Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, March 23, 2011
TORONTO (SHfn) – Transeuro Energy (TSX: V.TSU, Stock Forum) shares surged 39% to 21.5 cents on Wednesday after the oil and gas explorer/producer announced that operations for the first production test of the previously announced four test programme on Karl-101 in the Ukraine are continuing. The well has been flowing for 20 hours to obtain preliminary data prior to the planned acid stimulation. The maximum hourly production rate during this flow period was 4.7 million cubic feet (131,000 cubic metres) per day and an average condensate yield of 50 barrels per million cubic feet, giving a maximum combined rate of 1,018 barrels of oil equivalent per day (boepd).
As well, shares of Fjordland Exploration (TSX: V.FEX, Stock Forum) gained 23% to 19 cents as the micro cap explorer and Cariboo Rose Resources (TSX: V.CRB, Stock Forum), 60%-40% partners in the Woodjam Joint Venture, reported that Gold Fields Limited's exploration company, Gold Fields Horsefly Exploration, has forwarded drill results from the initial hole of the 2011 drilling program on the Deerhorn Zone of the Woodjam North gold-copper property in British Columbia, which included 151.5 metres grading 0.83 grams per tonne (g/t) gold and 0.21% copper.
The SKOR Food Group (TSX: V.SKF, Stock Forum), meanwhile, said it has entered into a support agreement pursuant to which Colabor Group (TSX: T.GCL, Stock Forum) has agreed to make an offer, by way of a take-over bid, to acquire all of the issued and outstanding common shares of SKOR for $1.33 per share in cash, or a total consideration of $35.6 million. SKOR stock popped 67% to $1.30.
And, Noront Resources (TSX: V.NOT, Stock Forum) Wednesday announced that pursuant to the Canadian Environmental Assessment Act, it has filed its Project Description for the company's Eagle's Nest deposit, in the James Bay Lowlands, Ontario, with the Canadian Environmental Assessment Agency and the Province of Ontario's Ministry of Northern Development, Mines, and Forestry. Noront shares rose 16% to 1.02.
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