Stock Alert: Apache Shares Surge

(RTTNews) - Shares of Apache Corporation (APA) rose 26.79% on Tuesday after the oil and gas company announced a major oil discovery off the coast of South America's Suriname. The stock, that had the biggest one day gain in the last 50 years, has been trading in a range of $18.33 to $38.12 for the past one year.

Apache said the Maka Central-1 well located in Suriname confirmed a geologic model with 73 meters (240 feet) of oil pay and 50 meters (164 feet) of light oil and gas condensate pay with appraisal planning underway.

As per the agreement signed last December, Apache and Total S.A. (TOT) each holds 50 percent working interest in Block 58 offshore Surinam.

In the third quarter, Apache had revenue of $1.477 billion compared with $1.983 billion in the same quarter a year ago.

Apache had reported net loss of $170 million or $0.45 per share in the third quarter versus earnings of $81 million or $0.21 per share in the corresponding quarter last year. Loss per share on an adjusted basis was $0.29 compared with earnings of $0.63 per share last year. Analysts were expecting a loss of $0.19 per share.

Fourth-quarter financial results are scheduled to be published on February 25.