On Monday, Sure Energy (TSX: T.SHR, Stock Forum) shares climbed 20% to $1.27 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.
In Tuesday trading, North Peace Energy (TSX: V.NPE, Stock Forum) shares jumped 43% to 21.5 cents after the early stage in-situ oil sands player said it has entered into an agreement whereby Southern Pacific Resource (TSX: T.STP, Stock Forum) will acquire all of the issued and outstanding shares of North Peace. Under the terms of the arrangement, North Peace shareholders will receive 0.185 of a Southern Pacific common share for each one North Peace common share, or about 21 cents for each North Peace share.
Also, shares of Happy Creek Minerals (TSX: V.HPY, Stock Forum) moved up 16% to 36 cents as the junior explorer reported results from exploration conducted on its 100% owned Fox tungsten-molybdenum property in British Columbia, which included 7.3 metres of 1.25% W03 (tungsten trioxide).
Wednesday’s market action saw shares of Paget Minerals (TSX: V.PGS, Stock Forum) surge 81% to 29 cents after the micro cap explorer said it has discovered gold and silver in a large volcanogenic massive sulfide (VMS) alteration zone on its 100% owned Chist Creek property near Terrace, British Columbia. Rock sampling has returned gold values up to 687 grams per tonne (g/t), silver values to 735 g/t, copper to 2.0%, zinc to 1.2% and lead to 1.26%.
In addition, shares of Lexam Explorations (TSX: V.LEX, Stock Forum) gained 48% to 87 cents after the junior miner and VG Gold Corp. (TSX: T.VG, Stock Forum) announced that they have reached an agreement in principle to combine the two companies to create an exploration company focused on the Timmins mining camp in northern Ontario. Common shareholders of VG Gold would receive one common share of the combined company for every common share of VG Gold currently held, and common shareholders of Lexam would receive 2.1 common shares of the combined company for every common share of Lexam currently held. Under the proposed transaction, Rob McEwen, the current Chairman and CEO of Lexam, would acquire a major stake in the combined company through a private placement of $5 million, as well as his current 49% percent ownership interest in Lexam, and will become the Chairman of the combined company.
On Thursday, Beaufield Resources (TSX: V.BFD, Stock Forum) shares powered 240% higher to 68 cents after the micro cap miner reported results from the recently completed, four holes totaling 2529 metres, drilling program on its 100% owned Tortigny Copper-Zinc-Silver deposit in Quebec, which included 4.20% zinc, 2.72% copper, 0.19% lead, 500.93 grams per tonne (g/t) cobalt, 72.02 g/t silver and 0.53 g/t gold over 322.15 metres.
As well, shares of Zincore Metals (TSX: T.ZNC , Stock Forum) rose 15% to 35.5 cents as the junior explorer announced that it has discovered a large copper-gold porphyry with surface values of up to 2.3% copper and one gram/tonne gold in chip samples at its Dolores property in Peru.
And, in Friday trading, Liberty Mines (TSX: T.LBE, Stock Forum) shares climbed 17% to 21 cents after the micro cap miner announced that the Redstone nickel concentrator near Timmins Ontario, processed 95,587 tonnes during the third quarter of 2010, an increase of 69% over the 56,520 tonnes processed during the second quarter of 2010. Full production details will be released later this month after all costs related to Q3 have been processed.
Finally, shares of Angiotech Pharmaceuticals (TSX: T.ANP, Stock Forum) slipped 15% to 51 cents as the specialty pharmaceutical and medical device company reported that it has determined, in connection with discussions being conducted with holders of approximately 72% of the company's 7.75% Senior Subordinated Notes, that it will not make interest payments totaling approximately $9.7 million due to holders of the Subordinated Notes on October 1, 2010. Angiotech is currently in discussions with holders of its Subordinated Notes to effectuate a transaction that would materially reduce its existing debt levels.