Metawells Oil & Gas Inc. (OTC:KOSK) Makes Major Announcement about Merger Target South Plains Petroleum
If you are currently on the hunt for opportunities in the oil and gas sector, then the Metawells Oil & Gas Inc. (OTC:KOSK) stock could be the one to watch this morning. The company was in the news cycle yesterday after it made an announcement with regards to South Plains Petroleum Inc., its merger target.
South Plains Update
In the news release from Metawells Oil & Gas yesterday, the company announced that South Plains was offering a fresh 10% convertible bond for the purpose of further development of its oil-producing assets. The oil-producing properties in question were situated at the eastern Permian Basin in Texas. Additionally, the fund would be used for the purpose of developing the saltwater disposal well in South Louisiana.
Further Information
These moves would help South Plains resume production at a number of highly prolific oil and gas wells that remained shut owing to the considerable costs involved with the disposal of the sale water produced by the well. Such a development could only prove to be a major positive for Metawells Oil & Gas if the merger transaction in question does go through.
Technicals
| +/- EMA(20) | 0.0186 (+3.23%) |
| +/- SMA(50) | 0.0173 (+10.98%) |
| +/- SMA(200) | 0.0084 (+128.57%) |
| 5-Day Perf. | -2.04% |
| 1-Month Perf. | -20% |
| 3-Month Perf. | +585.71% |
| 6-Month Perf. | +357.14% |
| YTD Perf. | +74.55% |
| 1-Year Perf. | +28% |
| RSI(14) | 51.82 |
| ATR(14) | – |
| ADX(14) | 16.71 |
| Beta (5Y) | -0.07 |
