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Chimera Energy Corp. (CHMR) Stock plummets in Wednesday’s Session

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The share price of Chimera Energy Corp. (OTCBB: CHMR), a Texas-based company that supplies equipment and components used in the exploration and production of oil and gas, plummets in Wednesday’s session.

The stock closed at $0.5923, which was a 14.16% decrease from its previous close of $0.69. It had opened at $0.70 and was trading in the range of $0.59 and $0.725. CHMR had been between $0.1375 and $2.0 in the previous 52 weeks. The company’s total market cap stood at $39.09 million.

CHMR opened above its previous day close but dropped quickly to $0.68 within few minutes of market open. Then it increased and was trading volatile till it stabilized around $0.66 by mid half of the session. Later in the afternoon, CHMR continued to drop further down to its intraday low of $0.59 and closed at $0.5923 at the end of the day.

The stock went up to its 52-week high at $1.84 on August 10 and then started deteriorating below $1.0. But it is still well above its 52-week low of $0.1375.

CHMR also traded heavily with a trading volume of 1.3 million shares compared to its average 5-day volume of 0.69 million shares and its daily average volume of 1.05 million shares.

The company recently announced that it is on a 90-day schedule to launch its first deployment at one of the largest hydrocarbon reserve in Mexico.

After having collaborated with PEMEX, a largest petroleum company in Latin America, CHMR is taking all the best efforts to utilize its three wells for carrying out the Non Hydraulic extraction process on a large scale.

Many countries including some parts of the U.S. and France had already banned the extraction of shale oil by using hydraulic fracturing since it pollutes ground water and endangers the environment.

Chimera’s new technology, which extracts the shale oil without the use of water, is designed in such a way that it replaces the conventional hydraulic extraction system without negative environmental hazards. Also, it does not use steam, LPG gel, natural gas or the pumping of anything hot into the well being used.

In October, Charles Grob, preseident of CHMR plans to make a presentation in France about the safety of its new Non Hydraulic technology. The management believes that this will make a revolutionary change in Shale Oil Industry in France and around the globe.

Posted by on Thursday, September 13th, 2012. Filed under Internet, Technology. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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