No Stopping the Momentum of IDNG Stock

Despite oil prices plunging and the markets all falling negative to Spain and the Euro, the penny stock of Independence Energy Corp. (OTC: IDNG) held strong, gaining another 2.18% on Monday. There appears to be no end in sight to this momentum.

Today, Independence Energy Corp. announced an acquisition of interest in joint development project Coleman South Lease, a 2,400 acre oil field with potential for 15 or more horizontal wells. (see here) As was anticipated yesterday, IDNG found resistance at the $3.80 level, which is an exact mirror of resistance seen at $2.80 levels. Take time to observe the chart when IDNG tested $2.80 resistance levels.

IDNG Stock Chart

The tipping point was a breakout past $3.00 which sparked its current run up to over $3.80. The same pattern is forming right now, once IDNG passes $4.00, we could see a run up to $4.80 within only 5 trading days.

IDNG is developing toward becoming a major player within the industry, particularly as a domestic oil and gas producer. Given the success of surrounding fields, it is safe to assume that this property (like the others) will be developed out to a producing state in the near future.

Independence Energy could hold 25% of an additional 15 wells with potential high production in the very near future. At this time we cannot speculate any potential oil or production on the new property, but there is no doubt this area is oil rich as Mr. Gregory C. Rotelli, CEO and President of Independence Energy stated,

“Historically, these leases have been reported to have produced significant quantities of oil and gas from the Gardner Sand and Jennings Sand formations using the technology available at the time, but, like the Shields-MEI #105H lease, remain under-exploited or untouched in several formations using modern drilling and completion techniques.” 

IDNG certainly appears to be on the right track.



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