Despite a recent slide in oil prices, several penny stocks in the sector are on fire and require your attention.
Allied Energy Corporation (OTCMKTS:AGYP), a Texas-based oil and gas explorer with two major projects, one extremely close to production per recent press; has been on a serious bull run.
Friday AGYP recorded a new high of $0.83, this looks like the next bit of resistance. However, judging by the way the company has broken through the last three levels it might not be their 52-week high for long.
The company has been consistently releasing tweets and press on their Green and Gilmer leases, which isn’t quite music to the ears of short-sellers who, according to FINRA, accounted for roughly 50% of the company’s volume over the month. A squeeze may be on the horizon.
Allied Energy, Inc. (OTCMKTS:AGGI) is up 140% over the past month, however, there is still a ton of headroom on the 12-month chart. Well below its 4 cent high, there may still be profits in this stock that could be benefiting from name recognition based on the growing popularity of the aforementioned Allied Energy Corporation.
MDM Permian, Inc. (OTCMKTS:MDMP) price spiked at the beginning of the month to $0.232. Currently, at $0.13 that’s well below the one month, and even further below the one-year high of $0.59. Like AGYP, MDM Permian is a Texas-based explorer with operations underway for the completion of new zones in old wells already acquired and is permitting a new well on the Lindley A lease, Irion County, Texas. The company is also preparing to start completion operations on the Brown lease, Nolan County, Texas.
Foothills Exploration, Inc. (OTCMKTS:FTXP) is up 70% over the past month marching right up the chart from $0.0014 to Monday’s close of $0.0024. Yesterday in particular was fortunate for FTXP investors as the stock climbed 33%. The stock may have found support and has a long way to go before reaching its 52-week high of $0.015.
The stock is benefiting from recent news of a balance sheet initiative. Over the past 100 days, the Company has paid $1.6 million to retire 10 variable-rate convertible promissory notes. That should make it easier for FTXP moving forward.