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American Energy Partners Inc (OTCMKTS:AEPT) Stock Rebounds After The News

Pete Matthews , , , ,

American Energy Partners Inc (OTCMKTS:AEPT) stock was in demand as the stock ended higher after the announcing the completion of the acquisition of Unlimited Energy Services.

Market Action

On Monday, AEPT stock closed higher by 15% at $0.1899. More than 214K shares have exchanged hands, well above its average volume of 77K shares. The stock opened at $0.17 and moved in a range of $0.1680 – 0.2000.

American Energy Completes the Acquisition of Unlimited Energy Services, LLC

Here are the highlights:

American Energy Partners announced the completion of the previously announced acquisition (“Acquisition”) of Unlimited Energy Services, LLC, an Ohio limited liability company, (“Unlimited”) effective October 1, 2021.  Total consideration for the Acquisition was funded through a combination of cash and conventional debt.  Michael Goodwin will continue in his role as President of Unlimited Energy Services, LLC.  

Unlimited is a regional provider of services to reduce customers’ environmental footprint including decommissioning, plug and abandonment, and reclamation services of oil and gas assets.  Headquartered in Jane Lew, West Virginia, Unlimited is currently performing services in Ohio, West Virginia, Pennsylvania, Virginia, and Kentucky for public and private customers.

Key Quote:

Michael Goodwin, President of Unlimited, commented on the announcement, “Today marks the culmination of five years of relentless work. The future for Unlimited is very bright and I could not be happier to have the full support of American Energy.”

American Energy’s CEO Brad Domitrovitsch stated, “We are very pleased to make this high-quality investment to reduce the environmental footprint of companies in the energy sector. Mr. Goodwin is an exceptional operator, and we welcome him and his employees to our team.”

Trader Notes:

AEPT stock is trading below all the key moving averages of 200-Day SMA stand at $0.33 – signaling a weak momentum. Moreover, RSI stands at 57 – giving a neutral sign.

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.