Oil and gas plays dominated Monday’s small and micro cap trading.
Stockhouse Canadian Small and Micro-cap Stock Report for Monday, February 8, 2010
TORONTO (SHfn) – Oil and gas plays dominated Monday’s small and micro cap trading.
Suroco Energy (TSX: V.SRN, Stock Forum) shares climbed 34% to 55 cents on Monday after the oil and gas explorer said its Colombia production for January averaged 455 bbls per day net to the corporation after royalties, a new record production rate and a 78% increase over the January 2009 average of 256 bbls per day. This production rate improvement has been due solely to well workovers and the company's net production rate is expected to increase significantly once the Pinuna 5 well is bought on line in February.
As well, shares of Tethys Petroleum (TSX: T.TPL, Stock Forum) shot up 35% to $1.39 as the energy producer/explorer reported initial results of testing on the upper zone of the AKD01 oil discovery in Kazakhstan. The upper zone flowed oil at a restricted rate of over 5,400 barrels per day. Combined with the recent testing on the lower zone the AKD01 well has now flowed oil at a combined rate in excess of 6,800 barrels per day.
Angle Energy (TSX: T.NGL, Stock Forum), meanwhile, announced that it has completed testing its second horizontal Wabamun gas well (100% working interest) in Alberta. The well, spudded in December 2009, displays approximately double the production capability of the initial horizontal well announced November 2, 2009. Flow rates for the test were restricted to five MMscf/d at high flowing pressures, due to ERCB regulatory restrictions when flaring test gas. The well flowed over a period of four days through 4 1/2" tubing, recovering all the load fluid post multi-stage acid fracturing, and stabilized at three MMscf/d and 66 bbl/d condensate at a flowing pressure twice as high as the original horizontal well. The gas produced on test was sweet, with no hydrogen sulphide present. Angle stock popped as much as 15% to $9.20.
Shares of AeroMechanical Services (TSX: V.AMA, Stock Forum) jumped 15% to 54 cents after the provider of technological solutions and services designed to reduce costs and improve efficiencies in the aviation industry said it has been selected and awarded a subcontract as a member of the CEDAR (Critical Event Detection And Reporting) consortium to support the OPTIMI (Oceanic Position Tracking Improvement & Monitoring) program. OPTIMI is one program being implemented by the SESAR (Single European Sky ATM Research) Joint Undertaking aimed at improving air traffic capacity and efficiency and reducing fuel burn and emissions in all European airspace.
And, WesternZagros Resources (TSX: V.WZR, Stock Forum) Monday provided an update on the progress made at its Kurdamir-1 exploration well in the Kurdistan region of Iraq. Numerous oil and gas shows were encountered while drilling through the Aaliji and Shiranish Formations and following successful completion of well control operations, the plan is to run wireline logs in the open hole, install the seven inch casing and then conduct a cased hole testing program. Its shares surged 18% to 71 cents.
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