The following article is from Stockhouse website.
Stockhouse Canadian Small and Micro-cap Stock Report for Monday, December 7, 2009
TORONTO (SHfn) – A natural gas discovery was ‘sweet’ news for some shareholders Monday, while oil flowed for one junior.
Sure Energy (TSX: T.SHR) shares climbed 20% to 48 cents on Monday after the oil and gas explorer/producer said it has made a sweet dual zone natural gas discovery in the Peace River Arch area of Alberta. The 100% working interest well production flow tested for eight days at a combined stabilized rate of 3.5 MMcf/d from two separate zones. This discovery well is anticipated to begin production at a rate of 2.0 MMcf/d (335 BOE/d) net to the company.
As well, shares of International Royalty (TSX: T.IRC) shot up 50% to $7.06 as the mineral royalty firm reported that it has been informed of the intention of Franco-Nevada Corporation to, directly or indirectly through a wholly-owned subsidiary, make a formal all-cash offer to IRC shareholders to acquire any or all of the outstanding common shares of IRC for $6.75 cash per share.
Talon Metals (TSX: T.TLO) shares powered 26% higher to 58 cents after the explorer/developer said it has concluded an agreement in which it has a right to acquire a 75% interest in a subsidiary of Lara Exploration, that holds all 13 of Lara’s potash exploration licences (including five applications for potash exploration licences), in Brazil.
Vulcan Minerals (TSX: V.VUL), meanwhile, announced that Vulcan-Investcan Red Brook#2 in Newfoundland has flowed natural gas to surface on three drill stem tests. This is the first flow of natural gas to surface for any petroleum well in the Bay St George basin and the company claims it “clearly demonstrates the hydrocarbon potential of this under-explored area.” The well will be cased to a total depth of 1965 metres for further evaluation and determination of accurate sustainable flow rates in order to fully assess this discovery. Vulcan stock popped 28% to 68 cents.
And, Nexstar Energy (TSX: V.NXE.A) Monday reported on developments with respect to its Cardium horizontal light oil exploration and development program in the Pembina area of Alberta. During a three-day test of its 8-16-48-5 W5M Pembina Cardium horizontal oil well, the well flowed frac oil and new oil at a controlled rate of approximately 850 bbls/day. Management expects the well to be placed on production within 30 days at an initial rate of between 200 to 300 bbls/day. Its shares jumped 11% to 25 cents.
Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern)
Tanqueray Resources (TSX: V.TQY) + 133%
Northern Spirit Resources (TSX: V.NS) + 47%
Darnley Bay Resources (TSX: V.DBL) + 44%
X-Ore Resources (TSX: V.XOR) + 36%
Int’l Sovereign Energy (TSX: T.ISR) + 34%
Top Canadian Small/Micro-cap Decliners
Richards Oil & Gas (TSX: V.RIX) – 50%
Silver Shield Resources (TSX: V.SSR) – 33%
Copper Mesa Mining (TSX: T.CUX) – 33%
Radius Resources (TSX: V.RAX) – 27%
Sola Resource (TSX: V.SL) – 25%