is secondary recovery in conventional oil fields having lost reservoir pressure but with significant reserves. The company has identified several projects as well as prospective fields that can be harnessed for this and it is hoping to move rapidly for acquisition of the necessary lease acreage.
With current projects in oil rich basins throughout Midwest having about ten million barrels of recoverable reserves, Mid-Con may also have an additional twenty million barrels of recoverable oil. The transaction is expected to close in June 2022.
Steve Bailey, President and CEO of HXPN expressed excitement on having the opportunity to work with Randy Olmstead as well as Mid-Con team. Bailey added that Randy and the Mid-Con team are exploring many opportunities that can be realized at attractive economics. The CEO added that the company has invested both time and resources for assembling and formulating plans.
Randy Olmstead, Founder and Manager of Mid-Con said that the firm is pleased on working with HXPN for closing the transaction. Olmstead added that HXPN will help the firm realize goals and create long-term value in the projects.
Key Quote
“We are very excited to have the opportunity to work with Randy Olmstead and the entire Mid-Con team in the pursuit of their goals” said Steve Bailey, President and CEO of HXPN. “Randy and the Mid-Con team have identified many significant exploitation opportunities that can be realized at attractive economics and they have invested significantly, both in time and resources, to assemble and formulate their plans. We look forward to helping Mid-Con carry out its mission,” added Bailey.
Traders Corner
HXPN stock is trading below the 20-Day and 50-Day Moving averages of $0.07 and $0.06 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.6.
