Today Raise Production Inc (TSXV: RPC), an oilfield services company, is featured as today’s top momentum gainer since the stock gained more than 10% touching its 52-week highs during the last two consecutive trading days with huge number of shares changing hands. During the last trading session, RPC was among the top gainers in the Canadian energy space after gaining 15.6% and closed at its 52-week high of C$1.78 while recording significant volumes of 147,354 shares. During the past 5 trading sessions, RPC gained 35.9% with daily average traded volumes of 196,633 shares, while the stock accumulated over 42% during the past one month with daily average volume of 80,528 shares. The stock gained momentum after RPC provided an update regarding recent field testing of its horizontal wellbore production system. The company reported that strong results from the horizontal section, including higher shut in pressures indicating that the less depleted sections of the reservoir are now being accessed. Initial testing to date has indicated 300% to 400% flow rate increases over certain short-term test intervals. In addition to this update, RPC also announced that it is in negotiation with a new customer for its first commercial sale of a System for a well in the Provost area of Alberta, again in the Viking formation.
Company Description:
Raise Production Inc (TSXV: RPC) is an oilfield service company. The company’s production services segment utilizes its patented Activator Hydraulic Submersible Pump to increase ultimate production in conventional and unconventional gas, oil, a CBM wells.
1-Year Stock Chart:
Source: Bloomberg
