Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, March 31, 2010
TORONTO (SHfn) – TAG Oil (TSX: V.TAO, Stock Forum) shares jumped 20% to $2.68 on Wednesday after the oil and gas producer/explorer reported that the first stratigraphic well in its initial three-well Waitangi Hill program has been drilled to a total depth of 171 metres. The results, including "free oil" in core samples, further indicate Waitangi Hill as an area of active oil and gas generation and expulsion. The Waitangi Hill-2 well is located within TAG's 530,000-acre permit area in the northern East Coast Basin of New Zealand. The Waitangi Hill-2 well experienced a strong "oil-wet" gas kick combined with significant pressure at 149 metres, which was addressed before continuance of drilling. Drilling then continued to 171 metres, where a conventional sandstone reservoir was encountered and core was retrieved that exhibited streaming "free oil."
As well, shares of Louvem Mines (TSX: V.LOV, Stock Forum) gained 37% to 70 cents as the company announced that Richmont Mines (TSX: T.RIC, Stock Forum) intends to acquire all of the issued and outstanding shares of Louvem that are not currently owned by Richmont. Under the proposed transaction, holders of shares of Louvem would receive one share of Richmont for each 5.4 shares of Louvem held by them, representing a value of about 76 cents per Louvem share.
Forent Energy (TSX: V.FEN, Stock Forum), meanwhile, said it has secured Calgary oil and gas veteran and FirstEnergy Capital Corp. co-founder W. Brett Wilson as a major investor and member of the company's board of directors. Wilson and his associates will provide the majority of funds toward the company's latest $4 million financing. Forent stock popped 19% to 31 cents.
And, Fire River Gold (TSX: V.FAU, Stock Forum) Wednesday reported gold results from its ongoing geological re-evaluation program for the Nixon Fork Gold Mine Project in Alaska, which included 121.6 grams per tonne (g/t) gold over 4.4 metres. Its shares climbed 10% to 39.5 cents.
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