On Monday, Arcan Resources (TSX: V.ARN, Stock Forum) shares climbed 14% to $1.25 on volume of more than 1.6 million shares after PetroBakken Energy (TSX: T.PBN, Stock Forum) said it has acquired 7,055,500 common shares of the junior oil producer at an average price of 89 cents per share. As a result of this acquisition, PetroBakken now owns approximately 17% of the total issued and outstanding common Arcan stock.
As well, shares of Big North Graphite (TSX: V.NRT, Stock Forum) shot up 29% to nine cents as the micro cap explorer announced that it has completed the first phase of development on the re-start of the Nuevo San Pedro Mine in Mexico.
In Tuesday trading, Canacol Energy (TSX: T.CNE, Stock Forum) shares jumped 12% to 32.5 cents on volume of more than 3.2 million shares after the oil and gas producer/explorer reported results of its Agueda 1 ST exploration well in the Llanos Basin of Colombia. The Agueda 1 ST encountered 70 feet of oil pay within the C7, Lower Gacheta, which yielded 1,832 barrels of gross oil per day (1,466 barrels of net oil per day for Canacol) of 28 degree API light oil in a production test.
Also, shares of OPEL Technologies (TSX: V.OPL, Stock Forum) moved up 49% to 59 cents as the company announced that its U.S. affiliate, ODIS Inc., has successfully produced an integrated laser device, thereby achieving a key milestone in its Planar Optoelectronic Technology (POET) process, which enables high-performance devices fusing optical and electronic devices together on a single chip.
Wednesday’s market action saw shares of PetroFrontier (TSX: V.PFC, Stock Forum) plummet 64% to 11 cents on volume of more than 14.6 million shares 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.
In addition, 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.
On Thursday, Sonde Resources (TSX: T.SOQ, Stock Forum) shares surged 16% to $1.15 as the oil and gas producer/explorer said it has reached an agreement with Joint Oil on the terms for the second phase of the exploration period under the Exploration and Production Sharing Contract (EPSA). The agreement allows Sonde to defer the three exploratory well obligations into the second phase of the Exploration Period and avoid the US$15 million potential penalty for each well had Sonde not begun drilling by December 2012.
As well, shares of PetroFrontier (TSX: V.PFC, Stock Forum) rose 46% to 16 cents on volume of more than 4.8 million shares after Heritage Oil announced that it has increased its stake in the oil and gas explorer/developer with the purchase of 1.8 million common shares, representing 2.27% of the outstanding common stock. The total purchase price was $166,320, which equates to about nine cents a share. As a result of this transaction Heritage Oil now owns 17.58% of PetroFrontier.
And, in Friday trading, Brazilian Gold (TSX: V.BGC, Stock Forum) shares powered 53% higher to 24.5 cents after the micro cap gold project developer reported an amended NI 43-101 mineral resource estimate for the São Jorge gold deposit in Brazil, which showed a 32% increase in its Indicated resource from 541,000 gold ounces to 715,000 ounces, as well as a 69% jump in the Inferred resource from 611,000 ounces to 1.035 million ounces using a 0.3 g/t cut-off. The Indicated gold grade has also risen from 1.18 grams per tonne (g/t) to 1.54 g/t, and the Inferred gold grade has increased to 0.68 g/t from 1.14 g/t.
Finally, shares of Dejour Energy (TSX: T.DEJ, Stock Forum) added 16% at 22 cents as the independent oil and natural gas producer/explorer said it has executed a sale and farmout agreement covering its 100% owned western Piceance Basin lands to a NYSE-listed E&P with operations in the Piceance and other portions of the U.S., for an undisclosed cash consideration and a commitment to carry Dejour through the drilling and completion of three earning wells, with certain performance provisions. Dejour will retain a 20% working interest in more than 5,100 acres in this project.