OTCEquity is a premier site for updated news and financial information regarding penny stocks and small cap companies. We offer a free newsletter, articles about penny stock trading, otc bulletin board analytical data and original news stories about the penny stock companies you are interested in.

Ithaca Energy Inc. (TSX: IAE.TO) Releases Disappointing News Regarding Production Wells, Shares Tumble

Posted on June 25, 2012 by OTC Equity

Shareholders of Ithaca Energy Inc. (TSX: IAE.TO) were none to pleased with the oil and gas exploration, development and production company's news on Monday as shares have nosedived from a 1.83 closing on Friday down to 1.52 today, a six-month low, following an operational update regarding their Athena field in which they said only three of the four production wells are flowing as a result of a "suspected downhole restriction" in one of the wells. According to IAE's press release on Monday "Testing has shown that there are no issues with the integrity of the well or performance of the reservoir in the area of the field drained by the well. The changeable flow rates achieved from the well during testing indicate that the restriction is likely attributable to a blockage in the production tubing located within the well. Diagnostic work is ongoing to identify the nature of the b...

To read the complete article sign up below; registration is free, you will only be asked to provide a valid email.

If you are not a registered user, registration is quick and easy - simply enter your email below and you are registered to view OTCEquity's Exclusive content. Your registration and membership is FREE, so register below now.