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Junior energy stock surges on oil discovery

Stockhouse Editorial
0 Comments| February 5, 2013

Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, February 5, 2013  

TORONTO (SHfn) – Condor Petroleum (TSX: T.CPI, Stock Forum) shares jumped 55% to 65 cents on volume of more than 3.2 million shares Tuesday after the oil and gas company reported an oil discovery on the Kiyaktysai KN-E-201 well in Kazakhstan. The company said KN-E-201 encountered a 136 meter stacked sand-shale interval with 58 meters of net hydrocarbon pay, consisting of a continuous 41 meter light oil column and a separate 17 meter gas column. 

As well, shares of Columbus Gold (TSX: V.CGT, Stock Forum) shot up 28% to 36.5 cents as the micro cap explorer announced that the recently completed Phase I drilling at its Montagne d'Or gold deposit in French Guiana now shows an Inferred gold resource of 5.37 million ounces, representing an increase of 184% from the previous resource estimate.

Zenyatta Ventures (TSX: V.ZEN, Stock Forum), meanwhile, reported results from a second series of beneficiation tests on samples from its 100% owned Albany graphite deposit in northeastern Ontario, in which trials using two different leaching processes both yielded results exceeding the target of greater than 99.0% carbon. Zenyatta Ventures stock powered 25% higher to $1.32.   

And, Northland Resources S.A. (TSX: T.NAU, Stock Forum) Tuesday said its previously announced contemplated US$250 million equity issue and US$125 million tap issue have been cancelled and the company continues to explore sources of alternative financing. Northland Resources shares sank 27% to 12.5 cents.   

Top Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern)
Condor Petroleum Inc. (T.CPI, Stock Forum) 54.76%
Kanosak Capital Venture Corporation (V.KKV, Stock Forum) 38.64%
Columbus Gold Corporation (V.CGT, Stock Forum) 28.07%
Zenyatta Ventures Ltd. (V.ZEN, Stock Forum) 24.53%
Tethys Petroleum Limited (T.TPL, Stock Forum) 19.67%
Top Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern)
Northland Resources S.A. (T.NAU, Stock Forum) -26.47%
Anatolia Energy Corp. (V.AEE, Stock Forum) -18.75%
Helix BioPharma Corp. (T.HBP, Stock Forum) -9.68%
White Tiger Gold Ltd. (T.WTG, Stock Forum) -9.09%
Dejour Energy Inc. (T.DEJ, Stock Forum) -8.70%

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