Whoa! These Stocks Spread Some Holiday Cheer
18.05.12
&Nbsp; ) Mississippi Lime oil projects. Also, RAM Energy Resources got a new CEO and a half-billion-dollar cash infusion to further develop its Mississippian assets in Oklahoma. Shares of RAM have effectively doubled after two days of surging valuations.
The Mississippian region is one of those oil plays that came about as a result of the proliferation of horizontal oil drill technology, and SandRidge has been the focal point for development, with 92% of the wells there.
RAM got the cash from Halcon, which will acquire almost three-quarters of its outstanding shares. The new CEO is Halcon's founder, which created the company after guiding Petrohawk Energy to a $12 billion buyout by BHP Billiton .
RAM will change its name after the deal closes in the first quarter of 2012, as highly rated CAPS All-Star EnigmaDude notes, and thinks that despite the huge jump in value of RAM, there's more still to come: "Recent infusion of capital gives this one plenty of additional upside. New company will be called Halcon Resources Corp."
Source: Motley Fool