Stockhouse Canadian Small and Micro-cap Stock Report for Monday, October 20, 2008
TORONTO (SHfn) - Oil well production stirred investor interests Monday, while more big-money buying boosted a small energy co.
Petrominerales (TSX: T.PMG, Stock Forum) shares soared 33% to $9.52 on Monday after the oil and gas producer/explorer reported that its Corcel-C3 exploration well in Colombia is producing at rates in excess of 9,700 barrels of oil per day of 29 degree API oil from 23 feet of high-quality sand in the Guadalupe formation at a 0.3% water cut. Petrominerales is a 76.3% owned subsidiary of Petrobank Energy and Resources (TSX: T.PBG, Stock Forum).
As well, Seymour Schulich said he has purchased one million common shares of Birchcliff Energy (TSX: T.BIR, Stock Forum) through the facilities of the Toronto Stock Exchange. As a result of this purchase, Mr. Schulich currently owns or exercises control and direction over 22 million shares, or about 19.6% of the current issued and outstanding common stock of the company. Shares of Birchcliff shot up 12% to $6.48 on the news.
Calvalley Petroleum (TSX: T.CVI.A, Stock Forum), meanwhile, announced that it has entered into its first production sharing contract with the Ethiopian Government for the exploration, development and production of petroleum resources in the Gimbi and Metema blocks under a single contract covering a total area of over 46,470 square kilometers. Calvalley stock popped 23% to $1.80.
Shares of Silvercorp Metals (TSX: T.SVM, Stock Forum) climbed 30% to $2.50 after the Chinese primary silver producer said it is increasing the maximum number of shares that it intends to acquire under its previously announced Normal Course Issuer Bid from 2,988,029 to 10,601,212 shares.
And, Neo Material Technologies (TSX: T.NEM, Stock Forum) Monday reported that its Magnequench division has entered into a joint venture agreement with Toda Kogyo. Under the terms of the agreement, Neo Material's Magnequench division will hold a 33% interest in the joint venture with Toda Kogyo holding the 67% balance. Based in Tianjin, China, the new entity, Toda Magnequench Magnetic Materials Co., is expected to begin production of rare earth magnetic compounds for injection molded neo magnets during the fourth quarter of 2008. Its shares powered 22% higher to $1.49.
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