Canadian Energy Exploration Shares (XPL.V) have climbed more than 14% in morning trade, with shares currently trading at 4 cents.
This brings it further away from their year low of 1.5 cents, which it hit on Dec 20.
XPL announced on December 12 that it has received certain lease term extensions from the Petroleum Tenure Branch for the Saskatchewan Ministry of Energy and Resources based on well licence approvals, wildlife and critical vegetation issues, and wet weather conditions that will provide it with greater flexibility in allocating capital.
XPL also announced that it intends to seek a joint venture partner to drill its its newly applied for horizontal Bakken well at Hardy.
The company had announced last month that during the first nine months of this year, cash used in investing activities increased from $201,208 to $5.46 million, compared to the same period 2010.
However, average production during the third quarter 2011 was lower at 7.8 versus 14.8 Boe per day, for the same quarter in 2010. Petroleum and natural gas sales gross revenue was $28,742, and net loss was $417,619 for the three months ended September 30, 2011, XPL said.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
