Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, October 20, 2011
TORONTO (SHfn) – Pennant Energy (TSX: V.PEN, Stock Forum) shares powered 46% higher to 28.5 cents on Thursday after the oil and gas explorer/producer said it has been informed by the operator, Donnybrook Energy (TSX: V.DEI, Stock Forum), that the Bigstone, Montney Formation horizontal well in Alberta, Donnybrook HZ Bigstone 14-29-60-22W5, has been successfully completed and flow tested. The well, after clean-up, produced gas and condensate over the last 24 hours of the test at approximately 4.3 million cubic feet per day (mmcf/day) and 295 barrels per day (bbls/day) of condensate (1011 barrels of oil equivalent per day, boe/day).
As well, shares of Mansfield Minerals (TSX: V.MDR, Stock Forum) gained 14% to $1.37 as the junior miner announced that it has received notice from the Salta Provincial Government that it has granted the environmental permit allowing the company to develop the Lindero open pit, heap leach gold mine in Argentina. Work on the bankable feasibility study is ongoing with completion anticipated by the first quarter of 2012. A pre-feasibility study completed in March 2010, estimates gold production (average, first five years) of 161,000 oz/year of gold at cash cost of US$373/oz.
Boss Power (TSX: V.BPU, Stock Forum), meanwhile, reported that the lawsuit against the Province of British Columbia with regard to the expropriation of the Blizzard Uranium Property has been settled. The material terms of the settlement include a payment by the Province to Boss Power Corp. in the amount of $30 million plus taxable costs and disbursements in return for the surrender or transfer of the Blizzard Mineral Claims to the Province. Boss stock popped 81% to 29 cents.
Virginia Energy Resources (TSX: V.VAE, Stock Forum), which owns 27,250,000 shares (37%) of Boss Power, saw its stock move up 9% to 17.5 cents.
And, Grayd Resource (TSX: V.GYD, Stock Forum) Thursday said Agnico-Eagle Mines (TSX: T.AEM, Stock Forum) will double the cash component in its offer for Grayd to $183 million. Grayd shares added 9% at $2.50.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
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