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Energy junior plunges 64% on well disappointment

12/5/2012 5:08:37 PM | Sean Mason

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While two small mining merger proposals grabbed the attention of some speculators Wednesday

Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, December 5, 2012

TORONTO (SHfn) – PetroFrontier (TSX: V.PFC, Stock Forum) shares plummeted 64% to 11 cents on volume of more than 14.6 million shares Wednesday after the oil and gas explorer/developer announced that following 20 days of testing no hydrocarbons were recovered at its Owen-3H well in Australia. PetroFrontier added that it is examining strategic alternatives, which could include a merger or sale of the company.

As well, shares of Redknee Solutions (TSX: T.RKN, Stock Forum) gained 21% to $1.68 as the business software provider reported 2012 earnings of eight cents a share, compared with a loss of two cents a share during fiscal 2011.

Maudore Minerals (TSX: V.MAO, Stock Forum), meanwhile, issued a non-binding proposal to acquire Eagle Hill Exploration (TSX: V.EAG, Stock Forum) at a rate of 0.0773 common shares of Maudore for each Eagle Hill share held. Eagle Hill stock jumped 8% to 13 cents.

And, PMI Gold (TSX: T.PMV, Stock Forum) Wednesday said it will merge with Keegan Resources (TSX: T.KGN, Stock Forum) and form a new company named Asanko Gold. PMI shareholders will receive 0.21 Asanko shares for each PMI share held, while existing Keegan security holders will not need to exchange their securities in the merger. Existing Keegan and PMI shareholders will each own approximately 50% of the combined company. PMI Gold shares added 12% at 83 cents on more than 5.2 million shares traded.

Top Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern)
Commercial Solutions Inc. (T.CSA, Stock Forum)	70.00%
Active Growth Capital Inc. (V.ACK, Stock Forum)	66.67%
Newcastle Minerals Ltd. (V.NCM, Stock Forum)	50.00%
Canasia Industries Corporation (V.CAJ, Stock Forum)	50.00%
TransGaming Inc. (V.TNG, Stock Forum)	45.45%
Top Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern)
PetroFrontier Corp. (V.PFC, Stock Forum)	-63.93%
Kirrin Resources Inc. (V.KYM, Stock Forum)	-50.00%
Trijet Mining Corp. (V.TJT, Stock Forum)	-33.33%
Mill Bay Ventures Inc. (V.MBV, Stock Forum)	-33.33%
Amseco Exploration Ltd. (V.AEL, Stock Forum)	-33.33%

ABOUT THE AUTHOR

Sean Mason

Sean Mason is a Stockhouse market reporter and editor.

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