In last trading session, the stock price of Nutech Energy Resources Inc (OTCMKTS:NERG) declined more than 54% to close the day at $0.00140. The decline came at a share volume of 145.18 million compared to average share volume of 15.09 million. Following the red close in yesterday’s trading session, the market cap of NERG dropped to $84.36 million. The 52-week range of the stock is $0.00 – $0.02.
Nutech Energy, a natural gas and oil development and technology firm reported that it has obtained a voluntary tender proposal for the purchase of the firm’s outstanding shares from TechnoInvest Oil & Gas Ltd. The offered price is at 2.5 cents per share. Techno is planning to capture and establish on Nutech’s coalbed methane production process and take benefit of the firm’s coalbed methane assets.
Both parties in negotiation are consulting with their advisory boards and management teams to design immediate measures. Nutech’s attorneys have assessed the offer and have stated that their assessment of the proposal indicates to it being a bona fide proposal with the prospects to close. The terms and conditions are not yet disclosed for the potential deal, but the firm plans to issue updates to shareholders as deal developments evolve.
Due to the nation’s economic scenario in the oil and gas industry, Nutech Energy is receptive and is actively considering this proposal. For record Nutech is an oil and natural gas technology and development firm that has advanced a patented technology for the manufacturing of coalbed methane without the requirement to pump water.
The company currently runs wells in the Powder River Basin region of northern Wyoming and has commitments to buy additional wells. Its advancement of proprietary equipment exclusively positions the firm to be able to buy and profitably run wells that were earlier cost prohibitive.