Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, October 21, 2009
TORONTO – Drill results and an upgrade in the oil patch were driving stock gains on Wednesday.
Shares of oil and gas explorer Sea Dragon Energy (TSX: V.SDX, Stock Forum) raced higher after the company announced it had completed one well and spudded another at its Gemsa concession in Egypt. The company reported flows of 5000 bopd (barrels of oil per day) and 7 mmscf/d (million standard cubic feet of gas per day) using a 64/64 inch choke. Shares of the Calgary-based firm were up 55% or 15.5 cents to 43.5 cents.
Anderson Energy (TSX: T.AXL, Stock Forum) shares surged 10.5% or 11 cents to $1.15 after Wood Gundy upgraded its opinion of the tar sands company. The brokerage raised its rating on the company to “sector outperformer” based on relative valuation and implied return. Wood Gundy also raised its target price to $1.65 per share from $1.55.
After reporting drill results for its Sourdough Ridge prospect in the Fairbanks Mining District of Alaska, shares of Teryl Resources (TSX: V.TRC, Stock Forum) jumped 17% or 3.5 cents to 24 cents. The company is using the drilling program to determine the continuity of mineralization on the prospect, and aid in calculating an initial NI 43-101 compliant resources estimate. Teryl is a joint venture partner with Kinross Gold (TSX: T.K , Stock Forum).
Potash company Allana Resources (TSX: V.AAA, Stock Forum), which is developing a potash deposit in Ethiopia in a joint venture with a state-run Chinese mining company, rallied 20% or 4.5 cents to 26.5 cents. The company did not release news Wednesday.
The top volume decliner on Wednesday was Action Energy (TSX: V.AEC, Stock Forum), which reported yesterday that National Bank was demanding payment in full of approximately $31.6 million in credit facilities by the close of business October 29. The company is working with consultants to establish a restructuring plan that will address its debt issues. The exploration company slid 45.8% or 5.5 cents to 6.5 cents.
| Top Canadian Small/Micro-cap Advancers (as of 4:30 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |