Some shareholders were overjoyed by a down under energy deal Thursday, while a takeover agreement boost a small explorer.
Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, July 2, 2009
TORONTO (SHfn) – Some shareholders were overjoyed by a down under energy deal Thursday, while a takeover agreement boost a small explorer.
Gastar Exploration (TSX: T.YGA, Stock Forum) shares powered 47% higher to 66 cents on Thursday after the natural gas producer/explorer announced that it has entered into definitive agreements with Santos QNT Pty Ltd and Santos International Holdings Pty Ltd for the sale of all of Gastar's interest in Petroleum Exploration Licenses in New South Wales, Australia, along with the sale of the shares of Gastar Power Pty Ltd, the entity holding Gastar's 35% interest in the Wilga Park Power Station. Gross pre-tax proceeds from the transaction are expected to be approximately US$240 million, although Gastar's net proceeds will be about US$175 million. Gastar has also elected to voluntarily de-list its shares from trading on the Toronto Stock Exchange following the completion of the transaction.
As well, shares of Northern Abitibi Mining (TSX: V.NAI, Stock Forum) added as much as 10% at 16 cents as the junior miner reported assay results for four new surface trenches, new exposures around the Thor Vein, and from new sampling of the 2008 drill core at the Viking gold property in Newfoundland, which included 12.7 grams per tonne (g/t) gold over 4.0 metres.
Canacol Energy (TSX: V.CNE, Stock Forum), meanwhile, said it has been awarded the Pacarana Technical Evaluation Area by the National Hydrocarbon Agency of Colombia. The Pacarana block is located immediately adjacent and to the south of the Ombu E&P contract that contains the company’s Capella heavy oil discovery, which is currently under appraisal. Canacol stock popped 19% to 19 cents.
And, Canadian Gold Hunter (TSX: T.CGH , Stock Forum) Thursday announced it will acquire all of the issued and outstanding shares of Sanu Resources (TSX: V.SNU, Stock Forum) on the basis of 0.5725 shares of Canadian Gold Hunter for each Sanu share. The transaction values Sanu at 23.3 cents a share. Sanu shares jumped 15% to 19 cents.
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