Empire Energy Group (ASX: EEG) has received a price query from the ASX after its shares outpaced the rest of the market, jumping up 42.86% on heavy trading to an intra day high of A$0.20.
More than 9 million shares changed hands as of 2.16pm (AEST) today.
The company said it was not aware of any information not released to the market that would explain the sudden investor interest.
It pointed to news reports out of the U.S. claim that New York State is poised to give the green light to fracture stimulation to be carried out.
CBS News said the State will release guidelines after the U.S. Labor Day on 3 September.
The New York State Department of Environmental Conservation had long held that drilling and fraccing could be done safely subject to appropriate operating guidelines.
Being able to carry out fraccing will allow Empire Energy Group to unlock the Marcellus and Utica shales in its New York State acreage.
These have estimated resources of more than 70 million barrels of oil and 5 trillion cubic feet of gas in place respectively.
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