Oil test results and land acquisition boosted a small energy explorer Friday, while another junior jumped on oil flow.
Stockhouse Canadian Small and Micro-cap Stock Report for Friday, February 19, 2010
TORONTO (SHfn) – Oil test results and land acquisition boosted a small energy explorer Friday, while another junior jumped on oil flow.
Arcan Resources (TSX: V.ARN, Stock Forum) shares powered 32% higher to $2.81 on Friday after the oil and gas explorer/producer reported initial test results from its first horizontal multi-stage fracture well in its Deer Mountain Unit #2 in Alberta, as well as an agreement to acquire approximately 81 net sections of offsetting lands with production of approximately 500 boe per day. After 10 days of testing, it has been established that the well has a productive capacity at the end of the test in excess of 600 barrels per day of 40 API light sweet oil.
As well, shares of Norwood Resources (TSX: V.NRS, Stock Forum) gained as much as 69% to 11 cents as the energy junior announced that on February 15, 2010, it completed testing on the San Bartolo-1X2 sidetrack well in Nicaragua. The well reached total depth of 6428ft on January 31, 2010. Each of zones had indications of oil with zones 7 and 9 yielding quantities sufficient to consider fracture stimulation or horizontal drill holes to obtain commercial production rates. On January 29, 2010, the company completed a long-term swabbing test of zone 7 of 404 hours over 35 days. The test resulted in 1289 bbls of fluid, of which 241 bbls was 38.5 API oil and the remainder interpreted to be formation and drilling fluid coming from the sidetrack via a fracture connection to the 2007 San Bartolo-1 wellbore some 65' away.
Bridge Resources (TSX: V.BUK, Stock Forum), meanwhile, said it resumed production from its UK North Sea Durango Field on February 17, 2010. Production resumption will boost revenue due to higher net gas volumes at higher prices and associated condensate production of 24 bbls/mmcf. Bridge stock popped 15% to 27.5 cents.
And, Falcon Oil & Gas (TSX: V.FO, Stock Forum) Friday reported that it has received written notices from ExxonMobil and MOL Hungarian Oil and Gas Plc, stating that neither company will proceed to the Appraisal Work Program in the joint production and development project located in the Mako Trough in Hungary and will exit the Production and Development Agreement. Falcon shares slid 25% to 15 cents.
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