The NGAS stock chart has made a nice climb since its double bottom / pincher play pattern at the end of last year. On Friday, the share priced move through some resistance on increased volume and the chart is now on radar for continuation through another resistance level at 65 cents.
NGAS Resources, Inc., is an independent exploration and production company focused on unconventional natural gas plays in the eastern United States, principally within the southern Appalachian Basin. NGAS generates its own geological prospects in this region, where they have established expertise and a long track record of success. Core assets include approximately 360,000 acres and interests in approximately 1,400 oil and gas wells and an extensive inventory for future horizontal drilling. NGAS has a stable base of long-lived proved reserves, estimated at 78.4 billion cubic feet equivalents (Bcfe) at year-end 2009. The Company also operate the gas gathering facilities for its core Appalachian properties, providing deliverability directly from the wellhead to the interstate pipeline network serving major east coast markets.