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Oil and gas junior up 27% on sale

Elizabeth Walters Elizabeth Walters, Stockhouse
0 Comments| April 23, 2013


Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, April 23, 2013  VANCOUVER (SHfn) –

Condor Petroleum Inc. (TSX: T.CPI, Stock Forum) jumped 27% to 52 cents on Tuesday after the oil and gas company said that its wholly owned subsidiary, Condor Netherlands Petroleum B.V. had entered into a binding sale and purchase agreement to sell its 66% participating interest in and certain indebtedness of Marsel Petroleum LLP, which owns the hydrocarbon exploration rights for the 18,500 square kilometre Marsel Territory located in the Republic of Kazakhstan. The buyer, a non-listed international oil and gas group, has agreed to a sale price of US88 million. The transaction is expected to be completed by the fourth quarter of 2013.

Encanto Potash Corp. (TSX: V.EPO, Stock Forum) was up 3.3% to 31.5 cents in mid morning trading, but slipped and at market close was unchanged at 30.5 cents a share. The resource company announced that it has added SNC-Lavalin (SNCAF), a mining design, engineering and construction company, to the development team for the feasibility study at the Muskowekwan project in Saskatchewan.

Selwyn Resources Ltd. (TSX: V.SWN, Stock Forum) also rose 3.3% to 7.7 cents and then dropped and was unchanged at market close at 7.5 cents per share. The mining junior responded to a press release issued by Samara Capital Inc., a private equity firm, relating to a meeting of shareholders that Samara purported to conduct following the completion of Selwyn's special meeting of shareholders that was held today. According to Selwyn, despite what Samara claims in its press release, there has been no change in the board of directors of Selwyn. The annual meeting matters for the company will be considered on a date and time to be determined by the board of directors of the company.

Ucore Rare Metals Inc. (TSX: V.UCU, Stock Forum) lost 15% to 23 cents as investors assessed the news that resource junior’s Mountain project, located 130 kilometres northwest of Prince Rupert, had received approval from the Alaska State Legislature. Bokan has been approved for the continued and increased exploration, extraction, processing and production of rare earth elements.

 

Select Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern)
Softchoice Corporation (T.SO, Stock Forum) 19.17%
TAG Oil Ltd. (T.TAO, Stock Forum) 11.48%
Difference Capital Funding Inc. (V.DCF, Stock Forum) 11.11%
Horizons BetaPro S&P 500 VIX Short-Term Futures Inverse ETF (T.HVI, Stock Forum) 5.55%
Just Energy Group Inc. (T.JE, Stock Forum) 4.81%
Select Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern)
Arctic Star Exploration Corp. (V.ADD, Stock Forum) -36.17%
Canamex Resources Corp. (V.CSQ, Stock Forum) -20.00%
Ucore Rare Metals Inc. (V.UCU, Stock Forum) -14.81%
Lake Shore Gold Corp. (T.LSG, Stock Forum) -8.99%
Aurcana Corporation (V.AUN, Stock Forum) -8.33%

Tags: INDUSTRIAL METALS & MINERALS GOLD OIL & GAS E&P ENGINEERING & CONSTRUCTION

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