Stockhouse Canadian Small and Micro-cap Stock Report for Monday, September 27, 2010
TORONTO (SHfn) – Sure Energy (TSX: T.SHR, Stock Forum) shares climbed 20% to $1.27 on Monday after the oil and gas explorer/developer reported test results of its recent horizontal well in the Queensdale area of Saskatchewan. The Alida formation flowed 1,164 barrels of 37 API oil over a 42.5 hour test. Final restricted flow rate was 500 BOPD on a 0.875 inch choke with an average flowing pressure of 230 psi and an 11% water cut. The company anticipates the well to be on production in early October, initially at a restricted rate of 150 BOPD and subject to possible further restrictions due to pipeline curtailment from the recent shut-in of Enbridge's oil pipelines.
As well, share of Cream Minerals (TSX: V.CMA, Stock Forum) shot up 67% to 12.5 cents as Endeavour Silver (TSX: T.EDR, Stock Forum) said it intends to make an all-cash offer to acquire all of the outstanding common shares of Cream at a price of 12 cents a share
Advanced Explorations (TSX: V.AXI, Stock Forum), meanwhile, announced that it has completed and executed an agreement with XinXing Pipes Group Co., Ltd. to form a partnership for the development of the Advanced Explorations' Roche Bay iron ore project in Nunavut. XinXing will provide $20 million to the Roche Bay JV to complete the definitive feasibility study and a further $30 million of working capital to the Roche Bay JV upon completion of the definitive feasibility study. Advanced stock popped 44% to 33 cents.
Shares of Dynacor Gold Mines (TSX: T.DNG, Stock Forum) jumped 13% to 48.5 cents after the junior miner said that in the first two months of the third quarter, 2010, it produced 6,239 ounces of gold from its gold custom-milling plant in Peru and had sales of US$7.9 million.
And, Angiotech Pharmaceuticals (TSX: T.ANP, Stock Forum) Saturday reported that its corporate partner, Boston Scientific (NYSE: BSX, Stock Forum), has released three-year follow-up data from the HORIZONS-AMI trial. HORIZONS-AMI demonstrated that the TAXUS Express Stent significantly reduced clinical and angiographic restenosis compared to an otherwise identical bare-metal Express control stent. Angiotech shares surged 23% to 79 cents on Monday.
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