On Monday, Suroco Energy (TSX: V.SRN, Stock Forum) shares climbed 34% to 55 cents on Monday after the oil and gas explorer said its Colombia production for January averaged 455 bbls per day net to the corporation after royalties, a new record production rate and a 78% increase over the January 2009 average of 256 bbls per day. This production rate improvement has been due solely to well workovers and the company's net production rate is expected to increase significantly once the Pinuna 5 well is bought on line in February.
As well, shares of Tethys Petroleum (TSX: T.TPL, Stock Forum) shot up 35% to $1.39 as the energy producer/explorer reported initial results of testing on the upper zone of the AKD01 oil discovery in Kazakhstan. The upper zone flowed oil at a restricted rate of over 5,400 barrels per day. Combined with the recent testing on the lower zone the AKD01 well has now flowed oil at a combined rate in excess of 6,800 barrels per day.
In Tuesday trading, Junex (TSX: V.JNX, Stock Forum) shares jumped 13% to $1.96 after the energy junior announced that Netherland, Sewell & Associates, Inc., an independent reservoir engineering firm based in Texas, has provided their "Best Estimate" of the Prospective Original Gas in Place Resources (OGIP) volumes for the Utica Shale on the Junex's Nicolet Permit in the St. Lawrence Lowlands at 8.67 Trillion Cubic Feet (TCF). Junex's 50% interest of this Prospective Resources OGIP volume is 4.33 TCF.
Also, shares of Drake Energy (TSX: V.DPE, Stock Forum) moved up 38% to 14.5 cents as the micro cap energy explorer reported the re-entry of a horizontal well (01-24) at Sousa in Alberta. The well is currently producing over 120 BBLD of light sweet crude oil. The well has been producing since the beginning of the month and has seen steadily increasing levels of production. The 01-24 well is expected to qualify for both the 5% royalty program and the transitional royalty rates.
Wednesday’s market action saw shares of Shore Gold (TSX: T.SGF, Stock Forum) surged 12% to 93 cents on Wednesday after the miner announced results of the combined Prefeasibility Study on the Star - Orion South Kimberlites in Saskatchewan, which includes the 100% Shore owned Star Diamond Project, as well as Star West and the Orion South Kimberlite. Highlights include a Probable Mineral Reserves of 279 million diluted tonnes at a weighted average grade of 12.5 carats per hundred tonnes containing 35 million carats at a weighted average price of $226 per carat over the life of mine, as well as a net present value of $1.3 billion (using a 7% discount rate) for an internal rate of return of 16% before taxes and royalties.
In addition, shares of Mad Catz Interactive (TSX: T.MCZ, Stock Forum) gained 19% to 44 cents as the interactive entertainment accessory provider reported third-quarter net sales of $48.8 million, up 19% from $40.8 million during the same period last year and the second-best quarter of sales in the company's history. Net income for the quarter was a record $5.6 million, or nine cents per diluted share, compared with a net loss of $26.9 million, or 49 cents per diluted, a year earlier.
On Thursday, Intrepid Mines (TSX: T.IAU , Stock Forum) shares powered 15% higher to 27.5 cents on Thursday after the mineral explorer/developer reported diamond drill hole results from the Tumpangpitu Prospect, Tujuh Bukit Project in Indonesia, which included 164 metres of 0.46 grams per tonne (g/t) gold, 0.45% copper, and 99 parts per million (ppm) molybdenum.
As well, shares of Erdene Resource Development (TSX: T.ERD , Stock Forum) added 40% at 35 cents as the junior miner announced that Xstrata has indicated that they will now be developing the Donkin Coal Project in Nova Scotia based on sales into the coking coal market. The revised Donkin Coal Project is expected to produce approximately 2.75 million tonnes per annum of washed export grade coking coal at full production, pending the receipt of all approvals. The Donkin Coal Project is a joint venture between Xstrata Coal Donkin Limited, a subsidiary of Xstrata plc, (75%) and Erdene (25%).
And, in Friday trading, Crew Gold (TSX: T.CRU, Stock Forum) shares climbed 48% to 21.5 cents on Friday after Bluecone Limited, a subsidiary of Russian steel and mining giant OAO Severstal, reported that it acquired 335,961,241 common shares of Crew at a price of 16 cents per share on February 11, 2010. The securities acquired represent ownership and control of approximately 15.71% of the issued and outstanding common shares as at the date hereof. Following this transaction, Bluecone will have ownership and control of more than 423,201,241 common shares, representing approximately 19.79% of the issued and outstanding common shares as at the date hereof.
Finally, shares of Bioniche Life Sciences (TSX: T.BNC, Stock Forum) shot up 34% to 94 cents as the biopharmaceutical firm announced that it has met the obligations associated with two milestones under its licensing agreement with Endo Pharmaceuticals (NASDAQ: ENDP, Stock Forum) for exclusive rights to develop and market Bioniche's product for non-muscle-invasive bladder cancer in North America. The achievement of these milestones triggers a total payment of US$8 million to Bioniche from Endo.