Junior energy stock pops on pending oil production

Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, July 26, 2011

TORONTO (SHfn) – Trafina Energy (TSX: V.TFA.A, Stock Forum) shares jumped as much as 15% to 39.5 cents on Tuesday after the oil and gas junior reported that its second well in the McMullen area of Alberta has been drilled, cored, tested and cased. Completion operations are underway and first production could occur in early August 2011, the company announced. Trafina also said it recently increased its working interest in the Rangeview/Divide area of Saskatchewan from 80% to 90%.

As well, shares of ZoomMed Inc. (TSX: V.ZMD, Stock Forum) moved up 29% to 13.5 cents as the company announced that its wholly-owned subsidiary, ZoomMed USA, has entered into a major strategic alliance agreement with a Healthcare service provider, a web-based healthcare provider that offers a connectivity solution to about 30,000 U.S. physicians.

BE Resources (TSX: V.BER, Stock Forum), meanwhile, said it is re-releasing rare earth assay results to correct the figures disseminated on Friday, July 22, 2011. The rare earth assay results set out in the company's news release of Friday, July 22, 2011 contained mathematical errors that occurred in the process of aggregating a large volume of the assay results of 15 individual rare earth elements into total rare earth oxides. BE Resources stock plunged 76% to 18 cents.

And, Cardiome Pharma (TSX: T.COM, Stock Forum) Tuesday reported it has granted consent for the transfer of rights for the development and commercialization of vernakalant (IV) in Canada, Mexico and the United States, from Astellas US LLC, the U.S. subsidiary of Astellas Pharma Inc., to Merck & Co., Inc.. Merck now holds exclusive global rights to the intravenous (IV) formulation of vernakalant (vernakalant [IV]) for rapid conversion of recent onset atrial fibrillation to sinus rhythm in adults. Cardiome shares powered 28% higher to $5.29.

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