If you are currently on the lookout for oil and gas stocks then it might be a good move to considering having a look into the 88 Energy Ltd (OTCMKTS:EEENF) stock. The stock was in considerable focus among investors this past Friday and managed to clock gains of 21%.
That took its gains for the previous week to as much as 65%. The rally in the stock on Friday was triggered after the company announced that it repaid all its debt. That said, the announcement to that effect had been made by the company on June 21. As a matter of fact, the stock is actually up 76% in the past 30 days. Another major announcement from 88 Energy was back on June 7 when it revealed that it decided to buy out the rest of the 50% stake held by its joint venture partner in Project Peregrine, an oil field in Alaska.
That transaction cost the company $18 million and the transaction was to be concluded in stock. Later on, on June 21, the company announced that it was all set to sell the oil and gas tax credits from its Alaskan project for $18.7 million. The company announced at the time that it was going to pay off all of its debts worth $16.1 million from the proceeds of the sale. That transaction was completed on Friday. The rest of the money, totaling $2.7 million, is going to be used to boost its cash reserves.