The American based oil and natural gas explorer and producer, Tiger Oil and Energy Inc. has received the approval for OTCIQ. This has been a long-awaited good news for the company and after the application being approved the company would divert its complete energy and resources on fetching all the financials and the filings before the deadline set by SEC.
It seems that the company has been working extensively towards the approval of its OTCIQ application as the company had been rigorously working on taking the Upchurch lease back into production. Talking about the lease, it is a 75-acre lease approved for the production from a single well drilled in the early 1980’s. The well which was drilled till 1800ft found oil for production in the Knox formation and since then it has been in production for 30 years now.
The Knox formation which is the premier oil formation in Kentucky and generally runs at depths ranging from 1600 to 2300 feet, is thus desirable. Since the oil prices increasing persistently, the company is also looking for the better and convertible prospects of attaining new oil and gas leases. Putting his point forward, Howard Bouch, the CEO of Tiger Oil and Energy Inc. stated, “Over the last year, Covid-19 has given us time to reflect and to look at diversifying our business. The Company is positioned perfectly to start moving forward to bring our financial picture up to date. We look forward to sharing more information in the near future.”
TGRO stock is now up by 35% to $0.0011