Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, April 1, 2010
TORONTO (SHfn) – Blackhawk Resource (TSX: V.BLR, Stock Forum) shares surged 27% to 19 cents on Thursday after the oil and gas producer/explorer reported that it has successfully drilled and cased both wells on its Bodo property in Alberta. The BLR Bodo #2 horizontal well encountered reservoir rock with abundant hydrocarbon shows throughout the majority of the horizontal section. BLR Bodo #1 was drilled to a total depth of 724 metres and encountered hydrocarbon pay in the Colony Formation. After perforating, the Colony zone flowed gas at a maximum rate of 1.6 mmcf/d with an average choked rate of 750 mcf/d over the testing period. Analysis of the logs indicate oil pay in addition to gas pay in the zone.
As well, shares of Sea Breeze Power (TSX: V.SBX, Stock Forum) added 29% at 38 cents as the renewable energy firm announced that the offer of a 20-year "Electricity Purchase Agreement" has been received from British Columbia Hydro and Power Authority with regard to future renewable energy produced at Sea Breeze's Knob Hill Wind Farm Project. The Knob Hill Wind Farm Project is located 35 km northwest of Port Hardy on northern Vancouver Island, within the traditional territories of the Kwakiutl, Quatsino, and Tlatlasikwala First Nations. Phase 1 of the Project would generate enough renewable electricity to power an estimated 35,000 British Columbia homes.
Run of River Power (TSX: V.ROR, Stock Forum), meanwhile, said it has been selected for an award of an Electricity Purchase Agreement with BC Hydro for the Mamquam Power Project, located 70 kilometres northeast of Vancouver. The 25 MW low-impact hydroelectric project will utilize part of the flow of Skookum Creek to generate green energy for roughly 9,500 homes and will create 140 direct and indirect jobs for local and First Nations communities. Run of River stock popped 18% to 29 cents.
Shares Northstar Aerospace (TSX: T.NAS, Stock Forum) climbed 32% to $1.58 after the manufacturer of flight critical gears and transmissions announced that fiscal 2009 revenue from continuing operations rose to $193.9 million from $171.7 million, while net income for the year was $3.5 million, or 12 cents a share, compared with a loss of $9.4 million, or 32 cents a share, in 2008.
And, GlobeStar Mining (TSX: T.GMI, Stock Forum) late Wednesday reported fiscal 2009 gross revenue of approximately $78.5 million, operating earnings of $31.7 million, and cash flows from operating activities of $23.9 million. Cash, restricted cash and accounts receivable totaled approximately $24.4 million as at December 31, 2009, as compared to $5.9 million as at December 31, 2008. Cash costs per payable pound of copper sold during 2009 were about $1.58 before byproduct credits and approximately 81 cents after byproduct credits. GlobeStar shares jumped 35% to $1.35 on Thursday.
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