Xun Energy, Inc. XNRG
We always like to keep a running list of energy plays on our radar, as the sector as a whole has often provided us with impressive chances for profits. This morning’s focus comes from off of that list, and is returning to our attention now as a potential bottom play.
XNRG last appeared in our reports in early May, and shortly thereafter, on the 20th, the stock saw a low of .005 before rebounding as high as .008, for a possible 60% gain. In recent weeks it has once again receded to its base support at .005. For this reason, we are bringing it back to your attention today, as we monitor closely for any possible bounce opportunities.
We are currently awaiting updates from the company regarding the construction-status of its recently announced new lease site in Pennsylvania. The company received the green light to go ahead with construction from the Pennsylvania DOT just a couple weeks ago, and as of May 22nd, had already completed quite a bit of the prep work (as outlined in the PR below and we expect to hear even more on the project in the near future.
PORTLAND, OR–(Marketwired – May 22, 2013) – Xun Energy, Inc. (OTCBB: XNRG) (XNRG) announced that the Company’s operator, Vencedor Energy Partners (VEP), completed the driveway access and pad for the Company’s first oil well on the Rice lease in Venango County, Pennsylvania and is currently working on the roads and pads on the remaining 4 oil well locations.
As you can see on the chart we have an RSI which is beginning to look oversold, and the stock is trading at its lowest point since its recent swing low of .005.
Xun Energy, Inc. is an oil operating company in development stage. Its primary assets are located in Venango County, Pennsylvania, USA. XNRG projects will be subject to completing its financing and the success of the drilling and completions program. Additional information may be found at http://www.xunenergy.com.