HPGS

High Plains Gas Inc (HPGS) Surges 59% On Unusual Volume

Shares of High Plains Gas Inc (OTC:HPGS) are witnessing an impressive penny stock run up and rose 59% to $1.19 after rising as much as 80% earlier in the session. Volume is very unusual with more than 3.80 million shares have been traded, compared to its average volume of 178K shares.

There was no news today on HPGS in which to justify this huge run up. Given today’s solid volume, it looks like some traders speculated and pushed the stock higher. It is unknown if High Plains Gas will continue to run higher.

HPGS gapped higher at the open which could have scared of some day traders.
Over the past three-month, HPGS has been moving within a range of $0.75-$1.35. The stock is showing strong resistance at $1.40 level, which would be the key critical level to watch for traders.

HPGS said last week that it scheduled to hold an annual shareholder’s meeting on n June 29, 2011 at 2:00 p.m.

For the quarter ended March 31, 2011, the company had shown an impressive results and said that its revenue soared to $4,027,084, compared to a year ago revenue of $396,998. However, the company had a loss of $2,031,912 or roughly about 4 cents a share, compared to a loss of a penny a year ago.

This is largely due to increased Lease operating expense and production taxes.

Moreover,  HPGS had deficit working capital of $15 238 948 and had an accumulated loss of $12,799,844.

As of March 31, 2011, HPGS had a portfolio of 1,671 methane wells of which were 730 producing methane wells. 941 of these methane wells were either idle or shut-in.

The HPGS stock is trading well above its 50-Day Moving Average.

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