Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, July 20, 2010
TORONTO (SHfn) – Anglo Canadian Oil (TSX: V.ACG, Stock Forum) shares jumped 62% to 73 cents on Tuesday after the oil and gas producer/developer said it has obtained an independent resource study in respect of its 172,000 acre "Nordegg Member" oil prospect in west central Alberta, which included a best estimate of over 6.47 billion barrels of petroleum initially in place.
As well, shares of Blackhawk Resource (TSX: V.BLR, Stock Forum) moved up 13% to 17 cents as the junior explorer and Ranger Energy (TSX: V.RGG.H , Stock Forum) reported that the two companies have signed a non-binding letter of intent, dated July 19, 2010 to amalgamate into a new company (Newco) focused on oil prospects in both the Viking and Sparky formations in Alberta. Newco has current production of approximately 125 BOE/day, which is expected to increase to over 250 BOE/day by the end of July 2010 (70% oil and 30% gas) and a drilling program that includes horizontal locations in both the Viking and Sparky formations.
C.A. Bancorp (TSX: T.BKP, Stock Forum), meanwhile, announced that 1535633 Alberta Ltd., a wholly-owned subsidiary of Century Services LP, has varied its offer for all of the issued and outstanding common shares of C.A. Bancorp by increasing the offer price per share from $1.50 to $1.71. C.A. Bancorp stock popped 12% to $1.68.
And, TG World Energy (TSX: V.TGE, Stock Forum) Tuesday said its project partner and operator of Service Contract 54A, Nido Petroleum Limited, has provided TG World with an update on the Extended Well Testing program at the Tindalo-1 well in the Philippines. During the last two weeks, whilst online, oil production has averaged 4,000-5,000 barrels oil per day. TG World shares added as much as 10% at 11.5 cents.
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