Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, January 27, 2010
TORONTO (SHfn) – Operating efficiency helped boost a small petro pumper Wednesday, while financial results lifted a tiny tech stock.
Mart Resources (TSX: V.MMT, Stock Forum) shares surged as much as 17% to 17 cents on Wednesday after the petroleum junior and its partners, Midwestern Oil & Gas Company PLC (Operator) and Suntrust Oil Company Nigeria Limited, announced that the majority of the rental production equipment in use at the Umusadege oil field in Nigeria has been replaced with permanent facilities. The installation of the permanent facilities will result in a net reduction of direct field operating costs of approximately $2.60/barrel based upon average daily production rates for January 2010. Average daily gross production for January 2010 was 3,935 barrels of oil per day (bopd) from the UMU-1 and UMU-5 wells. Of the total production for this period, the UMU-1 well contributed an average of 1,710 bopd and UMU-5 well contributed an average of 2,225 bopd.
As well, shares of GuestLogix (TSX: V.GXI, Stock Forum) moved up as much as 14% to $1.23 as the onboard store technology provider to the passenger travel industry reported fiscal 2009 revenue of $18.6 million, up 119% year-over-year, while net income for the period was $200,000.
Titan Trading Analytics (TSX: V.TTA, Stock Forum) shares powered 38% higher to 22 cents after the software developer announced that Compo Investment Partners LP of New York has opened an institutional FOREX Trading account to be managed by the company's wholly-owned subsidiary, Titan Holdings USA LLC (THU). Under the terms of the forex trading agreement, THU and Compo will equally share the account's profits.
Playfair Mining (TSX: V.PLY, Stock Forum), meanwhile, said it has acquired, by staking, a 100% interest in 673 claims covering 16,825 hectares in the Seal Lake area of central Labrador. The property covers some 136 copper and copper-silver occurrences including 16 copper-silver showings and nine copper silver prospects, all discovered mainly via prospecting in the 1950's. Playfair stock popped as much as 14% to 12.5 cents.
And, Happy Creek Minerals (TSX: V.HPY, Stock Forum) late Tuesday announced results of a geophysical survey from its 100% owned West Valley property that adjoins the west side of Teck Resources Ltd.'s Highland Valley copper mine property in south central British Columbia. The 3D IP survey has outlined an area of high priority called the Nord prospect that is approximately 1.6 kilometres by 800 metres in dimension, and forms a wide "U" shape that remains open in extent to the north. Reconnaissance mapping in and around this positive anomaly has located at least eight new copper showings with samples containing up to 1.7% copper and up to 0.37 grams per tonne gold. Its shares added 12% at 28 cents on Wednesday.
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