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Anglo Canadian Oil Slumps Nearly 40% After Negative Oil Well Announcement

Anglo Canadian Oil Corp's (ACG.V) share price is taking a beating this morning, slumping nearly 40% to languish at 5.5 cents. Shares opened at 7 cents.

More than 1.4 million shares have been traded.

Anglo Canadian Oil announced today that it has drilled and completed the first of two wells in the Ante Creek area of West Central Alberta. It said the 8-3-67-26-W5 well was completed in both the Montney and Nordegg zones. However, subsequent to flow-back, swabbing and evaluation, the well has been deemed uneconomic and has been suspended.

Anglo's second well in the Ante Creek area, the 3-4-67-26-W5 well has been drilled and cased and is awaiting stimulation while new hydraulic fracture designs are engineered. The Montney zone has been completed and abandoned.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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