On Monday, Sundance Energy (TSX: V.SNY, Stock Forum) shares climbed 20% to 21 cents after the oil and gas explorer said it has finished the completions of the 6-5-18-3W2M exploratory test well on its 40,000 acre Ochapowace First Nations Lands and the 5-3-27-15W2M exploratory test well on its 58,000 acre Muskowekwan First Nations Lands in Saskatchewan. Sundance's two exploratory test wells encountered oil and gas shows in samples and core data and, when analyzed with the well log interpretations, the company has determined that the reservoirs present have enough thickness and sufficient porosity and permeability to be capable of supporting potential hydrocarbon production.
As well, shares of Caledonia Mining (TSX: T.CAL, Stock Forum) added as much as 29% at 13.5 cents on volume of more than 1.3 million shares as the micro cap miner reported the results summary of the 2011 exploration program at its Nama Copper/Cobalt Project in Zambia, in which a new mineralized copper zone has been identified with an estimated weighted average copper grade of 0.47% and estimated weighted average thickness of 41 metres.
In Tuesday trading, Adira Energy (TSX: V.ADL, Stock Forum) shares jumped 70% to 28 cents after the oil and gas explorer said it has received two independent resource reports including a best estimate in aggregate of 232.2 million barrels (MMbbl) of oil and condensate, including 110.1 MMbbl of contingent oil, and 1.8 TCF of gas on the company's Gabriella License and Yitzhak License located offshore Israel.
Also, shares of Strategic Oil & Gas (TSX: V.SOG, Stock Forum) shot up as much as 18% to $1.05 on volume of more than 3.1 million shares as the energy junior announced that an exploratory vertical well drilled at Steen River in Alberta has resulted in a new light oil discovery. The well flowed on average 733 barrels of 36 degrees API oil for 7-8 hours each day. Over a 29 hour test the well flowed a total of 3083 boe (2933 bbl of oil and 149 boe of associated gas).
Wednesday’s market action saw shares of Brookemont Capital (TSX: V.BKT, Stock Forum) plunge 54% to 5.5 cents on volume of more than five million shares after the micro cap explorer reported further on the first few drill holes of the 2012 drilling program that have been completed on its Tanzanian property. Results included 119 metres of 0.0152 grams per tonne (g/t) gold. Management said it is currently evaluating all the data gathered to date to determine the best strategy going forward.
In addition, shares of DIAGNOS Inc. (TSX: V.ADK, Stock Forum) moved up as much as 15% to 26.5 cents as the provider of algorithm development, data analysis, and image processing announced the signing of an agreement with a major global pharmaceutical partner, for the joint deployment and usage of CARA in the United Arab Emirates. CARA is a tele-ophthalmology platform that integrates with existing equipment (hardware and software) and processes at the point of care. CARA's image enhancement algorithms make standard retinal images sharper, clearer, and easier to read, according to the company.
On Thursday, Reliance Resources (TSX: T.RI, Stock Forum) shares surged 36% to 30 cents after the micro cap miner provided an update regarding exploration activities from the ongoing field program at the Kapa Kapa gold and silver project in Indonesia, which included rock grab samples assay up to 2,920 grams per tonne (g/t) silver. This zone was further tested with a 1.2 meter channel sample using a continuous chip sampling method and returned 1.2 metres of 1,490 g/t silver and 1.7% zinc.
As well, shares of Reliable Energy (TSX: V.REL, Stock Forum) gained 15% to 35 cents on volume of more than 20.3 million shares as the oil junior announced that it has entered into an arrangement agreement whereby Crescent Point Energy will acquire all of the issued and outstanding common shares of Reliable not already held by Crescent Point in a transaction valued at approximately $99.1 million, including net debt of $20 million. Under the terms of the arrangement, each common share of Reliable shall be exchanged for 0.00794 common shares of Crescent Point, which equates to approximately 36.2 cents per common share based on a five-day weighted average trading price per Crescent Point share of $45.61.
And, in Friday trading, Starcore International Mines (TSX: T.SAM, Stock Forum) shares powered as much as 20% higher to 45 cents on volume of more than 2.3 million shares after the gold and silver miner reported second-quarter revenue of $15.0 million and earnings of $3.5 million, or three cents per fully-diluted share. Starcore earned a penny per fully-diluted share during the same period last year.
Finally, shares of Canaco Resources (TSX: V.CAN, Stock Forum) rose as much as 13% to $1.20 on more than 2.6 million shares traded as the junior explorer announced new assay results from diamond drilling at the Magambazi gold project in Tanzania, which included 59.4 metres of 3.98 grams per tonne (g/t) gold.