TORONTO (SHfn) – Open Range Energy (TSX: T.ONR, Stock Forum) shares climbed 22% to $1.49 on Friday after the oil and gas producer/explorer reported average production of 3,685 boe per day in the third quarter, an increase of 60% from third-quarter 2009 production of 2,303 boe per day and on-track to meet the company's 2010 average production guidance. Generated funds from operations was $7.1 million, or 12 cents per basic and diluted share, an increase of 118% over third-quarter 2009 funds flow thanks to higher average production and lower costs.
As well, shares of Hinterland Metals (TSX: V.HMI, Stock Forum) added 12% at 14 cents as the junior explorer announced that it has signed an arms-length agreement to acquire the 75-claim (1553 hectare) "Culvert" gold property located some 200km north of Watson Lake, Yukon.
Caspian Energy (TSX: T.CEK, Stock Forum), meanwhile, said it has entered into an agreement that will enable it and a new partner to proceed immediately with plans to expand production in the East Zhagabulak oil field of Kazakhstan. Its subsidiary Caspian Energy Ltd. (CEL) has arranged the sale of a 10% interest in Aral Petroleum Capital LLP (Aral), the operating entity in East Zhagabulak. Asia Sixth Energy Resources Limited is the purchaser of the 10% interest sold by Caspian and has also acquired the 50% of Aral previously owned by Azden Management Limited. Caspian Energy stock popped 23% to 24.5 cents.
And, Caldera Resources (TSX: V.CDR, Stock Forum) Friday announced that it has entered into an agreement with a local drill contractor and will start its anticipated diamond drill program at the Marjan Gold-Silver Project, located near Sissian, Republic of Armenia, the week of November 8, 2010. Caldera shares rose 14% to 16 cents.
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