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Saturday, November 26, 2022

Stock to Watch: Quicksilver Resources Inc (OTCMKTS:KWKA)

Quicksilver Resources Inc (OTCMKTS:KWKA) is dropping steadily after hitting highs of $0.12. The stock recently made a nice run since hitting the OTCBB on January 8 at the stocks all-time low of $0.02. Ex big board stocks with massive liquidity and investor awareness already built into them love to move big once on the bb’s.

KWKA has quickly turned into one of the most active stocks on the entire OTCBB stock exchange moving up slow and steady with no end in sight. BB speculators have embraced this stock who see it as seriously undervalued at current price levels.

Quicksilver Resources Inc (OTCMKTS:KWKA) is an independent oil and gas company engaged in the acquisition, exploration, development and production of onshore oil and natural gas, primarily from unconventional resources including shales and coal beds in North America, and is based in Fort Worth, Texas.

Quicksilver’s Canadian subsidiary, Quicksilver Resources Canada Inc., is headquartered in Calgary, Alberta. The company’s oil and natural gas properties in the United States are located in Texas, and its Canadian assets are located in the provinces of Alberta and British Columbia. The company’s core development areas include the Barnett Shale, Horseshoe Canyon and Horn River, respectively. The company’s exploration area is focused in the Delaware Basin of western Texas.

KWKA has been in steep decline as oil prices have collapsed from well over $100 a barrel to recent lows well below $50.

Back in November KWKA announced Third-Quarter 2014 Results; Third-quarter highlights included Global borrowing base reaffirmed at $325 million with unanimous lender approval; received favorable covenant changes. Revealed strong results in first two West Texas wells completed with joint venture partner, Eni and Maintained Barnett Shale production compared to Q3 2013 due to 17 net wells brought online in first nine months of 2014.

Reported net income for the third-quarter 2014 was $24 million, or $0.13 per diluted share, compared to reported net income of $11 million, or $0.06 per diluted share, in the 2013 quarter.

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KWKA CEO Glenn Darden said “Quicksilver has made significant progress on our stated goals since our last earnings call. Oil discoveries in West Texas, improved well results and cost structure in the Barnett and affirmation of our borrowing base and the covenant changes with our banks are all positive developments, These achievements have not only strengthened the company’s asset base, but should also be very helpful in our marketing process and other negotiations.”

KWKA said on January 8 that they have received notification from the New York Stock Exchange (the “NYSE”) that the NYSE had determined to commence proceedings to delist the company’s common stock in view of its low trading price, and trading in the company’s common stock was suspended immediately. The company had previously disclosed that, on October 9, 2014, the NYSE had notified the company that the 30-trading-day average closing price of the company’s common stock had fallen below $1.00 per share, the minimum average share price required for continued listing of the company’s common stock on the NYSE under Rule 802.01C of the NYSE Listed Company Manual.

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Currently trading at a $20 million market valuation KWKA is quickly becoming an Investors favorite and has turning into one of the top traded stocks on the entire exchange. Since hitting the bb’s KWKA has been exploding upwards since reversing off $0.02 all-time lows. Speculators have been all over KWKA; as I said ex big board stocks with massive liquidity and investor awareness already built into them such as KWKA have a history of making big moves once on the bb’s and KWKA has been doing just that. Many share my view that oil prices will soon see a massive resurgence breathing new life into miners such as KWKA.

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Disclosure: we hold no position in KWKA either long or short and we have not been compensated for this article.

Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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