, Stock Forum
) management was puzzled as to why the market seemed to significantly show love to the company today. As a follow-up to the IIROC request, the company responded to the unusual trading activity.
According to the news release
, even though the company announced that it intended to fully participate in a new services contract for the development of the Block 20 project located in Ecuador, there are been no activity that would bring about a material change in the company’s business that would justify today’s jump in the market.
Stockhouse bullboarders were also at a loss, although there was speculation that over 4% of the float was shorted on the Nasdaq and it was most likely covered today
Shares were up 61.25% at the time of writing to $2.58 per share.
Currently there are 16.4m outstanding shares with a market cap of $43.5 million.