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Junior energy stock drops on flow rate announcement

Stockhouse Editorial
0 Comments| February 25, 2013

Stockhouse Canadian Small and Micro-cap Stock Report for Monday, February 25, 2013   

TORONTO (SHfn) – New Zealand Energy (TSX: V.NZ, Stock Forum) shares sank 39% to 39 cents on volume of more than 2.2 million shares Monday after the oil and gas producer/explorer announced that flow rates from the new wells in the Taranaki Basin of New Zealand's North Island will not be adequate to achieve anticipated targets and the company is withdrawing its previous production guidance.  

As well, shares of Donnybrook Energy (TSX: V.DEI, Stock Forum) shot up 55% to 8.5 cents on more than 7.6 million shares traded as the energy junior said it has entered into arrangement agreement with Cequence Energy (TSX: T.CQE, Stock Forum) to sell its interest in the Simonette and Resthaven oil and gas properties for consideration consisting of 10.3 million common shares of Cequence and Cequence's interest in its Fir oil and gas property. Donnybrook shareholders are expected to receive approximately 0.0531 of a Cequence share for each Donnybrook share while continuing to hold their existing Donnybrook shares.

Canstar Resources (TSX: V.ROX, Stock Forum), meanwhile, reported Phase One diamond drilling results on its 50% owned Mary March project in Newfoundland, which included 1.3 metres of 40.7 grams per tonne (g/t) silver. Canstar stock plunged 58% to 7.5 cents.      

And, MGM Energy (TSX: T.MGX, Stock Forum) Monday announced that the East MacKay I-78 well has been drilled, cored and logged and is anticipated to be rig released on February 25, 2013. The company added that the vertical well reached a total depth of 2,000 metres. MGM Energy shares jumped 11% to 36.5 cents.   

Top Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern)
Quinto Real Capital Corporation (V.QIT, Stock Forum) 65.79%
Donnybrook Energy Inc. (V.DEI, Stock Forum) 54.55%
Marlin Gold Mining Ltd. (V.MLN, Stock Forum) 23.08%
Quantum Rare Earth Developments Corp. (V.QRE, Stock Forum) 22.73%
Exall Energy Corporation (T.EE, Stock Forum) 21.62%
Top Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern)
Canstar Resources Inc. (V.ROX, Stock Forum) -58.33%
New Zealand Energy Corp (V.NZ, Stock Forum) -39.06%
Cayden Resources Inc. (V.CYD, Stock Forum) -15.93%
Flinders Resources Limited (V.FDR, Stock Forum) -15.58%
Renaissance Gold Inc. (T.REN, Stock Forum) -12.73%

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