Stockhouse Canadian Small and Micro-cap Stock Report for Monday, October 4, 2010
TORONTO (SHfn) – Sterling Resources (TSX: V.SLG, Stock Forum) shares climbed as much as 13% to $3.72 on Monday after the oil and gas explorer/producer reported successfully drilling a second Cladhan sidetrack well located in Block 210/29a in the United Kingdom North Sea, approximately 225 miles northeast of Aberdeen, Scotland, in a water depth of 536 feet. The well has encountered in excess of 60 feet vertical thickness of net hydrocarbon bearing sandstones. Preliminary analysis indicates good quality sand with an average porosity of 20% and most importantly, the well has not encountered an oil water contact at this downdip location.
As well, shares of Parkbridge Lifestyle Communities (TSX: T.PRK, Stock Forum) shot up 30% to $7.27 as the owner, operator, and developer of land lease residential communities and seasonal recreational resorts said British Columbia Investment Management Corporation and its wholly-owned subsidiary, 1561609 Alberta Ltd. (bcIMC) will acquire all of the issued and outstanding common shares of Parkbridge by way of a plan of arrangement under the Business Corporations Act (Alberta) for consideration of $7.30 per common share in cash, or a total consideration of approximately $790 million including net debt.
Aura Silver Resources (TSX: V.AUU, Stock Forum), meanwhile, announced that it has been granted a renewal of the permit to continue exploration work at its Taviche and Alma Delia concessions located in Oaxaca, Mexico. Aura Silver stock popped 21% to 20 cents.
And, Alange Energy (TSX: V.ALE, Stock Forum) Monday provided an update on the drilling of Topoyaco-2, one of the first two exploration wells being drilled in the Topoyaco block, located in the Putumayo Basin of Colombia. As of October 3, 2010, the Villeta Formation is being drilled at a depth of 8,040 feet measured depth (MD), with a seven-inch hole. The shoe for the 8 5/8" casing was set at 7,118 feet MD in the lower Rumiyaco formation. The top of the Villeta Formation was encountered at 7,354 feet MD, 6,075 true vertical depth (TVD), 92 feet shallower than anticipated. The well encountered reservoir quality sandstones with hydrocarbon shows in several zones during the drilling of the Upper Villeta N sands with a mud weight of 9.9 lbs/gallon, with initial log interpretations indicating potential oil pay. Observations based on the gamma ray log indicate 87 feet TVD of sandstones, and 29 feet TVD of carbonate intervals, which have shown oil stains, light yellow and bluish fluorescence, as well as a rapid mud cut. This observation together with the mud gas chromatography, indicates the presence of light/medium oil. Alange shares jumped 14% to 53 cents.
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