Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, July 17, 2012
TORONTO (SHfn) – Border Petroleum (TSX: V.BOR, Stock Forum) shares jumped as much as 48% before closing up 17% to 17 cents on volume of more than 13 million shares Tuesday after the oil and gas explorer/producer reported initial results from its first two Slave Point horizontal wells in the Red Earth area of Alberta, in which the peak seven days of initial production from these short leg horizontal wells averaged 159 bopd, with a single day peak rate average of 175 bopd, and 30 days of initial production averaging 102 bopd or 10 bopd per frac. The company also conducted an assessment of its Contingent Slave Point oil resources, which showed a Discovered Oil Initially in Place estimate on its Slave Point interests of 316 MMbbl.
As well, shares of Orsu Metals (TSX: T.OSU, Stock Forum) moved up 33% to 12 cents as the junior explorer said it has agreed to sell its 40% interest in the Talas gold-copper-molybdenum project in the Kyrgyz Republic to a wholly-owned subsidiary of Gold Fields Limited for US$10 million. In addition, another wholly-owned subsidiary of the Gold Fields group has agreed to subscribe, by way of private placement, for 25 million units of Orsu at a price of 40 cents per unit. Gold Fields will own 14.31% of Orsu Metals as a result of this financing.
Héroux-Devtek (TSX: T.HRX, Stock Forum), meanwhile, announced that it would sell its aircraft parts business to Precision Castparts for $300 million in cash. Héroux-Devtek expects to realize net cash proceeds of about $230 million from the sale, after related taxes and expenses. Héroux-Devtek stock popped 33% to $10.42.
And, Carpathian Gold (TSX: T.CPN, Stock Forum) Tuesday reported an updated National Instrument 43-101 compliant mineral resource estimate for its 100% owned Rovina Exploration License in Romania. Highlights included Measured plus Indicated resources of 7.19 million ounces of gold and 1,420 million pounds of copper, which is a 134% increase in gold and an 87% increase in copper from the 2008 resource estimate. Carpathian Gold shares added as much as 13% at 31 cents.
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