TORONTO (SHfn) – Bankers Petroleum (TSX: T.BNK, Stock Forum) shares sank 34% to $2.29 on volume of more than 6.2 million shares Monday after the oil and gas producer/explorer reported that first-quarter net income fell 31% to $7.8 million, or 3.1 cents a share, from $11.2 million, or 4.4 cents a share, a year earlier. Oil revenue rose 41% to $102.7 million, while its income tax expense for the quarter increased to $17.6 million from $9.5 million. The company’s production for the period remained flat due to operational challenges associated with mature heavy oilfield development including interference from old well bores, sand production, and water disposal capacity.
As well, shares of Bowood Energy (TSX: V.BWD, Stock Forum) added as much as 13% at 13.5 cents on more than 1.8 million shares traded as the energy explorer/developer announced that it has entered into an agreement providing for the sale of Legacy Oil + Gas’ (TSX: T.LEG, Stock Forum) southern Alberta assets, excluding assets in the greater Turner Valley area, to Bowood in exchange for 200 million Bowood common shares. Following this transaction Legacy will own approximately 37% of the outstanding Bowood shares.
Goldstrike Resources (TSX: V.GSR, Stock Forum), meanwhile, reported that it has mobilized for its 2012 exploration program in the Yukon. Goldstrike stock popped 10% to 38.5 cents.
And, Zenyatta Ventures (TSX: V.ZEN, Stock Forum) Monday said drill holes 4 and 5 were large step-outs to the east where the company continues “to encounter wide zones of graphitic mineralization” from its Albany Graphite Deposit in the James Bay Lowlands of northern Ontario. Zenyatta shares rose as much as 9% to 44.5 cents.
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