Delphi Energy Corp. (TSE:DEE) (PINK:DPGYF) stock price approached a critical level after jumping above the 50-day moving average.
DEE share price gapped up on Tuesday, but kept rolling down for the whole day after failing to pass above the resistance of $2.65. The stock still ended the trading session with 3.6% premium and remained above the 50 day moving average which is currently at $2.58. The trading volume was 1.35 million, not very spectacular for a gapping price action, but still more than twice the average of 535 thousand.
The stock value has been appreciating since mid-May but it got even more active since May 26, when the company issued financial and operating results for the first quarter 2011. The report stressed the improving situation:
- Oil and gas production increased by 74% to 2.2 thousand barrels per day;
- Achieved 8.3 thousand boe/d corporate production, 8% larger than in Q1 2010;
- Reduced operating costs by 22% year over year;
- Sales were down 1% to $29.16 million;
- Cash flow increased 2% to $15.1 million and was influences by costs reduction, changes in production mix and price fluctuations;
- Dilution rate over the quarter was 3.8%;
During the quarter the company successfully drilled 13 wells in Wapiti, Bigstone and Hythe areas and obtained better than expected results.
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