Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, December 22, 2010
TORONTO (SHfn) – Contact Exploration (TSX: V.CEX, Stock Forum) shares powered 69% higher to 43 cents on Wednesday after the oil and gas explorer/producer reported that the drilling and completion of two 100% Contact working interest horizontal oil wells in the Stoney Creek oil field in New Brunswick has been successfully accomplished. An exceptionally high porosity, high permeability reservoir was encountered throughout both well bores. Petroleum indications were detected within all drilled portions of the reservoir, as indicated by strong hydrocarbon staining, fluorescence, and oil cut within drill cuttings. Elevated mud gas readings were also detected during the drilling of reservoir sections, suggesting a continuously hydrocarbon-charged interval.
As well, shares of DALSA Corporation (TSX: T.DSA, Stock Forum) gained 26% to $18.19 as the developer of digital imaging and semiconductor products and solutions announced that it has entered into a definitive agreement in which a wholly-owned subsidiary of Teledyne Technologies will acquire DALSA for $18.25 per share in cash, or a total consideration of approximately $341 million.
Winstar Resources (TSX: T.WIX, Stock Forum), meanwhile, provided an update on the drilling of Chouech Essaida Silurian #1 Well (CS Sil #1) on its 100% owned and operated Chouech Essaida Concession in Tunisia. Winstar has successfully drilled its first Silurian exploration well CS Sil #1, to a total depth of 4,390 metres, ahead of budget in terms of both time and costs. Open-hole log data (including an MDT - Modular Formation Dynamic Tester) and well-site geological measurements and observations indicate hydrocarbon potential in the Silurian Tannezuft and Acacus sandstones, Devonian Ouan Kasa sandstones and the Triassic TAGI sandstones. Winstar stock popped 26% to $4.97.
Shares of Cascadero Copper (TSX: V.CCD, Stock Forum) surged 29% to 18 cents after the junior explorer said it has purchased for shares a 100% interest in eight gold properties in the Timmins and Swayze gold belts of Ontario. The property vendors retain a 2% net smelter return royalty (NSR). Cascadero has the right to purchase 50% of the NSR for $2 million within the first year of commercial production.
And, Amazon Mining Holding Plc (TSX: V.AMZ, Stock Forum) Wednesday reported that the Secretary of Finance from Minas Gerais State Government has approved this Monday, December 20, 2010, a special tax treatment for Amazon's Cerrado Verde Potash Project in Brazil. This benefit will reduce capital and operational expenditures for the company's proposed ThermoPotash production. In addition, it will reduce sales tax on ThermoPotash itself. Amazon Mining shares jumped 17% to $5.64.
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