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Energy junior jumps on methane resource estimate

2/1/2013 5:05:16 PM | Stockhouse Editorial

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While operational issues weighed down an oil stock Friday

Stockhouse Canadian Small and Micro-cap Stock Report for Friday, February 1, 2013

TORONTO (SHfn) – CBM Asia Development (TSX: V.TCF, Stock Forum) shares climbed 17% to 21 cents on Friday after the unconventional gas company announced that it has completed its coalbed methane resource estimate for the Kutai West Production Sharing Contract in East Kalimantan, Indonesia. The Best Estimate appraisal is 3,915 Bcf of gross unrisked prospective gas resources, 705 Bcf of which is net to the company.

As well, shares of Twin Butte Energy (TSX: T.TBE, Stock Forum) dropped 17% to $2.22 on volume of more than 15.6 million shares as the intermediate oil producer said it has been hampered by a number of operational and reservoir performance issues since late December 2012. The company added that a number of wells at its Primate Property in Saskatchewan had lost inflow or were experiencing higher water cuts than in December.

Virginia Energy Resources (TSX: V.VUI, Stock Forum) shares, meanwhile, slid 16% to 59 cents after the Associated Press reported that the company's proposal for a uranium mine at its Coles Hill project in Virginia was abruptly abandoned Thursday in the State Legislature.

And, Hemisphere GPS (TSX: T.HEM, Stock Forum) late Thursday said it has signed and closed a definitive agreement to sell the business assets associated with its non-agricultural operations to the Canadian subsidiary of Beijing UniStrong Science & Technology Co. for $14.96 million in cash. Hemisphere shares added 10% at 97 cents on Friday.

Top Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern)
White Tiger Gold Ltd. (T.WTG, Stock Forum)	35.29%
Counsel Corporation (T.CXS, Stock Forum)	22.45%
CBM Asia Development Corp. (V.TCF, Stock Forum)	16.67%
Strathmore Minerals Corp. (T.STM, Stock Forum)	16.33%
Loyalist Group Limited (V.LOY, Stock Forum)	16.28%
Top Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern)
Morumbi Resources Inc. (V.MOC, Stock Forum)	-19.74%
Olivut Resources Ltd. (V.OLV, Stock Forum)	-17.14%
Twin Butte Energy Ltd. (T.TBE, Stock Forum)	-16.54%
Cadillac Ventures Inc. (V.CDC, Stock Forum)	-16.67%
Virginia Energy Resources Inc. (V.VUI, Stock Forum)	-15.71%

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