Umbra Applied Technologies Group Inc (OTCMKTS:UATG) Stock Soars After The News
There were some stocks which clocked eye catching gains on Thursday and one of those was that of Umbra Applied Technologies Group Inc (OTCMKTS:UATG), which ended up with gains of as much as 51% amidst heavy interest.
On Thursday, UATG stock soared 51.16% to $0.0065 with more than 17.75 million shares, compared to volume of 1.42 million shares. The stock moved within a range of $0.0047 – 0.0074 after opening trade at $0.0047.
UAT Group’s Subsidiary, H2O Processing, Announces Up to $15 Million in Crude Oil Iron Removal
The company was in the news yesterday after its subsidiary unit H20 Processing announced that it had managed to bag a contract for treating heavily iron contaminated crude oil from Bellows Operating Salt Water Discharge. As per the terms of the agreement, H20 Processing is going to be responsible for treating at least 1000 barrels of crude oil on a daily basis and it could go up to as much as 1500 barrels based on the current level of production.
The agreement indicated that the total production could go up to as much as 8000 barrels a day eventually and it could generate as much as $15 million in yearly revenues. At the initial phase of the contract, the production is valued at $240,000 per month for H20 Processing.
It goes without saying that the contract could prove to be a long term positive for the company. Hence, it was perhaps not a surprise that the Umbra Applied Technologies stock soared to such a degree.
H2O Processing Chief Executive Officer, Stan Abrams stated, “We are pleased to have BOSWD join H2O Processing to extract iron from the crude oil. We have developed a unique process that successfully extracts the iron from the crude and BOSWD company will aid in the process by being the service agency to operate the mobile processes onsite making sure H2O’s proprietary equipment performs as designed”
UATG stock is trading below the 20-Day and 50-Day Moving averages of $0.0030 and $0.0029 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0060.