America Resources Exploration Inc (OTCBB:AREN) reported that it has bought a fractional wellbore stake under 1% one percent in three oil and gas producing assets based in Anadarko Basin. The wells are managed by Apache Corporation of Texas. As per the available data six months prior to April 1, 2015, these assets have daily production average rate of 4,863 MCF of gas and 177 barrels of oil.
Huang Yu, the CEO said that this deal is exemplary of company’s business strategy for diversification. They are committed to take necessary asset base expansion measures and generate value for company’s shareholders through new development projects and increased production.
The momentum
America Resources was previously titled as Alazzio Entertainment Corp. However, the company changed the name as well as the course of business in this April. Coming to the momentum of America Resources stock on the chart, it appears that the precarious ride is still far from over. Following a big green session on Friday, the last trading session witnessed AREN decline again and stop 30.10% down at $0.360 per share by the closing bell.
America Resources stock happened to return from oblivion with a bang recently. The onset of the stock movement seemed very much like result of a paid pump campaign. However, there have been no landing web pages or paper mailers found so far.
The performance
There are plenty of things to consider for with America Resources Exploration Inc (OTCBB:AREN). The latest 10-K for the fiscal completed March 2015 revealed that the company had $5,900 in cash. The total liabilities came at $6,000 and annual net loss was $29,000. Also, the company had generated no revenue since inception. It is evident that the numbers are not at all promising. Moreover, the company sold 1 million shares priced at $0.15 per share few weeks ago compared to current market prices of nearly $0.4 per share.
