Junior energy stock slides following well results

Stockhouse Canadian Small and Micro-cap Stock Report for Friday, November 9, 2012

TORONTO (SHfn) – Niko Resources (TSX: T.NKO, Stock Forum) shares slipped 17% to $9.87 on volume of more than 2.1 million shares Friday after the oil and gas producer said it encountered no commercial reservoir at the Jayarani-1 well, located in the Lhokseumawe PSC offshore Aceh western Indonesia.

As well, shares of DATA Group (TSX: T.DGI, Stock Forum) sank 24% to $2.55 as the provider of document management and marketing solutions reported a decline in third-quarter net income to $0.3 million from $1.0 million during the same period last year. The company has also decided to reduce its annual dividend from 65 cents per share to 30 cents per share effective January 1, 2013.

C&C Energia (TSX: T.CZE, Stock Forum), meanwhile, announced third-quarter after-tax cash flow of $64.1 million, or $1 per share, a 71% surge from the same quarter last year, as a result of higher sales, increased production, and cost reduction initiatives. C&C Energia stock climbed 13% to $6.58.

And, CBM Asia Development (TSX: V.TCF, Stock Forum) shares continued to move higher Friday, up 14% to 20 cents. On Thursday, shares of the unconventional gas company gained 9% after the company said it is in negotiations with ExxonMobil to farm into three existing coalbed methane production sharing contracts in the Barito Basin, South Kalimantan, Indonesia.