Shares of Heartland Oil & Gas exploded in value this morning after the company released some promising news regarding its latest project. The price of company stock hit $0.021 (up from $0.015) on more than 75 million shares traded, marking its highest point since the second week of May.
The release pertained to successful pressure tests conducted on the company’s four-mile methane pipeline in Southeast Kansas, expected to double Heartland’s production in the region upon completion.
“We put the necessary pressure into the pipeline and found no leaks along its entire length,” said Augie Soto, COO of Aztec Well Services, Heartland’s contractor on the project, “The four road crossings and 2 creek crossings were our greatest concern and they held without any problems. The 8 inch main is tied into the 12 inch main and the pipeline is secure all the way to the sales meter. We will begin installation of the 4 inch flow lines without delay and have scheduled the contractor to fracture the wells so they are ready for production as soon as we can connect them.”
The connection of the 12 wells to the new line began immediately after word was received on the tests. The company has also expressed its intent to further explore and develop the four-mile stretch of land for other possible well locations. Heartland Oil & Gas will be one to keep on radar in coming weeks for further developments on the project.
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