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Microcap Report: Oil Optimization (V.OOI) soars, Red Pine (V.RPX), Blackbird Energy (V.BBI) active

Stockhouse Editorial
0 Comments| May 1, 2014

Oil Optimization (TSX:V.OOI, Stock Forum) soared by 125% to 4.5 cents Thursday after the junior oil and gas exploration firm said it had signed an arm's length letter of intent (LOI) with an industry-experienced strategic investor which proposed to acquire an indirect 43% interest in the company's petroleum concession, L14/50 onshore Thailand.

Oil Optimization is currently engaged in the exploration and development of three onshore Thailand exploration blocks,

According to the news release, the transaction will be carried out by the subscription of shares in Red Stag Resources, a wholly-owned subsidiary of company for a consideration of US$2.34 million.

Red Pine Exploration Inc.  (TSX: V.RPX, Stock Forum) jumped 5.8% to 4.5 cents after the company said it has closed a short form prospectus for an offering of $3 million. Under the prospectus, Red Pine sold 14.3 million units priced at $0.05 per unit, and 41.5 million flow-through units priced at $0.055 per flow through unit.

Red Pine said in a press release that the proceeds are earmarked for exploration at its Cayenne mineral property near Timmins, Ontario.

Blackbird Energy Inc. (TSX: V.BBI, Stock Forum) eased 9% to 20 cents as investors assessed results of a revised reserves evaluation at its Bigstone project in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities as at April 30, 2014.

The company said in a press release that highlights include a 479% rise to $22 million (before tax, discounted at 10%) in the net present value of proved plus probable reserves. The Bigstone Montney project is located in North West Alberta.

Select Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern)
Oil Optimization Inc. (V.OOI, Stock Forum) 125.00%
Stans Energy Corp. (V.HRE, Stock Forum) 75.00%
American Vanadium Corp. (V.AVC, Stock Forum) 25.49%
POET Technologies Inc. (V.PTK, Stock Forum) 20.50%
Balmoral Resources Ltd. (V.BAR, Stock Forum) 13.51%
Select Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern)
New Zealand Energy Corp. (V.NZ, Stock Forum) -21.62%
Enablence Technologies Inc. (V.ENA, Stock Forum) -18.52%
Western Lithium USA Corporation (T.WLC, Stock Forum) -9.09%
McEwen Mining Inc. (T.MUX, Stock Forum) -8.75%
Rogers Sugar Inc. (T.RSI, Stock Forum) -7.14%

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