Ekaterina Zelenkova
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WesternZagros Resources Ltd. (CVE:WZR), (PINK:WZGRF) Stock Yields Negative Gravity on Positive News

by Ekaterina Zelenkova Nov 9, 2010
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WZR_price_chart_081110.jpgYesterday, WesternZagros Resources Ltd. (CVE:WZR), (PINK:WZGRF) stock yielded negative specific gravity, although the company released the successful first cased hole test of the Lower Oligocene formation in the Kurdamir-1 exploration well.

The wide trading range of WZR signaled that investors reached no consensus on the fair price of the shares.

After two trading sessions of strong upward direction, as opposed to the expectations of a lot of investors, on the day of the released by the company positive news WZR stock turned back by 12.28%.

The upward trend of the company's shares was finally paused by investors, maybe to confirm again that they were looking for the fair value of WZR.

Though the bullish opening of the trading session, the doubled average trading volume confirmed a lower closing price of WZR at $0.50 per share.

4WZR_from_the_site.pngAlmost the same scenario was seen in the middle of last month, when WesternZagros Resources Ltd. announced the completion of the well control operations at the Kurdamir-1 well and the plans to test for the presence of hydrocarbons in the Lower Oligocene formation.

Then, a few trading sessions before the official press release, WZR surged up from nowhere and on no news. On the day of the company's announcement, the shares yielded 26.79% of negative gravity.[BANNER]

Looks like the shares of WesternZagros Resources Ltd. have some specific, not API specific, gravity.

API gravity is a specific gravity scale developed by the American Petroleum Institute (API) for measuring the relative density of various petroleum liquids, expressed in degrees.

API gravity is gradated in degrees on a hydrometer instrument and was designed so that most values would fall between 10° and 70° API gravity. The arbitrary formula used to obtain this effect is: API gravity = (141.5/SG at 60°F) - 131.5, where SG is the specific gravity of the fluid.

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