Knight Energy Corp. (KNEC.PK): RedChip Issues First Quarter Update and Reinstates “Speculative Buy” Rating
Knight Energy is an emerging oil and gas exploration and production company with leases in West Texas and Oklahoma. Last year, Knight acquired a 100% equity interest in Charles Hill Drilling, Inc., an independent oil and gas services company that owns an executed lease agreement among other assets in Stephens County, Texas. Stephens County has been a successful producer of oil and gas over the last fifty years. The unfavorable weather prevented Knight from brining in electrical pumps to dewater the A-7 and A-8 wells, prohibiting the wells from producing and generating revenue, but the company was able to make notable…