A Texas-based chemical company announced a major acquisition update after the company released that it has signed a purchase agreement for a 140-mile natural gas pipeline in Wagoner County, Oklahoma, formerly owned by Red Fork Energy. Shares of United Energy Corporation (OTCPK:UNRG) rallied strongly on the news.
United Energy is a diversified oil and gas producer based in Plano, TX with a 50-year history in the energy, manufacturing, and mining industries. The Company’s new post-pandemic corporate directive includes exploration, development, production, technology and storage. The Company’s premier holdings include assets and operations in Texas, Oklahoma, Kansas, and Louisiana. United Energy owns or has operations in over 200,000+ acres of leasehold, 2,000+ wells, and 1,100 miles of natural gas pipelines.
Traders were extremely bullish on the news as shares jumped up to an early session high of $0.249/share (+64.90%) following the announcement. This move is a strong continuation of the success this stock has had over the last two months following the breakout of the trading range it was previously corralled by.