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Saturday, May 28, 2022

HPR Stock Sinked on Friday here is the reason why

The HighPoint Resources Corp (HPR) stock was hit by a massive decline of 32.90% on Friday, March 26, 2021. Let’s try to figure out the reason behind its bashing.

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Update about the merger of HighPoint Resources and Bonanza Creek

On March 26, 2021, both companies confirmed that they both expect to close the previously announced merger on April 1, 2021. The merger was announced on November 9, 2020,in a $376-million deal. Both companies are related to the oil and gas sector.

The CombinedCompany will be formed following the merger and Bonanza Creek expects to issue a press release on Monday, April 5 aftermarket.

Unexpected gain on March 24, 2021

HPR gained 118.79% on Wednesday march 24 and it has to clarify that it is unaware of any material, undisclosed corporate developments to account for the trading activity in HighPoint’s stock on March 24, 2021.

HPR filed bankruptcy protection

On March 16, 2021, HPR filed for bankruptcy protection to seal the previously-announced merger deal with Bonanza Creek Energy Inc. (BCEI).

About the HPR

HighPoint Resources Corporation (NYSE: HPR) is a Denver, Colorado-based company focused on the development of oil and natural gas assets located in the Denver-Julesburg Basin of Colorado.HighPoint Resources was formed in 2018 as a combination of Bill Barrett Corporation and Fifth Creek Energy. The HPR has built its asset portfolio through a combination of acquisitions and development activity focusing on oily and rural areas where it has extensive operational experience and expertise.

Conclusion: Due to the current pandemic, the oil and gas business suffered most as the demand is at a historical low. HPR is also suffering due to the current economic situation and the merger of both oil companies will provide financial stability to HPR. The recent third wave of coronavirus may be the reason behind its stock price sinking on Friday.

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