China’s Recon Technology Inc. (NASDAQ: RCON) announced yesterday that it had successfully used a hydraulic fracturing (fracking) technique developed by Baker Hughes Inc. (NYSE: BHI) to complete a fracking project at a field being developed by China National Petroleum & Chemical Co., known as Sinopec, (NYSE: SNP). The company also announced that it had an additional $4.75 in signed contracts on its order books for the first half of 2012.
Recon was threatened with de-listing by Nasdaq late last year for failing to file an annual report. The company was also warned for failing to be in compliance with Nasdaq’s minimum market cap requirement. The company corrected both issues in February.
Recon’s shares have gained 80% today to $4.05 in a 52-week range of $0.27-$4.50. Shares posted an intra-day high of $4.35 earlier this morning.
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