Here are the most active stocks on Thursday mid-morning on the TSX and TSX Venture Exchange.
On Thursday, the top TSX mover was Twin Butte Energy Ltd.
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). It rose 6.4% and was trading at $2.17 on volume of 6.0 million shares.
On October 9, the intermediate producer announced that it had entered into an arrangement agreement with Black Shire Energy Inc. providing for the acquisition by Twin Butte of all of the issued and outstanding class "A" common shares of Black Shire for total consideration of approximately $358.0 million, including the assumption of approximately $107.6 million of net debt. Black Shire is a private company with a focused asset base in the greater Provost area, producing approximately 7,000 barrels of oil per day (93% medium gravity oil). The greater Provost area is directly adjacent to Twin Butte's core Lloydminster heavy oil area. Black Shire is an attractive acquisition for Twin Butte in that it has demonstrated its ability to generate substantial free cash flow while developing its large and low risk horizontal drilling inventory, providing growth in production and reserves.
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) was the second most active stock on the TSX. The stock was up 4.2% and trading at $4.885 on volume of 2.9 million.
On October 8, the airliner announced highlights of its Summer 2014 Europe schedule, which includes the introduction of year-round non-stop service from Toronto to Milan, Italy with up to five weekly flights, offering the only non-stop service between Canada and Milan. In addition, Air Canada will increase its year-round Toronto-Istanbul non-stop service to daily flights from three times weekly.
Mart Resources Inc.
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) was the volume leader on the TSX Venture Exchange. It lost 6.0% and was trading at $1.09 on volume of 5.2 million.
On October 1, the oil and gas company provided an update on Umusadege field operations in Nigeria, Africa. Mart and its co-venturers are working with the Nigerian Department of Petroleum Resources and Agip to reconcile the rate and calculation of the ongoing pipeline and export facility losses. Additional data has been requested in connection with the recent increases in the rate of pipeline and export facility losses, as well as more detailed information regarding the calculation and distribution of the losses among the affected parties that inject production into the Agip pipeline. Mart will be proactively monitoring this situation and will provide additional information as it becomes available.
The second most active stock on the TSX Venture was Africa Hydrocarbons Inc.
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) It soared 50% and was trading at $0.165 after 4.7 million shares changed hands.
On October 9, the international oil and natural gas company announced an operational update regarding its BHN-1 exploration well on the Bouhajla Permit in northeastern Tunisia. As previously announced, the BHN-1 well penetrated 245 metres of chalky limestones of the targeted Abiod formation within the Bouhajla North prospect. Further log evaluation was conducted on Sept. 25, 2013 using a pulse-neutron logging tool, previously unavailable in country, to determine pore saturations within the Abiod. The results of the pulse-neutron log are indicative of elevated hydrocarbon saturations throughout the Abiod reservoir section with no indication of having intersected a water contact. The pulse-neutron log interpretation was consistent with the other data and observations related to the wellbore. Two six meter intervals over interpreted fracture zones near the bottom of the logged Abiod reservoir section have been identified for possible flow and testing analysis. The BHN-1 completion protocol will be similar to that successfully employed by the operator of the Sidi el Kilani field twenty-five kilometres to the east of BHN-1. After perforating, an acid wash of the perforations will be carried out followed by an acid squeeze into the formation. Cleaning and treating of the drilling fluids/solids and removal from the waste pit at BHN-1 is underway and is expected to take approximately three weeks to complete before commencement of further operations.
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