U.S. Driller That Produces 70 Barrels a Day Soared Nearly 1,000%
- Shares of New Concept Energy decline by more than 50%
- Dallas-based company produces tiny volume of Appalachian crude
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An obscure company that employs five people and appears to produce negligible amounts of oil and natural gas from some wells in Appalachia slumped Friday, one day after soaring almost 1,000% in the latest Reddit-fueled day-trading craze.
New Concept Energy Inc. dropped as much as 54%, triggering circuit breakers. The Dallas-based company was the focus of a trading frenzy Thursday after mentions by retail traders on the WallStreetBets forum on Reddit, just as brokerages including Robinhood Markets clamped down on trading in other shares such as GameStop Corp. after some of the wildest stock swings the markets have seen in recent years.