This one seems to have reason for recent activity. In March 12th, 2009, this name traded for $5.50 and now is trading at almost $15. On November 29th, 2010, this stock was at $10.60 and then popped on high volume to $16.50. On February 22nd of this year the stock popped again.
There is current news about Earthstone's move to the Nasdaq, but there may be more to this name. On January 3rd, 2011, Earthstone announced a purchase of five wells in Montana that were termed under-managed. These wells were producing approximately 70 barrels of oil per day, and they were purchased for $700,000.
It seems Earthstone wasn't as interested in the wells as it was in the capital equipment and land. This land covers 2,500 acres. Earthstone also commented these assets would be well placed within other areas of interest that Earthstone is pursuing. Since the purchase these wells are producing 20% more oil and it is believed oil production can improve by over 50% in the long term.
Earthstone currently has other small positions in wells in the Bakken that they have reported to be going well.
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