Penn West Petroleum (TSX: PWT, Forum) continued to rebound on the boards today on the heels of its announcement that it divested itself of its interest in the
Weyburn producing properties for $205 million as well as
unloading its Mitsue Properties for $192.5 million. These transactions were the result of an incredibly bad year for the company as commodities did a nosedive placing crude oil around $40 a barrel.
Its SP bumped after the last divesture as it seemed investors gained some confidence that the company would be able to operate better in its streamlined form. However, stocks continued to climb today, most likely driven by Suncor announcing it intended to swallow up Canadian Oil Sands. Traders were speculating that the resulting buzz in Calgary that Penn West could also become the target of another takeover bid. This rumour-based postulation drove Penn West northward in the market.
Shares were up 22.35% to $1.04 per share.
Rubicon Minerals (TSX: RMX, Forum) did a bit of a slide in the exchange today in the wake of the company’s announcement that it had
appointed a new interim CEO, but the drop was most likely initiated by the following
announcement that the company had suspended mill and underground operations temporarily at the Phoenix Gold Project in Red Lake, Ontario.
The stop was ordered by the Ministry of Environment and Climate Change so that the company would treat elevated ammonia levels, discharge sufficient water from the tailings management facility (“TMF”) and to upgrade the TMF. Investors ran screaming from the building and stocks plummeted.
Shares were down 33.00% to $0.67 per share.
| Select Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern) |
| Penn West Petroleum Ltd. (T.PWT, Stock Forum) |
22.35% |
| Copper Mountain Mining Corporation (T.CUM, Stock Forum) |
19.05% |
| Pengrowth Energy Corporation (T.PGF, Stock Forum) |
14.81% |
| Bonavista Energy Corporation (T.BNP, Stock Forum) |
14.57% |
| Athabasca Oil Corporation (T.ATH, Stock Forum) |
14.52% |
| Select Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern) |
| Rubicon Minerals Corporation (T.RMX, Stock Forum) |
-33.00% |
| Horizons BetaPro S&P\/TSX Capped Energy Bear Plus ETF (T.HED, Stock Forum) |
-8.97% |
| Horizons BetaPro S&P\/TSX Global Gold Bear Plus ETF (T.HGD, Stock Forum) |
-5.64% |
| Horizons BetaPro S&P 500 Bear Plus ETF (T.HSD, Stock Forum) |
-3.66% |
| DB Crude Oil Double Short ETN (DTO, Stock Forum) |
-3.21% |