Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, February 23, 2010
TORONTO (SHfn) – Speculators gushed over shale gas results Tuesday, while a biotech stock climbed on preclinical data.
Questerre Energy (TSX: T.QEC, Stock Forum) shares jumped 37% to $5.05 on Tuesday after the energy explorer/producer reported test results from the St. Edouard No. 1A horizontal well in the St. Lawrence Lowlands, Quebec. The horizontal well was successfully completed with eight stage fracture stimulations. Clean-up and flow back commenced January 29, 2010. Initial rates were over 12 MMcf/d. During the test, the well flowed natural gas at an average rate of over six MMcf/d. The well is currently still flowing on an extended production test. The current rate is approximately five MMcf/d at a flowing tubing pressure of 4412 kPa (640 psi) with a choke size of 5/8 inch.
As well, shares of Allon Therapeutics (TSX: T.NPC, Stock Forum) moved up 19% to 37 cents as the clinical-stage biotechnology firm announced that preclinical data has shown AL-309 to be effective at reducing nerve damage and pain in animal models for peripheral neuropathy caused by diabetes and cancer chemotherapy, two of the most common causes of the disease.
Velo Energy (TSX: V.VLO, Stock Forum), meanwhile, reported that it has received clarification from the UK Department of Energy and Climate Change that DECC will consider transfers of non-operated license interests in the UK North Sea to Velo. This is a substantial change from the January 5, 2010, letter from DECC in which DECC refused consent to any license transfers. Velo has been approached by a number of recognized UK operators with respect to farm-in and joint venture opportunities and is engaged in discussions with these operators. Velo stock popped 67% to 37.5 cents.
And, International Frontier Resources (TSX: V.IFR, Stock Forum) Tuesday said it has entered into a letter of intent to sell 100% of the issued share capital of its wholly-owned U.K. subsidiary, Britcana Energy Ltd, to a U.K. based international oil and gas company. The price for the shares will be US$5 million to be satisfied at the times and subject to the satisfaction of certain conditions. Its shares added as much as 25% at 10 cents.
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