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MDM Permian (OTCMKTS:MDMP) Provides Key Update: Stock Falls

Pete Matthews , , , ,

Earlier on in the week MDM Permian (OTCMKTS:MDMP) provided some key updates with regards to its work in the Permian Basin, however, it did not have much of a positive effect on its stock price. Yesterday, the stock suffered from a bit of a selloff and declined by as much as 14% as investors rushed for the exits.

However, in this situation, it might be a good idea for investors to take a look at the update provided by MDM Permian earlier on in the week. The company announced that it seeks to build value in the Permian Basin project and went on to state that the reserves as well as the permits have been assessed.

The Chief Executive Officer and President of the company Michael Rafael spoke about MDM’s goals as well. He stated that the company is excited about the possibilities of growth in the second half of this year. He went on to note that MDM Permian appointed Christopher Garner as the new Chief Financial Officer. Rafael noted that Garner’s experience in the oil and gas sector is expected to be a major reason why he is going to be an asset for the company in the future.

Pete Matthews

Pete attended the University of Colorado and still calls the centennial state home. He chases trout in the summer and snowboards in the winter. He is fascinated with the markets and has a strong interest in nanocap stocks and crypto currency.