Why Did Grand Gulf Energy Ltd (OTCMKTS:GRGUF) Stock Soar 41% On Friday?

This week the Grand Gulf Energy Ltd (OTCMKTS:GRGUF) stock may well come on to the radars of investors following the latest developments earlier on in the day. The company announced today that the commencement of the well pad construction was underway at the Jesse 2 site located in the state of Utah.

Trading Data

On Friday, GRGUF stock gained 41.24% to $0.0250 with more than 3.80K shares. The stock moved within a range of $0.0250 – 0.0250 after opening trade at $0.0250.

Well Pad Constuction Begins at Jesse-2

The work at the site would take around three week to be completed. The commencement of the site construction came about after Grand Gulf managed to get the permit for drilling Jesse 2 and the permit for the expansion of the Gas Sales & Processing Agreement with the firm Paradox Resources LLC. If the whole thing proved to be a success, then Jesse 2 would be included in the agreement with Paradox.

In this context, it ought to be noted that Paradox Resources owns a Lisbon helium processing facility which is located not far more the Red Helium Project. Dane Lance, who is a managing director at Grand Gulf, spoke about the latest development as well. He noted that everyone at the company was excited at the prospect of breaking ground on the Jesse 2 well, which could prove to be a project that makes the company.

Pete Matthews

Pete attended the University of Colorado and still calls the centennial state home. He chases trout in the summer and snowboards in the winter. He is fascinated with the markets and has a strong interest in nanocap stocks and crypto currency.