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Junior energy stock powers higher on oil discovery

1/23/2013 5:23:20 PM | Sean Mason

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This as an option agreement lifted shares of a micro cap explorer Wednesday

Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, January 23, 2013

TORONTO (SHfn) – Pan Orient Energy (TSX: V.POE, Stock Forum) shares surged 19% to $4.15 on Wednesday after the oil and gas producer/explorer announced that the L53-DC1 appraisal well in Thailand has encountered approximately 55 meters of net oil pay (true vertical thickness) in six separate sandstone reservoir intervals.

As well, shares of Rogue Iron Ore (TSX: V.RRS, Stock Forum) shot up 29% to 11 cents as the micro cap explorer said it agreed to form a strategic relationship with AuRico Gold, in which AuRico will invest a minimum of $1.25 million into Rogue’s spinout company, Rapier Gold, at 30 cent per unit. AuRico would own approximately 17% of Rapier after its public listing. AuRico Gold will also have a right of first refusal in respect of any joint venture interest covering Rapier’s Pen Gold Property for a period of 12 months following Rapier's listing, and indefinitely thereafter so long as AuRico maintains an equity interest in Rapier of no less than 19%. AuRico’s Young Davidson gold mine is approximately 100 km southeast of Rapier's Pen Gold Property.

Hudson Resources (TSX: V.HUD, Stock Forum), meanwhile, reported aluminum recoveries ranging from 89.7% to 93.7% from initial leaching test work at its 100% owned White Mountain Anorthosite Project in Greenland. Hudson stock popped 30% to 39 cents.

And, Terreno Resources (TSX: V.TNO, Stock Forum) Wednesday announced that it has entered into an agreement with Unigold to acquire its option to purchase 100% of the El Carrizal concession in the Dominican Republic. In return, Terreno will issue to Unigold a total of 11.5 million common shares and make cash payments totaling $1 million. Terreno shares rose 25% to 10 cents.

Top Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern)
Silvore Fox Minerals Corp. (V.SFX, Stock Forum)	85.71%
Med BioGene Inc. (V.MBI, Stock Forum)	66.67%
Cline Mining Corporation (T.CMK, Stock Forum)	63.64%
Enterprise Group, Inc. (T.E, Stock Forum)	33.33%
TransGaming Inc. (V.TNG, Stock Forum)	33.33%
Top Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern)
RockBridge Resources Inc. (V.RBE, Stock Forum)	-33.33%
Jaxon Minerals Inc. (V.JAX, Stock Forum)	-33.33%
Darnley Bay Resources Limited (V.DBL, Stock Forum)	-30.77%
Marifil Mines Limited (V.MFM, Stock Forum)	-28.57%
Central Iron Ore Limited (V.CIO, Stock Forum)	-23.53%

ABOUT THE AUTHOR

Sean Mason

Sean Mason is a Stockhouse market reporter and editor.

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