Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, September 2, 2010
TORONTO (SHfn) – Valeura Energy (TSX: V.VLE, Stock Forum) shares powered 27% higher to 35 cents on Thursday after the oil and gas explorer/producer announced that it has executed a farmout agreement with Aladdin Middle East (AME) and Guney Yildizi Petrol Uretim Sondaj, Muteahhitlik ve Ticaret A.S. (GYP), two affiliated oil and gas exploration and production companies operating in Turkey and controlled by the Turkey-based Sayer Group. Under terms of the agreement, Valeura will farm-in to one production lease containing the Kahta heavy oil field and eight exploration licences operated by AME-GYP and located in southeastern Turkey within the Zagros fold belt.
As well, shares of Pyng Medical (TSX: V.PYT, Stock Forum) gained 20% to 18 cents as the medical devices provider said it has received 510(k) clearance from the U.S. FDA to market the FASTx Sternal Intraosseous Device. The company added it will now begin ramping up production to meet the anticipated demand for this next generation IO product.
Harry Winston Diamond (TSX: T.HW, Stock Forum), meanwhile, reported a second-quarter profit of US$16.5 million, or 22 cents a share, compared with a loss of $24.5 million, or 22 cents a share, during the same period last year. Revenue surged 62% to $153.7 million from $94.8 million, as rough diamond sales rose 89% to $86.8 million amid a 62% increase in prices. Harry Winston stock popped 20% to $12.85.
And, Africa Oil (TSX: V.AOI, Stock Forum) Thursday said it has signed a definitive farmout agreement with Tullow Oil plc whereby Tullow will acquire a 50% interest in, and operatorship of, three of Africa Oil's east African exploration blocks, comprised of two exploration blocks in Kenya and one exploration block in Ethiopia. Tullow will pay to Africa Oil approximately US$10 million, representing 50% of Africa Oil's past costs in the blocks, subject to a post-closing audit. Tullow will also fund Africa Oil's working interest share of future joint venture expenditures in these blocks until the cap of US$23.75 million is reached. Africa Oil shares surged 17% to $1.28.
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