The value of small cap stock for Texas-based Ion Geophysical Corp. (NYSE:IO) was up on Monday, shortly after the company announced that it would soon be starting operations in Manor Township, Pennsylvania, the Kittanning Paper reports.
According to the news source, the geo-mapping company approached Manor Township last week about the potential to map out thousands of acres of Marcellus Shale formations this coming winter.
"We’re seeking access to roads and right-of-ways and any lands that you own. What they’re doing is mapping Marcellus Shale," said company Representative Dan Johnson. "There are a lot of shallow wells in the area, so they know what’s there. They know the Marcellus is there. The point of it is to get a good understanding of the rock formations and figure out the best ways to take it out, and also the safest ways to do it."
According to the Marcellus Coalition, companies invested more than $12 billion in Pennsylvania to extract natural gas in 2011, which supported more than 200,000 jobs.
Ion stock was up 0.47 percent to $6.44 per share as of 3:05 p.m. on Monday, July 9.