TORONTO (SHfn) – Yangarra Resources (TSX: V.YGR, Stock Forum) shares jumped 29% to 62 cents on Wednesday after the oil and gas explorer/developer said it has completed the fracturing and flow back of fracturing fluids on its horizontal Glauconite well (100% working interest) in the Willesden Green Area of Alberta. The final flow rate of the well was a combined Oil, NGL and Natural Gas rate of 1,100 boe/d with the flowing pressure building at a rate of 14 psi/hr over the final 10 hours of the flow test and flowing tubing pressure of 910 psi at the conclusion of the test. The well is expected to be on production in early July.
As well, shares of KWG Resources (TSX: V.KWG, Stock Forum) moved up 81% to 14.5 cents as the junior explorer and Spider Resources (TSX: V.SPQ, Stock Forum) announced that they have entered into a merger agreement in which the shareholders of each corporation will hold 50% of the outstanding shares of the ongoing public corporation. The combined company will hold a current interest of 53% in the Big Daddy Chromite Deposit, with the option to earn a further 7% to achieve a 60% interest in the project. Spider shares surged 75% to 14 cents.
Winstar Resources (TSX: T.WIX, Stock Forum), meanwhile, provided initial test results from the 100% owned and operated Chouech Essaida 8S well (CS No.8S) in Tunisia. The company said the well has been successfully completed and after 42 hours is currently flowing at a stable rate of 1,625 bbl/d of oil (2,200 boepd of total hydrocarbons) commingled from two zones in the Triassic reservoir. Winstar stock popped 18% to $3.75.
And, Blackhawk Resource (TSX: V.BLR, Stock Forum) Wednesday reported reserve additions relating to the completion of the 100% owned BLR Bodo #1 and BLR Bodo #2 wells in Alberta, which were drilled in the first quarter of 2010. The two-well program, including drilling, equipping and tying-in the wells, cost approximately $2.1 million and increased Blackhawk's proved plus probable before tax net present value, discounted at 10%, by more than $11.2 million. Blackhawk shares powered 32% higher to 18.5 cents.
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