A small oil and gas explorer powered higher Friday on a takeover offer.
Stockhouse Canadian Small and Micro-cap Stock Report for Friday, July 18, 2008
TORONTO (SHfn) - A small oil and gas explorer powered higher Friday on a takeover offer.
Kootenay Energy (TSX: V.KTY, Stock Forum) shares soared 30% to 52 cents on Friday after the micro-cap oil and gas explorer said Korea's Golden Oil Corporation has offered to acquire all of the outstanding shares of Kootenay at a price of 66 cents a share in cash.
As well, units of Atlantic Power Corporation (TSX: T.ATP.UN, Stock Forum) shot up 21% to $7.79 as the owner of interests in a diversified portfolio of 13 power generation projects announced that its Board of Directors has authorized the purchase of up to four million income participating securities, representing about 8% of its public float.
Shermag (TSX: T.SMG, Stock Forum), meanwhile, said it is has obtained an order from the Quebec Superior Court to establish a claims process for the purpose of determining the claims of the creditors of Shermag and for the calling and conducting of a meeting of the creditors of Shermag once a plan of compromise and arrangement has been filed. Shermag stock popped 43% to 10 cents.
And, Canadian Imperial Venture (TSX: V.CQV, Stock Forum) Friday said it has been informed by the operator, Shoal Point Energy, that the 2K-39-Z well is at its total depth. Currently, preparations are underway to log the well and it is estimated that logging and log interpretation will take about four days to complete, at which time a further update will be issued. Its shares added 5% at 10 cents.
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