In the past session, MDM Permian (OTCPK: MDMP) closed at $0.5001, a +100% jump in stock price. A total of 133.61 million shares were traded on the day with a market cap of $144 million at the close of the session.
MDM Permian has been increasing its efforts to further develop its projects, and a recent update by the company indicates a significant success that has also greatly increased the value of the MDMP stock, which rose by 2,400% after sharing the developments.
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So, how did the developments go?
MDM Permian, Inc., based in Carrolton, Texas, is an energy company that is publicly listed and has interests in oil and natural gas exploration, as well as mineral exploration and production. It seeks to maximize shareholder value through strengthening its production and reserves in Texas’ Permian Basin. Its Carrolton, Texas-based wholly-owned subsidiary, MDM Energy, Inc., has been actively engaged in the oil and gas industry since 1981.
Irion County is home to the Lindley A lease wells, about which MDM Permian this week released its reservoir estimates and estimate of recoverable oil as per the following details:
- In addition to making plans for the completion of existing wells, NuTech Energy Alliance’s advanced reservoir characterization is also crucial to determine the reservoir extent of the company’s acreage.
- A testament to the value MDMP will build in the ground has been its original Permian Business Plan.
- A NuTec Advanced Reservoir Characterization was announced last month by MDMP.
- Clearfork has 3,578,310 barrels of recoverable oil per 640 acres on the Lindley A lease.
- There are 5158,000 barrels of oil recoverable from the San Angelo oilfield, which has an area of 640 acres.
- At an oil price of $65, the reservoirs can be calculated to have a value of $567,860,150 for the 2 zones combined.
- On its 1680-acre Lindley Ranch, oil equivalents estimated at 13,565,540 barrels are valued at $881,760,100.
- The Clearfork and San Angelo are included in these figures, but other proven zones are not included.
- Engineers at MDM Permian estimate that the wells at Canyon Sands only achieved a 4% recovery. Canyon Sands have yet to be calculated, and their amount will significantly add to the total.
Inground resources could be a significant asset for a public company. The addition of the value to the books of the company of these reserves will increase the company’s overall worth and the same will be the case with MDM Permian (MDMP).