Unbridled Energy (CVE:UNE) today provided updated results for the year ending December, 2008. The company reported a 1,500% gain in revenue over the same period in 2007.
The expiration of October trading certainly played a disproportionate role in the record one-day gain, as it exercised a huge pressure on short positions. The meteoric rise also illuminates how much the vacillation is due to speculative activity.
After four weeks of refreshing slippage, NYMEX oil futures began to edge upward into the $120 per barrel range. It appears the rise was largely predicated on two factors.
Cubic Energy, an independent developer of crude oil and natural gas, reported that it had drilled its fifth Haynesville Shale well in its northwest Louisiana acreage.
Friday, April 24, 2009