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Junior energy stock pops on oil flow

Sean Mason Sean Mason, Freelance
0 Comments| June 8, 2010

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Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, June 8, 2010

TORONTO (SHfn) – TG World Energy (TSX: V.TGE, Stock Forum) shares jumped 73% to 19 cents on Tuesday after the oil and gas explorer/developer said it has been advised by project operator, Nido Petroleum Limited, that several days of production testing of the Tindalo-1 well located in the Philippines is complete and that extended production flow test yielded 27 degrees API oil at a maximum flow rate of 18,689 bopd. TG World holds a 12.5% working interest in the project.

As well, shares of Mercator Minerals (TSX: T.ML , Stock Forum) moved up 11% to $1.80 as the junior miner announced its production results for May 2010, totaling 3,152,221 lbs. of copper, 331,923 lbs of molybdenum and 45,914 ounces of silver. May was a record month for molybdenum production, as a result of the improvements in the recovery levels achieved in April.

Resverlogix (TSX: T.RVX , Stock Forum), meanwhile, reported that it has collaborated with the Division of Cardiology at the Research Institute of the McGill University Health Centre (RI of the MUHC), to publish in the Journal of American College of Cardiology (JACC), a report entitled 'RVX-208 A Small Molecule that Increases Apolipoprotein A-I and High Density Lipoprotein Cholesterol In Vitro and In Vivo'. The manuscript in JACC concludes that RVX-208 successfully increases plasma Apolipoprotein A-I (ApoA-I) and HDL-cholesterol (HDL-C) in addition to altering the biochemical properties, metabolism, and function of HDL. Resverlogix stock popped as much as 10% to $3.35.

Shares of Dynacor Gold Mines (TSX: T.DNG, Stock Forum) added 12% at 32 cents after the micro cap miner said it has concluded a debt financing agreement with Trapeze Capital Corp. and Trapeze Asset Management Inc., on behalf of their respective managed accounts, for $1.0 million. The proceeds will be used to increase gold production from custom milling at Acari in Peru and the company expects to increase its gold sales by 10,000 ounces in the next 12 months.

And, Great Pacific International (TSX: V.GPI , Stock Forum) late Monday announced that further to its news release disseminated on November 18, 2009, the company's 100% owned subsidiary, GPI Oil and Gas Inc., has received an updated report from Chapman Petroleum Engineering Ltd. on the Contingent Resources in Great Pacific's Manning Area Prospect of Alberta. Total heavy oil in place was determined on the company lands for the two most significant potential carbonate reservoir zones in the area, the Elkton and Lower Debolt formations and amounted to over 200 million barrels of oil. The Chapman Report lists the best estimate of contingent resources as 30.9 million standard barrels of oil. Great Pacific shares climbed as much as 54% to 10 cents on Tuesday.

Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern)
Top Canadian Small/Micro-cap Decliners

To read more articles by Sean Mason please click here



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