The beaten-down energy sector revived somewhat on Wednesday, amid reports scientists had arrived at a treatment for the coronavirus ravaging the world. The virus had inhibited economic activity through the last few days.
Camber Energy, Inc. (NYSE:CEI) enthused over providing financing of $5 million toward its recent acquisition of Viking Energy Group, Inc. (OTC:VKIN) of additional oil and gas properties in Texas and Louisiana . The two firms have entered into a merger plan as of Monday.
Camber shares ploughed ahead 12 cents, or 7.3%, to $1.76, on 2.9 million shares, while Viking shares sagged 3.4% to 22.99 cents, on 75,000 shares.
Meantime, Vancouver-based Hemisphere Energy (TSX-Venture:HME) climbed the charts with word Wednesday of exciting news at its Southern Alberta oil assets. Last year, for example, Hemisphere drilled 11 horizontal oil wells in its Upper Mannville G pool, a big boost to that pool.
The summer drilling program was completed on budget and on time with all wells being brought on production by the fourth quarter. Production during that last quarter averaged about 2,160 boe/d (98% heavy crude oil and 2% conventional natural gas), or 55% better than the comparable quarter of 2018.
As the session wound down on Wednesday, HME grabbed three cents in price, or 18.8%, to 19 cents, on 139,000 shares.
